Public Service Enterprise Group Incorporated (NYSE:PEG) has reported a significant transaction by one of its top executives. Tamara Louise Linde (NYSE:LIN), the company's Executive Vice President and General Counsel, sold 9,563 shares of common stock on September 9, 2024, at a price of $79.54 per share. This sale resulted in a total transaction value of approximately $760,641.
The transaction was disclosed in a filing with the Securities and Exchange Commission. Following the sale, Linde retains ownership of 57,961.435 shares in the company, which is known for its operations in the electric services industry.
Investors often monitor insider transactions as they can provide insights into how the company's executives view the stock's value and prospects. The sale by Linde represents a notable change in her investment position, but the reasons for the sale were not disclosed in the filing.
Public Service Enterprise Group, based in Newark, New Jersey, is a publicly traded energy company that has been serving customers and investors alike with a combination of electric and other services. The stock is listed under the ticker symbol PEG and continues to be a component of the energy sector's investment considerations.
As always, investors are encouraged to look at the broader context of market conditions, company performance, and overall portfolio strategy when assessing the implications of insider transactions.
In other recent news, Public Service Enterprise Group (PSEG) experienced a decline in net income for the second quarter of 2024, with earnings dropping to $0.87 per share from $1.18 per share in the same quarter of the previous year. Despite this downturn, PSEG maintains its full-year expectations, which include a resolution to the distribution rate case and an anticipated increase in gross margin in the fourth quarter. In addition to these findings, the company was upgraded to 'Buy' by Ladenburg Thalmann after recent PJM capacity auction results. The firm also increased the price target for PSEG shares to $86.50, up from the previous target of $77.50. These changes are expected to significantly impact PSEG's earnings, with analysts at Ladenburg Thalmann raising their 2026 and 2027 earnings per share estimates for the company. Amid these developments, PSEG continues to support New Jersey's economic growth through data center expansion and clean energy initiatives. Lastly, despite facing higher operation and maintenance costs, PSEG remains confident in meeting its long-term compound annual growth forecast.
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