NEWARK, N.J. - Public Service Enterprise Group (NYSE:PEG), an energy company, announced on Monday a quarterly dividend of $0.60 per share for the third quarter of 2024. Shareholders on record as of September 9, 2024, will be eligible for the dividend, which is payable by September 30, 2024.
PSEG, known for its regulated infrastructure operations, continues to focus on a clean energy future, aiming to provide energy that is not only less consumptive but also cleaner and more reliable. The company has been recognized for its sustainability efforts, marking 16 years on the Dow Jones Sustainability North America Index. Moreover, it has been listed as one of the U.S. News' Best Companies to Work For in 2023-2024.
The company's portfolio includes Public Service Electric and Gas Co. (PSE&G), PSEG Power, and PSEG Long Island. These subsidiaries contribute to PSEG's overall mission and have been integral in its growth and recognition in the energy sector.
The forward-looking statements in the press release indicate management's expectations and are subject to risks and uncertainties that could cause actual results to differ. The company has outlined these potential discrepancies in filings with the Securities and Exchange Commission, which are publicly available for review.
Investors and interested parties are encouraged to follow PSEG's Investor Relations website for updates and can sign up for automatic email alerts to stay informed on the latest company news.
This dividend declaration reflects PSEG's ongoing commitment to return value to its shareholders and its confidence in the company's financial stability. The information for this announcement is based on a press release statement from PSEG.
In other recent news, Public Service Enterprise Group (PSEG) has been the subject of several analyst revisions. RBC Capital Markets increased its price target for the company to $84, maintaining an Outperform rating, highlighting an interest in the company's nuclear assets and potential benefits from a transaction at one of its nuclear facilities. BMO Capital Markets also adjusted its price target to $74, following a detailed quarterly assessment, and maintained a Market Perform rating.
Guggenheim upgraded PSEG's stock from a Neutral to a Buy rating, citing confidence in near-term gains from data center deployments and a positive reassessment of commodity curves and generation opportunities. BofA Securities and Mizuho Securities raised their price targets for PSEG shares to $80, maintaining a Buy rating due to potential earnings per share growth and favorable growth prospects.
PSEG reported a net income of $1.06 per share for the first quarter of 2024, down from $2.58 per share in the previous year, while reaffirming its full-year non-GAAP operating earnings guidance of $3.60 to $3.70 per share. These recent developments suggest confidence in PSEG's strategic initiatives and financial stability.
The company's potential increase in earnings per share is driven by strategic initiatives such as the development of a data center campus in New Jersey, and favorable regulatory conditions. Analysts from BofA Securities and Mizuho Securities highlighted PSEG's sustainable growth rate of 5-7% in its utility segment and the potential for long-term contracts post-2025.
BMO Capital Markets also acknowledged positive investor sentiment towards PSEG's potential data center contracts. These recent developments are being closely watched by investors and market watchers.
InvestingPro Insights
Public Service Enterprise Group (NYSE:PEG) has recently announced a consistent quarterly dividend, reinforcing its reputation for reliable shareholder returns. Here are some key insights from InvestingPro that investors might consider:
InvestingPro Data shows that PSEG has a market capitalization of $37.3 billion, with a Price/Earnings (P/E) ratio of 20.64, suggesting that the stock might be reasonably valued in the current market. Moreover, the company’s Dividend Yield as of the latest data stands at a compelling 3.15%, which is particularly attractive to income-focused investors.
Among the InvestingPro Tips, it is noteworthy that PSEG has maintained dividend payments for an impressive 54 consecutive years, highlighting its commitment to consistent shareholder returns. Moreover, the company is trading near its 52-week high, with the price at 96.71% of this peak, reflecting a strong performance over the recent period.
Investors should also be aware that PSEG's revenue has seen a decline in the last twelve months as of Q1 2024, with a -8.9% change, which could be a point of consideration when evaluating the company's future growth prospects.
For those looking to delve deeper into PSEG's financial health and future outlook, there are additional InvestingPro Tips available. For instance, analysts have revised their earnings expectations downwards for the upcoming period, which could have implications for future dividend sustainability and growth. Furthermore, the company's short-term obligations exceeding its liquid assets might suggest a closer look at its balance sheet is warranted.
For investors interested in accessing these insights and more, visit https://www.investing.com/pro/PEG for an extensive range of InvestingPro Tips. There are currently 11 additional tips listed, which can provide a more nuanced understanding of PSEG's financial position and market performance. Remember to use the coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription, which could be a valuable tool for those looking to make informed investment decisions.
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