Public Service Enterprise Group Incorporated (NYSE:PEG) is included among the 12 Best Utility Stocks to Buy for Dividends.
Public Service Enterprise Group Incorporated is a predominantly regulated energy company that engages in the provision of electric and gas services.
On October 22, Morgan Stanley raised its price target on Public Service Enterprise Group Incorporated from $103 to $109, and maintained an ‘Overweight’ rating on its shares. The revision is a part of the firm updating its price targets for Regulated & Diversified Utilities / IPPs in North America under its coverage. The analyst noted that utilities outperformed the S&P in September and expects a key focus for the sector to be on the evolution of data center pipelines as we head into the third-quarter reports.
Public Service Enterprise Group Incorporated is currently working on its 5-year $22.5 billion – $26 billion capital spending plan, with an aim to grow its adjusted operating earnings at a CAGR of 5% to 7% through 2029 at the nuclear PTC threshold.
Moreover, Public Service Enterprise Group Incorporated remains strongly committed to its shareholders, having paid dividends for 118 consecutive years. The utility increased its quarterly dividend by 5% to $0.63 per share in July, marking its 14th annual increase in a row.
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