Intrinsic value of Public Service Enterprise Group - PEG

Previous Close

$53.48

  Intrinsic Value

$6.79

stock screener

  Rating & Target

str. sell

-87%

Previous close

$53.48

 
Intrinsic value

$6.79

 
Up/down potential

-87%

 
Rating

str. sell

We calculate the intrinsic value of PEG stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 27.0

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  2.00
  2.30
  2.57
  2.81
  3.03
  3.23
  3.41
  3.57
  3.71
  3.84
  3.95
  4.06
  4.15
  4.24
  4.31
  4.38
  4.44
  4.50
  4.55
  4.59
  4.64
  4.67
  4.70
  4.73
  4.76
  4.78
  4.81
  4.83
  4.84
  4.86
Revenue, $m
  9,266
  9,479
  9,722
  9,996
  10,299
  10,631
  10,994
  11,385
  11,808
  12,261
  12,746
  13,263
  13,814
  14,399
  15,020
  15,678
  16,375
  17,112
  17,891
  18,713
  19,580
  20,495
  21,459
  22,475
  23,545
  24,671
  25,857
  27,105
  28,417
  29,798
Variable operating expenses, $m
  7,653
  7,829
  8,030
  8,255
  8,505
  8,779
  9,078
  9,401
  9,749
  10,123
  10,510
  10,936
  11,390
  11,873
  12,385
  12,928
  13,502
  14,110
  14,752
  15,430
  16,145
  16,899
  17,694
  18,532
  19,414
  20,343
  21,321
  22,350
  23,432
  24,571
Fixed operating expenses, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total operating expenses, $m
  7,653
  7,829
  8,030
  8,255
  8,505
  8,779
  9,078
  9,401
  9,749
  10,123
  10,510
  10,936
  11,390
  11,873
  12,385
  12,928
  13,502
  14,110
  14,752
  15,430
  16,145
  16,899
  17,694
  18,532
  19,414
  20,343
  21,321
  22,350
  23,432
  24,571
Operating income, $m
  1,612
  1,650
  1,693
  1,741
  1,794
  1,852
  1,916
  1,984
  2,058
  2,138
  2,236
  2,327
  2,423
  2,526
  2,635
  2,750
  2,873
  3,002
  3,139
  3,283
  3,435
  3,595
  3,765
  3,943
  4,130
  4,328
  4,536
  4,755
  4,985
  5,228
EBITDA, $m
  3,653
  3,737
  3,833
  3,940
  4,060
  4,191
  4,334
  4,488
  4,655
  4,833
  5,024
  5,228
  5,445
  5,676
  5,921
  6,180
  6,455
  6,745
  7,052
  7,376
  7,718
  8,079
  8,459
  8,859
  9,281
  9,725
  10,193
  10,685
  11,202
  11,746
Interest expense (income), $m
  365
  735
  764
  800
  842
  889
  941
  998
  1,060
  1,127
  1,200
  1,277
  1,360
  1,449
  1,543
  1,644
  1,750
  1,863
  1,982
  2,109
  2,242
  2,383
  2,532
  2,688
  2,854
  3,028
  3,211
  3,404
  3,607
  3,821
  4,046
Earnings before tax, $m
  878
  886
  892
  898
  905
  911
  918
  924
  931
  938
  959
  966
  974
  983
  991
  1,000
  1,010
  1,020
  1,030
  1,041
  1,052
  1,064
  1,076
  1,089
  1,103
  1,117
  1,132
  1,148
  1,164
  1,181
Tax expense, $m
  237
  239
  241
  243
  244
  246
  248
  250
  251
  253
  259
  261
  263
  265
  268
  270
  273
  275
  278
  281
  284
  287
  291
  294
  298
  302
  306
  310
  314
  319
Net income, $m
  641
  647
  651
  656
  660
  665
  670
  675
  680
  685
  700
  705
  711
  717
  724
  730
  737
  744
  752
  760
  768
  777
  786
  795
  805
  815
  826
  838
  850
  862

