# Public Service Enterprise Group Incorporated (PEG)

> Source: Nexqual · https://nexqual.com/PEG · data as of 2026-10-22 20:00 UTC · cite as "Nexqual, Public Service Enterprise Group Incorporated (PEG), nexqual.com/PEG" · informational, not investment advice.

**Price:** USD 72.72 (+2.42% on the day) · last close of Oct 22, 2026; US market pre market, not a live price. Prev close 71 · day 71–72.77 · 52w 66.15–87.63 · market cap $36.2B · NYQ

## Key facts
- Last four reported quarters (through Jun 30, 2026): revenue $12.5B, net income $2.01B (16.0% margin), free cash flow $276M (SEC filings).
- Valuation: P/E 18.0x (avg 18.3x at the last 3 fiscal year-ends), net debt $23.4B.
- 2 of 80 tracked superinvestors hold PEG (13F, Q2 2026): 0 new, 0 added, 1 reduced, 1 unchanged.
- Insider open-market sales, last ~7 months: 8 Form 4 filings, $1.8M; 1 not under a Rule 10b5-1 plan ($596K); 6 by opportunistic insiders (0 outside 10b5-1 plans), 0 by routine insiders (three-year test, Cohen, Malloy & Pomorski 2012).
- Analysts: Hold (mean 2.52 on a 1–5 scale) (23 analysts), mean target USD 81.79 (range 69–96).
- Total return with dividends: 1Y -9.1% vs S&P 500 +14.9%; 5Y +34.7% vs S&P 500 +80.3%.
- Next earnings: 2026-11-02, EPS estimate USD 1.19, revenue estimate $3.21B.

## Financials (SEC 10-K; TTM = last four 10-Q/10-K quarters)
| USD | FY2021 | FY2022 | FY2023 | FY2024 | FY2025 | TTM |
|---|---|---|---|---|---|---|
| Revenue | $9.72B | $9.80B | $11.2B | $10.3B | $12.2B | $12.5B |
| Operating income | -$856M | $1.38B | $3.69B | $2.35B | $2.98B | $2.90B |
| Net income | -$648M | $1.03B | $2.56B | $1.77B | $2.11B | $2.01B |
| EPS (diluted) | -$1.29 | $2.06 | $5.13 | $3.54 | $4.22 | — |
| Free cash flow | -$983M | -$1.39B | $481M | -$1.25B | $26.0M | $276M |
| Operating margin | -8.8% | 14.1% | 32.8% | 22.9% | 24.5% | 23.1% |
| Net margin | -6.7% | 10.5% | 22.8% | 17.2% | 17.3% | 16.0% |
| Revenue growth | +1.2% | +0.8% | +14.7% | -8.4% | +18.3% | — |
| Cash + short-term investments | $818M | $465M | $54.0M | $125M | $132M | — |
| Total debt | $15.9B | $18.1B | $19.3B | $21.1B | $22.5B | — |
Fiscal years end Dec. EPS is split-adjusted.

## Valuation (price ÷ last four quarters, through Jun 30, 2026)
P/E 18.0x · P/S 2.9x · EV/Sales 4.8x · P/FCF 131.3x · P/B 2.1x · FCF yield 0.76% · Earnings yield 5.55% · Dividend yield (paid, TTM) 3.58% · Net debt $23.4B · EV $59.6B
P/E at fiscal year-ends: Dec 2025 19.1x, Dec 2024 23.8x, Dec 2023 11.9x.

## Superinvestors (SEC 13F-HR, Q2 2026)
2 of 80 tracked investors hold PEG. Each row is the investor's latest 13F; change is vs their prior-quarter share count.
| Investor | Firm | % of portfolio | Value | Change |
|---|---|---|---|---|
| Harry Burn | Sound Shore | 2.42% | $78.7M | Reduced -1.5% |
| Kahn Brothers | Kahn Brothers Group | 0.05% | $285K | Unchanged |

## Insider sales (SEC Form 4, open-market, last ~7 months)
7 of 8 under a Rule 10b5-1 trading plan (scheduled in advance). Unplanned sales were timed by the insider.
| Trade date | Insider | Role | Shares | Value | % of holdings sold | 10b5-1 plan | Insider type |
|---|---|---|---|---|---|---|---|
| 2026-10-01 | Larossa Ralph A | Chair, President and CEO | 2,083 | $141K | 0.7% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-09-01 | Larossa Ralph A | Chair, President and CEO | 2,083 | $153K | 0.7% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-08-11 | Thigpen Richard T | SVP Corporate Citizenship | 8,000 | $596K | 27.6% | No | Too little history (no open-market trades in 2023) |
| 2026-08-03 | Larossa Ralph A | Chair, President and CEO | 2,083 | $159K | 0.7% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-07-01 | Larossa Ralph A | Chair, President and CEO | 2,083 | $168K | 0.7% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-06-24 | Hanemann Kim C | President and COO - PSE&G | 3,035 | $249K | 3% | Yes | Too little history (no open-market trades in 2023 or 2025) |
| 2026-06-01 | Larossa Ralph A | Chair, President and CEO | 2,083 | $160K | 0.7% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
| 2026-05-01 | Larossa Ralph A | Chair, President and CEO | 2,083 | $169K | 0.7% | Yes | Opportunistic (traded every year 2023–2025, no repeating month) |
% of holdings sold = shares sold ÷ (shares sold + all holdings the insider reported on that Form 4, direct and through trusts).
Insider type follows Cohen, Malloy & Pomorski (Journal of Finance, 2012). An insider who traded the stock in the same calendar month in each of the past three years is a routine trader; one who traded in each of those years without such a pattern is an opportunistic trader. In their study, trades by opportunistic insiders predicted future returns and trades by routine insiders did not. Counts open-market purchases and sales only (SEC Form 4 codes P and S) by that insider in that company. Not investment advice.

