Company Reports

We are reaffirming our $65 fair value estimate for Public Service Enterprise Group after management reported earnings per share of $3.48 on an adjusted basis in 2023, nearly flat with 2022 results but in line with our and management's outlook. We are maintaining our narrow moat rating.

We are reaffirming our $65 fair value estimate for Public Service Enterprise Group after management initiated 2024 earnings per share guidance of $3.60-$3.70 and reaffirmed its long-term 5%-7% annual earnings growth target. We are reaffirming our $3.65 EPS estimate for 2024 and 6% annual earnings growth forecast.

For the first time in more than two decades, almost all of Public Service Enterprise Group's earnings are from its regulated transmission and distribution businesses in New Jersey, giving it a risk profile similar to most U.S. utilities.

With the U.N. Climate Change Conference, otherwise known as COP28, starting this week, we are reasserting our view that the market underappreciates utilities' critical role in limiting global warming.

We are reaffirming our $65 per share fair value estimate for Public Service Enterprise Group after the company reported $0.85 per share of operating earnings in the third quarter, mostly flat from the third quarter of 2022. We are maintaining our narrow moat rating.

We are reaffirming our $65 fair value estimate for Public Service Enterprise Group after New Jersey regulators approved approximately $900 million of investment in the company's natural gas distribution system during the next two years. We are also maintaining our narrow moat rating.

We are reaffirming our fair value estimates and economic moat ratings for all U.S. utilities after the sector fell nearly 5% on Monday. We think the sector's 11% drop since last week offers a rare opportunity for investors to buy high-quality utilities at very attractive prices.

We are reaffirming our $65 per share fair value estimate for Public Service Enterprise Group after the company reported $0.70 per share of operating earnings in the second quarter, up from $0.64 in the second quarter of 2022. We are maintaining our narrow moat rating.

For the first time in more than two decades, almost all of Public Service Enterprise Group's earnings in 2023 will come from its regulated transmission and distribution businesses, giving it a risk profile similar to most U.S. utilities.

We are reaffirming our $65 per share fair value estimate for Public Service Enterprise Group after the company reported earning $1.39 per share in the first quarter, up from $1.33 in the first quarter of 2022. We are maintaining our narrow moat and stable moat trend ratings for PSEG.

For the first time in more than two decades, almost all of Public Service Enterprise Group's earnings in 2023 will come from its regulated transmission and distribution businesses, giving it a risk profile similar to most U.S. utilities.

We are reaffirming our $65 per share fair value estimate for Public Service Enterprise Group after incorporating updates from management's investor presentation on March 10. We continue to believe that the company will hit the high end of management's 5%-7% annual earnings growth target. We are maintaining our narrow moat and stable moat trend ratings for PSEG.

We are reaffirming our $65 fair value estimate for Public Service Enterprise Group after the company announced it filed for regulatory approval a new three-year $2.54 billion capital investment plan for its natural gas distribution system. We are maintaining our narrow moat and stable moat trend ratings for PSEG.

We are reaffirming our $65 fair value estimate for Public Service Enterprise Group after the company announced it earned $3.47 per share in 2022 on an adjusted basis, down from $3.65 in 2021. This is in line with our forecast. We are maintaining our narrow moat and stable moat trend ratings for PSEG.

We are reaffirming our $65 fair value estimate for Public Service Enterprise Group, or PSEG, after New Jersey Gov. Phil Murphy laid out one of the most aggressive set of state clean energy targets in the U.S. We think PSEG, which is New Jersey's largest utility, has the most to gain if Murphy's executive orders result in more aggressive state legislative or regulatory policies. We are maintaining our narrow moat and stable moat trend ratings for PSEG.

We are reaffirming our $65 fair value estimate for Public Service Enterprise Group, or PSEG, after the company announced it reached an agreement to sell its 25% stake in the Ocean Wind project to majority project owner Orsted. We are maintaining our narrow moat and stable moat trend ratings for PSEG.

Public Service Enterprise Group has completed its transition to a predominantly regulated transmission and distribution utility, much like its peers. Its exit from the wholesale power generation business in early 2022 after more than two decades reduces risk, improves its environmental profile, and should attract more income-oriented investors.

Public Service Enterprise Group has completed its transition to a predominantly regulated transmission and distribution utility, much like its peers. Its exit from the wholesale power generation business in early 2022 after more than two decades reduces risk, improves its environmental profile, and should attract more income-oriented investors.

We are reaffirming our $65 fair value estimate for Public Service Enterprise Group, or PSEG, after the company reported earning $0.86 per share in the third quarter and remains on track to meet our full-year projections. Management tightened its 2022 EPS guidance range to $3.40 to $3.50, in line with our estimate. We are maintaining our narrow moat and stable moat trend ratings for the firm.

We are reaffirming our fair value estimates for U.S. utilities after raising our 10-year annual U.S. electricity demand growth forecast to 1.4%, up from 1.2% in our previous forecast two years ago. We also are reaffirming our economic moat and moat trend ratings for all U.S. utilities.