Public Service Enterprise Group Incorporated (PEG), headquartered in Newark, New Jersey, is a diversified energy company providing reliable and sustainable energy solutions to customers across the northeastern U.S. with a market cap of $41.5 billion.
Companies valued at $10 billion or more are classified as "large-cap" stocks. Public Service Enterprise Group exemplifies this status, highlighting its substantial scale, stability, and influence in the energy sector. Its diversified portfolio includes electric and gas distribution, energy generation, transmission, and a solid commitment to clean energy initiatives.
PEG shares are trading marginally below their 52-week high of $84.18, which they hit on Sep. 13. The stock has gained 15% over the past three months, outperforming the broader S&P 500 Index ($SPX), which has gained 3.5% over the same time frame.
In the longer term, PEG is up 37.6% on a YTD basis, and the shares have gained 38.2% over the past 52 weeks. In comparison, the SPX has gained 18% in 2024 and rallied 25.9% over the past year.
To confirm its bullish trend, PEG has been trading above its 50-day and 200-day moving averages since late February.
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.
Highlighting the contrast in performance, PEG's competitor, Consolidated Edison, Inc. (ED), has underperformed both the stock and the broader index. ED has gained 15% on a YTD basis.
Analysts are moderately optimistic about PEG's prospects, given the stock's strong recent price performance. The stock has a consensus rating of "Moderate Buy" from 18 analysts in coverage. The mean price target is $82.93, which indicates that the stock trades at a premium.
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.
