Wells Fargo Sticks to Its Buy Rating for Public Service Enterprise (PEG)
In a report released on May 28, Shahriar Pourreza from Wells Fargo maintained a Buy rating on Public Service Enterprise, with a price target of $103.00. The company’s shares closed last Friday at $79.15.
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Pourreza covers the Utilities sector, focusing on stocks such as Sempra Energy, Eversource Energy, and Constellation Energy Corporation. According to TipRanks, Pourreza has an average return of 8.1% and a 65.26% success rate on recommended stocks.
In addition to Wells Fargo, Public Service Enterprise also received a Buy from Morgan Stanley’s David Arcaro in a report issued on May 21. However, on May 20, Goldman Sachs maintained a Hold rating on Public Service Enterprise (NYSE: PEG).
Based on Public Service Enterprise’s latest earnings release for the quarter ending March 31, the company reported a quarterly revenue of $3.85 billion and a net profit of $741 million. In comparison, last year the company earned a revenue of $3.22 billion and had a net profit of $589 million
Based on the recent corporate insider activity of 57 insiders, corporate insider sentiment is negative on the stock. This means that over the past quarter there has been an increase of insiders selling their shares of PEG in relation to earlier this year. Last month, Ralph Larossa, the Chair, President and CEO of PEG sold 2,083.00 shares for a total of $169,139.60.
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