Wells Fargo Keeps Their Buy Rating on Public Service Enterprise (PEG)

In a report released on June 4, 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 $78.08.

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According to TipRanks, Pourreza is a 5-star analyst with an average return of 7.9% and a 65.83% success rate. Pourreza covers the Utilities sector, focusing on stocks such as Sempra Energy, Constellation Energy Corporation, and Public Service Enterprise.

Public Service Enterprise has an analyst consensus of Moderate Buy, with a price target consensus of $88.86, a 13.81% upside from current levels. In a report released on May 21, Morgan Stanley also maintained a Buy rating on the stock with a $89.00 price target.

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. Earlier this month, Ralph Larossa, the Chair, President and CEO of PEG sold 2,083.00 shares for a total of $160,411.83.