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  43,501
  44,501
  45,645
  46,929
  48,352
  49,913
  51,613
  53,453
  55,435
  57,563
  59,839
  62,267
  64,853
  67,601
  70,517
  73,607
  76,879
  80,338
  83,993
  87,852
  91,925
  96,219
  100,746
  105,515
  110,538
  115,827
  121,394
  127,252
  133,415
  139,897
Adjusted assets (=assets-cash), $m
  43,501
  44,501
  45,645
  46,929
  48,352
  49,913
  51,613
  53,453
  55,435
  57,563
  59,839
  62,267
  64,853
  67,601
  70,517
  73,607
  76,879
  80,338
  83,993
  87,852
  91,925
  96,219
  100,746
  105,515
  110,538
  115,827
  121,394
  127,252
  133,415
  139,897
Revenue / Adjusted assets
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
  0.213
Average production assets, $m
  31,216
  31,934
  32,755
  33,676
  34,697
  35,817
  37,037
  38,358
  39,780
  41,307
  42,940
  44,683
  46,538
  48,510
  50,603
  52,820
  55,168
  57,650
  60,273
  63,043
  65,965
  69,046
  72,295
  75,717
  79,322
  83,117
  87,112
  91,316
  95,738
  100,390
Working capital, $m
  380
  389
  399
  410
  422
  436
  451
  467
  484
  503
  523
  544
  566
  590
  616
  643
  671
  702
  734
  767
  803
  840
  880
  921
  965
  1,012
  1,060
  1,111
  1,165
  1,222
Total debt, $m
  14,148
  14,824
  15,597
  16,465
  17,427
  18,482
  19,631
  20,875
  22,215
  23,653
  25,192
  26,834
  28,582
  30,439
  32,411
  34,500
  36,711
  39,049
  41,520
  44,129
  46,882
  49,785
  52,845
  56,069
  59,465
  63,040
  66,803
  70,763
  74,929
  79,311
Total liabilities, $m
  29,407
  30,083
  30,856
  31,724
  32,686
  33,741
  34,890
  36,134
  37,474
  38,912
  40,451
  42,093
  43,841
  45,698
  47,670
  49,759
  51,970
  54,308
  56,779
  59,388
  62,141
  65,044
  68,104
  71,328
  74,724
  78,299
  82,062
  86,022
  90,188
  94,570
Total equity, $m
  14,094
  14,418
  14,789
  15,205
  15,666
  16,172
  16,723
  17,319
  17,961
  18,650
  19,388
  20,175
  21,012
  21,903
  22,848
  23,849
  24,909
  26,029
  27,214
  28,464
  29,784
  31,175
  32,642
  34,187
  35,814
  37,528
  39,332
  41,230
  43,226
  45,327
Total liabilities and equity, $m
  43,501
  44,501
  45,645
  46,929
  48,352
  49,913
  51,613
  53,453
  55,435
  57,562
  59,839
  62,268
  64,853
  67,601
  70,518
  73,608
  76,879
  80,337
  83,993
  87,852
  91,925
  96,219
  100,746
  105,515
  110,538
  115,827
  121,394
  127,252
  133,414
  139,897
Debt-to-equity ratio
  1.000
  1.030
  1.050
  1.080
  1.110
  1.140
  1.170
  1.210
  1.240
  1.270
  1.300
  1.330
  1.360
  1.390
  1.420
  1.450
  1.470
  1.500
  1.530
  1.550
  1.570
  1.600
  1.620
  1.640
  1.660
  1.680
  1.700
  1.720
  1.730
  1.750
Adjusted equity ratio
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324
  0.324

