Public Service Enterprise (PEG) Gets a Buy from Wells Fargo

Wells Fargo analyst Shahriar Pourreza maintained a Buy rating on Public Service Enterprise on June 11 and set a price target of $103.00. The company’s shares closed last Friday at $78.78.

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According to TipRanks, Pourreza is a 5-star analyst with an average return of 7.8% and a 66.05% success rate. Pourreza covers the Utilities sector, focusing on stocks such as Constellation Energy Corporation, Sempra Energy, and Public Service Enterprise.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Public Service Enterprise with a $89.30 average 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.