Public Services Enterprise Group is a 118-year old utility company that is based in New Jersey. It provides energy mainly to the surrounding areas and is making a significant transition towards clean energy. In the year 2020, the company had assets worth $36 billion. The future strategy of Public Service Enterprise Group is to provide carbon-free nuclear energy and also explore other alternatives to fossil fuel-based energy sources. Public Service Enterprise Group is rated AA in MSCI’s rating system. It has also been part of the Dow Jones Sustainability Index for 13 consecutive years. Investors looking for the best utility company stocks may want to delve deeper into Public Service Enterprise Group. Recently, the company acquired 25% interest in Orsted’s ocean wind product. The project is expected to generate 1100 MW of wind energy off the coast of southern New Jersey.
Public Service Enterprise Group Reports Q12021
Public Service Enterprise Group reported its first-quarter 2021 earnings results on 5th May 2021. Operating revenues were slightly up from $2.78 billion in Q12020 to $2.89 billion. Net income was also up from $0.88 in Q12020 to $1.28. The total debt of the company was stable at $17.4 billion as compared to $17.2 billion as of Q12020. Commenting on the future outlook, company CEO Ralph Izzo said, “New Jersey has been successful in vaccinating nearly half its population with at least one dose of the available vaccines, and we are hopeful that the remaining restrictions on economic activity will continue to ease in the near term.” Public Service Group is among the top utility company stocks in the US.
Best Utility Company Stocks
Public Service Enterprise Group’s stock last closed slightly above $59 on 18th June 2021. The stock is up about 21% over the preceding year, and it has risen 8.6% since March 2021. The 52-week high is $64.3, while the 52-week low is $46.7.