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  641
  647
  651
  656
  660
  665
  670
  675
  680
  685
  700
  705
  711
  717
  724
  730
  737
  744
  752
  760
  768
  777
  786
  795
  805
  815
  826
  838
  850
  862
Depreciation, amort., depletion, $m
  2,040
  2,087
  2,140
  2,200
  2,266
  2,339
  2,418
  2,504
  2,596
  2,695
  2,788
  2,901
  3,022
  3,150
  3,286
  3,430
  3,582
  3,744
  3,914
  4,094
  4,283
  4,484
  4,694
  4,917
  5,151
  5,397
  5,657
  5,930
  6,217
  6,519
Funds from operations, $m
  2,681
  2,733
  2,791
  2,856
  2,926
  3,004
  3,088
  3,178
  3,276
  3,380
  3,488
  3,607
  3,733
  3,867
  4,010
  4,160
  4,319
  4,488
  4,666
  4,853
  5,051
  5,260
  5,480
  5,712
  5,956
  6,213
  6,483
  6,767
  7,067
  7,381
Change in working capital, $m
  7
  9
  10
  11
  12
  14
  15
  16
  17
  19
  20
  21
  23
  24
  25
  27
  29
  30
  32
  34
  36
  38
  40
  42
  44
  46
  49
  51
  54
  57
Cash from operations, $m
  2,673
  2,725
  2,781
  2,844
  2,914
  2,990
  3,073
  3,162
  3,259
  3,362
  3,468
  3,586
  3,711
  3,843
  3,984
  4,133
  4,291
  4,458
  4,634
  4,820
  5,016
  5,223
  5,441
  5,670
  5,912
  6,166
  6,434
  6,716
  7,013
  7,325
Maintenance CAPEX, $m
  -1,987
  -2,027
  -2,074
  -2,127
  -2,187
  -2,253
  -2,326
  -2,405
  -2,491
  -2,583
  -2,682
  -2,788
  -2,901
  -3,022
  -3,150
  -3,286
  -3,430
  -3,582
  -3,744
  -3,914
  -4,094
  -4,283
  -4,484
  -4,694
  -4,917
  -5,151
  -5,397
  -5,657
  -5,930
  -6,217
New CAPEX, $m
  -614
  -718
  -821
  -921
  -1,021
  -1,120
  -1,220
  -1,320
  -1,423
  -1,527
  -1,633
  -1,743
  -1,856
  -1,972
  -2,093
  -2,218
  -2,347
  -2,482
  -2,623
  -2,769
  -2,922
  -3,082
  -3,248
  -3,423
  -3,605
  -3,795
  -3,995
  -4,204
  -4,422
  -4,652
Cash from investing activities, $m
  -2,601
  -2,745
  -2,895
  -3,048
  -3,208
  -3,373
  -3,546
  -3,725
  -3,914
  -4,110
  -4,315
  -4,531
  -4,757
  -4,994
  -5,243
  -5,504
  -5,777
  -6,064
  -6,367
  -6,683
  -7,016
  -7,365
  -7,732
  -8,117
  -8,522
  -8,946
  -9,392
  -9,861
  -10,352
  -10,869
Free cash flow, $m
  72
  -20
  -113
  -204
  -294
  -383
  -473
  -563
  -655
  -748
  -847
  -945
  -1,046
  -1,151
  -1,259
  -1,370
  -1,486
  -1,607
  -1,733
  -1,864
  -2,000
  -2,143
  -2,291
  -2,447
  -2,609
  -2,780
  -2,958
  -3,144
  -3,339
  -3,544
Issuance/(repayment) of debt, $m
  538
  676
  773
  868
  962
  1,055
  1,149
  1,244
  1,340
  1,438
  1,539
  1,642
  1,748
  1,858
  1,971
  2,089
  2,211
  2,338
  2,471
  2,609
  2,753
  2,903
  3,060
  3,224
  3,396
  3,575
  3,763
  3,960
  4,166
  4,382
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  4
  38
  81
  127
  173
  221
  271
  323
  377
  432
  491
  551
  615
  681
  750
  823
  898
  977
  1,060
  1,147
  1,238
Cash from financing (excl. dividends), $m  
  538
  676
  773
  868
  962
  1,055
  1,149
  1,244
  1,340
  1,442
  1,577
  1,723
  1,875
  2,031
  2,192
  2,360
  2,534
  2,715
  2,903
  3,100
  3,304
  3,518
  3,741
  3,974
  4,219
  4,473
  4,740
  5,020
  5,313
  5,620
Total cash flow (excl. dividends), $m
  610
  656
  660
  664
  668
  672
  676
  681
  685
  694
  729
  778
  828
  880
  934
  990
  1,048
  1,108
  1,171
  1,236
  1,304
  1,375
  1,450
  1,527
  1,609
  1,694
  1,783
  1,876
  1,974
  2,076
Retained Cash Flow (-), $m
  -247
  -324
  -371
  -416
  -461
  -506
  -551
  -596
  -642
  -689
  -737
  -787
  -838
  -890
  -945
  -1,001
  -1,060
  -1,121
  -1,184
  -1,250
  -1,319
  -1,391
  -1,467
  -1,545
  -1,628
  -1,714
  -1,804
  -1,898
  -1,997
  -2,100
Prev. year cash balance distribution, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  363
  332
  289
  248
  207
  166
  126
  85
  43
  5
  -8
  -9
  -10
  -10
  -11
  -12
  -12
  -13
  -14
  -14
  -15
  -16
  -17
  -18
  -19
  -20
  -21
  -22
  -23
  -24
Discount rate, %
  7.20
  7.56
  7.94
  8.33
  8.75
  9.19
  9.65
  10.13
  10.64
  11.17
  11.73
  12.31
  12.93
  13.58
  14.26
  14.97
  15.72
  16.50
  17.33
  18.19
  19.10
  20.06
  21.06
  22.11
  23.22
  24.38
  25.60
  26.88
  28.22
  29.64
PV of cash for distribution, $m
  338
  287
  230
  180
  136
  98
  66
  39
  17
  2
  -3
  -2
  -2
  -2
  -1
  -1
  -1
  -1
  -1
  -1
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  99.9
  99.7
  99.4
  98.9
  98.4
  97.8
  97.2
  96.4
  95.6
  94.7
  93.8
  92.8
  91.8
  90.7
  89.6
  88.5
  87.3
  86.1
  84.9
  83.7