## Analysts
Consensus Hold (mean 2.52 on a 1–5 scale), 23 analysts; mean target USD 81.79 (low 69, high 96).
Rating changes, last 120 days:
| Date | Firm | Action | Rating | Price target |
|---|---|---|---|---|
| 2026-10-22 | HSBC | Initiated | Hold | $72.5 |
| 2026-10-21 | Morgan Stanley | Target lowered | Overweight | $88 → $85 |
| 2026-10-19 | JP Morgan | Target lowered | Neutral | $81 → $77 |
| 2026-10-15 | Truist Securities | Target lowered | Hold | $84 → $78 |
| 2026-09-18 | Morgan Stanley | Target lowered | Overweight | $91 → $88 |
| 2026-08-21 | Morgan Stanley | Target lowered | Overweight | $93 → $91 |
| 2026-08-13 | Truist Securities | Target lowered | Hold | $90 → $84 |
| 2026-08-05 | Citigroup | Target lowered | Neutral | $91 → $84 |
| 2026-08-05 | Wells Fargo | Target lowered | Overweight | $91 → $89 |
| 2026-07-22 | Wells Fargo | Target lowered | Overweight | $97 → $91 |
| 2026-07-20 | Jefferies | Target lowered | Hold | $89 → $78 |
| 2026-07-16 | Truist Securities | Target raised | Hold | $88 → $90 |

## Total return (dividends reinvested)
|  | 1Y (from 2025-10-23) | 5Y (from 2021-10-18) |
|---|---|---|
| Total return | -9.1% | +34.7% |
| S&P 500 (SPY) | +14.9% | +80.3% |
| Per year | -9.1% | +6.1% |
| Volatility (annualized) | 18.9% | 20.3% |
| Max drawdown | -21.5% (Feb 2026→Sep 2026) | -26.0% (Apr 2022→Oct 2022) |

## Peers (Utilities - Regulated Electric)
WEC (WEC Energy Group, Inc.) USD 112.15 +3.36% · PCG (Pacific Gas & Electric Co.) USD 12.98 -1.29% · ED (Consolidated Edison, Inc.) USD 116.26 +3.97% · AEE (Ameren Corporation) USD 108.94 +2.31% · FTS (Fortis Inc.) USD 57.88 +3.41% · EXC (Exelon Corporation) USD 44.85 +4.18%

## More
Full page: https://nexqual.com/PEG · Free keyless MCP server with the same data and citations: https://mcp.nexqual.com/mcp · Guide for agents: https://nexqual.com/agents · https://nexqual.com/llms.txt

## Supply chain and relationships (SEC annual reports)

Named in PEG's own 10-K filed 2026-02-26 (https://www.sec.gov/Archives/edgar/data/788784/000119312526077446/peg-20251231.htm):

| Relationship | Company | Sentence in the filing |
|---|---|---|
| Customer | PSEG Power | "We may also be unable to successfully recover certain of these cost increases through our existing regulatory rate structures, in the case of PSE&G, or our contracts with our customers, in the case of PSEG Power." |
| Customer | PJM Interconnection | "An increasing demand for power and a lack of sufficient new generation resources in PJM and in New Jersey, has raised resource adequacy concerns and has resulted in higher electricity costs for our customers in 2025." |

## Revenue by business segment (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Public Service Electricand Gas Company | $2.14B | 83.7% | +5.2% |
| PSEG Power Other | $534.0M | 20.9% | -42.0% |
| Total revenue | $2.55B | 100% | — |
The lines above cover 104.6% of total revenue.

## Revenue by product line (quarter ended 2026-06-30)

| Line | Revenue | Share | YoY |
|---|---|---|---|
| Electric Distribution Contracts | $1.25B | 48.9% | +6.5% |
| Transmission | $460.0M | 18.0% | +3.8% |
| Gas Distribution Contracts | $343.0M | 13.4% | +8.2% |
| Other Contract Revenues | $87.0M | 3.4% | -10.3% |
| Total revenue | $2.55B | 100% | — |
The lines above cover 83.8% of total revenue.

## Company outlook (8-K filed 2026-08-04)

- "Guidance included herein is as of August 4, 2026. and non-GAAP Funds From Operations (FFO), including the forward-looking non- GAAP FFO/Debt ratio target, in its presentations."
- "PSEG Second Quarter 2026 PSEG Outlook Maintained Continuing Execution of PSEG Strategic Plan 2026 guidance midpoin"

## Analyst estimates and revisions

| Period | EPS est. | 90d ago | Change | Revenue est. | Analysts |
|---|---|---|---|---|---|
| Current quarter (ends 2026-09-30) | $1.19 | $1.19 | +0.5% | $3.21B | 14 |
| Next quarter (ends 2026-12-31) | $0.80 | $0.85 | -5.6% | $3.27B | 11 |
| Current fiscal year (ends 2026-12-31) | $4.38 | $4.38 | -0.1% | $12.81B | 20 |
| Next fiscal year (ends 2027-12-31) | $4.64 | $4.68 | -0.8% | $13.10B | 21 |

## Options: expected move (Cboe, 15-min delayed)

Expected move by 2026-11-20 (includes earnings 2026-11-02): ±5.8%; last 8 reports averaged ±2.3%.

| Expiration | Days | ATM IV | Expected move |
|---|---|---|---|
| 2026-11-20 | 28 | 25.9% | ±5.8% |
| 2026-12-18 | 56 | 19.9% | ±6.5% |
| 2027-01-15 | 84 | 22.1% | ±8.6% |
| 2027-03-19 | 147 | 23.3% | ±11.9% |
| 2027-06-17 | 237 | 23.3% | ±14.8% |