Based in Newark, New Jersey, Public Service Enterprise Group Incorporated (PEG) is a key player in the energy sector, with a market cap of $39.91 billion. As a diversified energy company, PEG operates across various segments, including power generation, transmission, and distribution. The company serves a wide range of customers, from residential consumers to large industrial and commercial entities, ensuring reliable and sustainable energy solutions.
Shares of Public Service Enterprise Group have outperformed the broader market considerably over the past year. PEG has gained 31.6% over this time frame, while the broader S&P 500 Index ($SPX) has rallied nearly 21.7%. Also, in 2024 alone, the stock is up 31%, compared to the SPX’s 13.9% rise on a YTD basis.
Narrowing the focus, PEG has also outperformed the Vanguard Utilities Index Fund ETF (VPU). The exchange-traded fund delivered 17.1% YTD returns.
On Jul. 30, PEG reported its Q2 results. Its adjusted EPS of $0.63 fell short of the consensus estimate of $0.64. The company’s revenue came in at $2.42 billion, surpassing the Wall Street estimates of $2.04 billion. PEG expects full-year EPS to be between $3.60 and $3.70. Shares of PEG closed up 1.4% on the day the results were released and have been on an uptrend since then.
For the current fiscal year, ending in December, analysts expect PEG’s EPS to grow 5.8% year over year to $3.68 on a diluted basis. The company's earnings surprise history is mixed. It beat the consensus estimate in two of the last four quarters while missing the forecast on two other occasions.
Among the 17 analysts covering PEG stock, the consensus rating is a “Moderate Buy.” That’s based on nine “Strong Buy” ratings, one “Moderate Buy,” and seven “Holds.”
This configuration is more bullish than three months ago, with seven suggesting a “Strong Buy.”
On Jul. 12, Jeremy Tonet from JPMorgan maintained a “Buy” rating on Public Service Enterprise Group, with a price target of $89, which indicates an 11.1% upside from the current levels. The mean price target of $80.17 represents a marginal upside to PEG’s current price levels.
On the date of publication, Rashmi Kumari did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