Public Service Enterprise Group Incorporated (PSEG) is a holding company. The Company is an energy company with operations located primarily in the Northeastern and Mid-Atlantic United States. The Company's segments include Public Service Electric and Gas Company (PSE&G), PSEG Power LLC (Power) and Other. PSEG is engaged in the transmission of electricity and distribution of electricity and natural gas in certain areas of New Jersey. PSE&G is also the provider of last resort for gas and electric commodity service for end users in its service territory. Power is a multi-regional energy supply company that integrates the operations of its merchant nuclear and fossil generating assets with its power marketing businesses through energy sales in energy markets and fuel supply functions primarily in the Northeast and Mid-Atlantic United States through its principal subsidiaries. In addition, Power owns and operates solar generation in various states.

FINANCIAL RATIOS  of  Public Service Enterprise Group (PEG)

Valuation Ratios
P/E Ratio 30.4
Price to Sales 3
Price to Book 2.1
Price to Tangible Book
Price to Cash Flow 8.2
Price to Free Cash Flow -27.4
Growth Rates
Sales Growth Rate -13%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 11.3%
Cap. Spend. - 3 Yr. Gr. Rate 8.9%
Financial Strength
Quick Ratio 0
Current Ratio 0.2
LT Debt to Equity 83%
Total Debt to Equity 89.7%
Interest Coverage 5
Management Effectiveness
Return On Assets 2.9%
Ret/ On Assets - 3 Yr. Avg. 4.5%
Return On Total Capital 3.7%
Ret/ On T. Cap. - 3 Yr. Avg. 6.2%
Return On Equity 6.8%
Return On Equity - 3 Yr. Avg. 10.9%
Asset Turnover 0.2
Profitability Ratios
Gross Margin 0%
Gross Margin - 3 Yr. Avg. 0%
EBITDA Margin 34.6%
EBITDA Margin - 3 Yr. Avg. 37.7%
Operating Margin 17.1%
Oper. Margin - 3 Yr. Avg. 23%
Pre-Tax Margin 14.3%
Pre-Tax Margin - 3 Yr. Avg. 20.9%
Net Profit Margin 9.8%
Net Profit Margin - 3 Yr. Avg. 13.3%
Effective Tax Rate 31.7%
Eff/ Tax Rate - 3 Yr. Avg. 35.7%
Payout Ratio 93.6%

PEG stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the PEG stock intrinsic value calculation we used $9084 million for the last fiscal year's total revenue generated by Public Service Enterprise Group. The default revenue input number comes from 0001 income statement of Public Service Enterprise Group. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our PEG stock valuation model: a) initial revenue growth rate of 2% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 7.2%, whose default value for PEG is calculated based on our internal credit rating of Public Service Enterprise Group, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Public Service Enterprise Group.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of PEG stock the variable cost ratio is equal to 82.6%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $0 million in the base year in the intrinsic value calculation for PEG stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Public Service Enterprise Group.

