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Public Service Enterprise Group (NYSE:PEG) (PSEG) stock has reached an all-time high, trading at $92.2, marking a significant milestone for the energy company. This peak reflects a robust year-over-year growth, with PSEG's stock value surging by 42.47% over the past year. Investors have shown increased confidence in the company's strategic direction and financial health, as evidenced by the stock's impressive ascent to this record level. The all-time high serves as a testament to PSEG's solid market position and its potential for sustained growth in the competitive energy sector.
In other recent news, Public Service Enterprise Group Incorporated announced amendments to its Key Executive Severance Plan (KESP) and Deferred Compensation Plan (DCP), effective immediately. These changes aim to update the plans, extending benefits to certain highly-compensated non-officer employees and expanding eligibility for the KESP to include certain designated Section 16 Officer positions. BMO Capital Markets maintained a Market Perform rating for the company, adjusting its price target to $87.00.
The energy company reported strong third-quarter earnings for 2024, with results slightly exceeding expectations at $0.90 per share. The company's management refined its 2024 earnings forecast to a range of $3.64-3.68, aligning closely with BMO's and the consensus estimate. Additionally, a resolution to regulatory filings, including a rate case, will add $505 million in annual revenues.
Public Service Enterprise Group also reported a Q3 net income of $0.28 per share for its division, PSEG Power. The company has reaffirmed its commitment to a long-term earnings per share compound annual growth rate (CAGR) of 5-7% and projected capital investment for 2024 at $3.5 billion. These are among the recent developments for the company.
InvestingPro Insights
PSEG's recent all-time high is further supported by real-time data from InvestingPro. The company's stock is currently trading near its 52-week high, with a Price % of 52 Week High at 99.36%. This aligns with the article's mention of PSEG reaching a significant milestone.
InvestingPro Tips highlight that PSEG has maintained dividend payments for 54 consecutive years, underscoring the company's financial stability and commitment to shareholder returns. This long-standing dividend history may contribute to investor confidence, as mentioned in the article.
Additionally, PSEG boasts a healthy dividend yield of 2.65% and has shown dividend growth of 5.26% over the last twelve months. These figures, combined with the company's consistent profitability over the past year, support the positive investor sentiment described in the article.
For readers interested in a more comprehensive analysis, InvestingPro offers 8 additional tips for PSEG, providing deeper insights into the company's financial health and market position.
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