With a market cap of $37.6 billion, Public Service Enterprise Group Incorporated (PEG) is a leading diversified energy company in the utilities sector, primarily operating through its PSE&G and PSEG Power subsidiaries. The New Jersey-based company is expected to unveil its fiscal Q2 earnings results before the market opens on Tuesday, Jul. 30.
Prior to the event, analysts anticipate PEG to report a profit of $0.67 per share, down 4.3% from $0.70 per share in the year-ago quarter. The company has surpassed Wall Street's bottom-line estimates in three of the past four quarters while missing on one other occasion. The company reported an EPS of $1.31 in the most recent quarter, missing the consensus EPS estimate marginally due to higher investment-related expenses and pending resolution of the distribution rate case.
For fiscal 2024, analysts expect PEG to report EPS of $3.68, up 5.8% from $3.48 in fiscal 2023. Looking forward to fiscal 2025, EPS is expected to grow 10.1% year over year to $4.05.
In 2024, PEG's shares have risen roughly 24%, outpacing both the S&P 500 Index's ($SPX) 16.5% gain and the S&P 500 Utilities Sector SPDR's (XLU) 10.5% increase on a YTD basis.
Shares of Public Service Enterprise rose marginally on Apr. 30 following its Q1 earnings release due to the company reaffirming its full-year 2024 non-GAAP operating earnings guidance and reporting strong operational performance despite challenging weather conditions. Additionally, the implementation of the nuclear production tax credit and the announcement of a dividend increase helped boost investor confidence.
Analysts' consensus rating on Public Service Enterprise stock is cautiously optimistic, with a "Moderate Buy" rating overall. Out of 17 analysts covering the stock, opinions include eight "Strong Buys," one "Moderate Buy," and eight "Holds."
The above configuration is slightly more bullish than three months ago, with seven analysts suggesting a "Strong Buy." The average analyst price target for PEG is $76.83, suggesting a potential upside of just 1.6% from current levels.
On the date of publication, Sohini Mondal 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.
