Probity Advisors Cuts Stake in Public Service Enterprise Group

Probity Advisors Inc. has significantly reduced its stake in Public Service Enterprise Group Incorporated (NYSE: PEG) by 33.6% during the second quarter of 2023. This information was disclosed in a recent filing with the Securities and Exchange Commission. Following the sale of 4,251 shares, Probity now holds 8,405 shares of the utility provider, which were valued at approximately $708,000 at the end of the quarter.

The shift in Probity Advisors’ investment comes amid similar movements by other institutional investors. For instance, Keener Financial Planning LLC acquired a new stake in Public Service Enterprise Group valued at around $27,000 during the second quarter. Additionally, Headlands Technologies LLC and Wealth Preservation Advisors LLC each acquired new stakes worth approximately $32,000 and $33,000, respectively, in the first quarter. Costello Asset Management Inc. also increased its position in Public Service Enterprise Group by a remarkable 290.6% during the same period, now owning 539 shares valued at about $45,000.

As of now, institutional investors and hedge funds collectively own 73.34% of the company’s stock, reflecting a robust interest in the utility sector.

Current Stock Performance and Analyst Ratings

On Tuesday, shares of Public Service Enterprise Group opened at $84.92. The stock has fluctuated within a 52-week range, with a low of $74.67 and a high of $95.22. The company boasts a market capitalization of $42.38 billion and maintains a price-to-earnings (P/E) ratio of 21.44. Its 50-day moving average is $82.70, while the 200-day moving average stands at $82.28.

Several analysts have recently updated their ratings on Public Service Enterprise Group. Weiss Ratings reiterated a “buy” rating on October 8, 2023. Meanwhile, Wall Street Zen upgraded the stock from a “sell” to a “hold” rating on September 6, 2023. TD Cowen initiated coverage with a “buy” rating and a price target of $93.00, while Evercore ISI set an “in-line” rating with a price target of $83.00 on October 7, 2023.

Morgan Stanley adjusted its price objective from $105.00 to $103.00, maintaining an “overweight” rating. Currently, one analyst has given the stock a Strong Buy rating, six have issued Buy ratings, and five have assigned a Hold rating, leading to a consensus rating of “Moderate Buy” and a target price of $90.77, according to data from MarketBeat.com.

Public Service Enterprise Group Incorporated operates in the electric and gas utility sector in the United States through its subsidiaries. The company’s segments include PSE&G and PSEG Power, which provide services such as electricity transmission, natural gas distribution, and investments in solar generation projects.

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This strategic repositioning by Probity Advisors and the shifting landscape of institutional investment highlight the ongoing dynamics in the utility sector, reflecting broader market trends and investor sentiment in the energy landscape.