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Public Service (PEG) Tops Q4 Earnings, Misses Sales Estimate

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Newark, NJ-based Public Service Enterprise Group Inc. (PEG - Free Report) or PSEG is a diversified utility holding company. Its operations are mostly located in the Northeastern and Mid-Atlantic parts of the U.S.

Public Service Enterprise has a solid portfolio of regulated and non-regulated utility assets that offer a stable earnings and significant long-term growth potential.

The company has invested substantially to improve the reliability and efficiency of transmission and distribution systems. Public Service Enterprise Group is now working to add renewable generation in its portfolio to lower carbon emission.

Estimate Trend & Surprise History

Investors should note that the fourth quarter Zacks Consensus Estimate for earnings of 52 cents per share has decreased by a penny over the last 30 days.

Coming to the earnings surprise, Public Service Enterprise has surpassed the Zacks Consensus Estimate in three of the last four quarters, resulting in a positive average surprise of 3.77%.

Zacks Rank: Currently, Public Service Enterprise has a Zacks Rank#3 (Hold) but that could change following its fourth quarter and full year 2016 earnings report which has just released. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.

We have highlighted some of the key details from the just-released announcement below:

Earnings: Public Service Enterprise reported adjusted operating earnings per share of 54 cents, beating the Zacks Consensus Estimate of 52 cents by 3.8%.

Revenue: Revenues of $2,090 million missed the Zacks Consensus Estimate of $2,288 million by 8.7%.

Key Stats: During the reported quarter, Electric sales volume improved 3% year over year to 9,404 million kilowatt-hours, while Gas sales volume increased 6.9% to 1,046 million therms.

Guidance: The company currently plans to invest approximately $10.2 billion over 2017-2019, in capital expenditure. It also expects its 2017 adjusted EPS to be in the range of $2.80–$3.00.

Stock Price: It would be interesting to see how the market reacts to the second quarter earnings beat during the trading session today.

Check back later for our full write up on this PEG earnings report later!

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