Corporate tax rate of 27% is the nominal tax rate for Public Service Enterprise Group. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the PEG stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for PEG are equal to 336.9%.

Life of production assets of 15.4 years is the average useful life of capital assets used in Public Service Enterprise Group operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for PEG is equal to 4.1%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $13847 million for Public Service Enterprise Group - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 505.323 million for Public Service Enterprise Group is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Public Service Enterprise Group at the current share price and the inputted number of shares is $27.0 billion.

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COMPANY NEWS

▶ Macy's and JD tumble while Energen and Canopy Growth rise   [Aug-15-18 04:31PM  Associated Press]
▶ PSEG: 2Q Earnings Snapshot   [07:49AM  Associated Press]
▶ 4 Stocks That Can Shine In A Risky Market   [Jun-20-18 01:00PM  Investopedia]
▶ Closing Bell Ringer: June 18, 2018   [Jun-18-18 04:00PM  CNBC Videos]
▶ PSE&G Unveils Next Phase of "Energy Strong" Investments   [Jun-08-18 02:30PM  PR Newswire]
▶ PSEG Announces Major Infrastructure Investment Program   [May-31-18 08:00AM  PR Newswire]
▶ PSE&G to Begin Next Phase of Gas System Replacements   [May-22-18 05:00PM  PR Newswire]
▶ PSEG: 1Q Earnings Snapshot   [07:47AM  Associated Press]
▶ PSEG Announces 2018 First Quarter Results   [07:30AM  PR Newswire]
▶ How 875 Miles Of Steel Pipe Will Turn To Plastic   [Apr-24-18 04:37PM  Investor's Business Daily]
▶ Willdan Selected to Implement PSE&Gs Direct Install Program   [Apr-23-18 08:00AM  Business Wire]
▶ 'Value' Stocks That Are Actually Expensive   [Apr-09-18 11:29PM  Forbes]
▶ PSEG Cork Oak Solar Energy Center Goes Online   [Mar-27-18 10:00AM  PR Newswire]
▶ PSEG Sunflower Solar Energy Center Goes Online   [Mar-22-18 01:00PM  PR Newswire]
▶ Top Research Reports for Visa, AIG & Delta   [Mar-12-18 03:02PM  Zacks]
▶ PSEG canceling nuclear plant spending due to stalled bailout   [Mar-02-18 02:49PM  Associated Press]
▶ NYSE Top Dividend Paying Stocks   [Feb-24-18 08:02AM  Simply Wall St.]
▶ PSEG beats 4Q profit forecasts   [08:02AM  Associated Press]
▶ What you need to know in markets on Friday   [Feb-22-18 06:13PM  Yahoo Finance]
▶ PSEG Increases Common Stock Dividend   [Feb-20-18 11:33AM  PR Newswire]
▶ PSEG Acquires Sixth North Carolina Solar Farm   [Feb-08-18 10:00AM  PR Newswire]
▶ Emails: Utility worked with Christie staff to shield data   [Jan-24-18 04:42PM  Associated Press]
▶ How FirstEnergys Dividend Yield Compares to Peers   [Jan-19-18 10:34AM  Market Realist]
▶ FirstEnergy: Analysts Views and Price Targets   [Dec-27-17 06:00PM  Market Realist]
▶ PSEG elects Barry Ostrowsky to board of directors   [Dec-22-17 11:48AM  PR Newswire]
▶ Customers to Pay Less to Heat their Homes This Winter   [Dec-21-17 03:42PM  PR Newswire]

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