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PEG · Analysis updated Nov 10, 2026, 6:00 PM ET
Why is Public Service Enterprise Group Incorporated (PEG) stock moving?
PEG's Q3 2026 results were mixed. Non-GAAP operating EPS was $1.15, up from $1.13 a year earlier but below the $1.20 estimate, and revenue of $3.02B missed the $3.189B estimate. GAAP net income fell to $376M from $622M because of a $251M mark-to-market loss. Management reaffirmed 2026 non-GAAP EPS guidance of $4.28 to $4.40, against a $4.38 estimate, and nine-month non-GAAP EPS rose to $3.56 from $3.33. Operations held up well: nuclear output was 8.2 TWh at a 95.5% capacity factor, and PSEG reiterated its $24B to $28B five-year capex plan with no new equity or asset sales. Analysts stayed constructive: Goldman Sachs raised its target to $84, and Wells Fargo kept an Overweight rating with an $87 target. Ladenburg Thalmann stayed Neutral with a $75.5 target, close to the current price. The Nov 6 shelf registration is a financing filing with no terms disclosed, so its impact is unclear. On the price side, PEG traded between $71.00 and $75.42 over the last 30 sessions and has risen from about $72 in late October. It closed at $75.03 on Nov 9 on 4.09M shares, its highest close in the period, then eased to $74.68 on Nov 10 on lower volume of 2.62M. Earnings day (Nov 2) saw 5.57M shares traded, followed by a dip to $72.81 on Nov 3 before the recovery.
News behind the analysis
- Public Service Enterprise Q3 Adj. EPS $1.15 Misses $1.20 Estimate, Sales $3.020B Miss $3.189B EstimateQ3 2026 adjusted EPS of $1.15 and sales of $3.020B both fell short of consensus estimates. The shortfall was reported on Nov 2.
- Public Service Enterprise Group Reports Q3 2026 Financial ResultsPSEG reported Q3 2026 adjusted earnings of $1.15 per share and revenue of $3.02 billion, missing analyst expectations.
- Public Service Enterprise Affirms FY2026 Adj EPS Guidance of $4.28-$4.40 vs $4.38 EstThe company kept its 2026 non-GAAP operating EPS guidance unchanged at $4.28 to $4.40, against a $4.38 estimate. The guidance was reaffirmed alongside the Q3 results.
- PSEG Q3 Net Income $376M vs $622M Y/Y, Hit By $251M Mark-To-Market LossGAAP net income fell to $376M from $622M a year earlier, weighed down by a $251M mark-to-market loss. Non-GAAP operating earnings rose to $574M from $565M.
- PSEG Reiterates $24B-$28B Five-Year Capex Plan With No New Equity Or Asset SalesPSEG reaffirmed its five-year capital expenditure plan of $24B to $28B and said it does not plan new equity issuance or asset sales to fund it.
- Public Service Enterprise Group Says Co Sees Upside To Growth Outlook Through 2030 From Nuclear, Transmission And Grid Infrastructure OpportunitiesManagement said it sees upside to its growth outlook through 2030, driven by nuclear, transmission and grid infrastructure opportunities.
- Wells Fargo Maintains Overweight on Public Service Enterprise, Lowers Price Target to $87Wells Fargo kept its Overweight rating on PSEG and lowered its price target from $89 to $87. The move followed the Q3 report.
- Ladenburg Thalmann Maintains Neutral on Public Service Enterprise, Lowers Price Target to $75.5Ladenburg Thalmann kept a Neutral rating on PSEG and cut its price target to $75.5, close to the recent trading level.
- Goldman Sachs Adjusts Price Target on Public Service Enterprise Group to $84 From $83Goldman Sachs raised its price target on PSEG to $84 from $83. The change is a small upward adjustment.
- PSEG Files Shelf Registration To Offer Common Stock, Preferred Stock, Debt Securities And Other Securities From Time To Time; No Terms DisclosedPSEG filed a shelf registration covering common stock, preferred stock, debt and other securities. No specific offering terms were disclosed.
About Public Service Enterprise Group Incorporated
Public Service Enterprise Group (PSEG) is a mostly regulated energy company based in Newark. It runs PSE&G, New Jersey's largest electric and gas utility, serving about 2.4 million electric and 1.9 million gas customers. What sets it apart is that it also owns about 3,800 MW of carbon-free nuclear plants in New Jersey and Pennsylvania.
How it makes money
Most of its earnings, roughly 80–90%, come from PSE&G. Regulators let PSE&G earn a set return on the money it invests in power lines, gas pipes, transmission and energy-efficiency programs, so earnings grow as its asset base (rate base) grows. The rest comes mainly from PSEG Power, which sells electricity and capacity from its nuclear plants into the regional PJM market. Most of that output is sold in advance at fixed prices, and a federal nuclear tax credit sets a price floor. PSEG also earns fees for running the Long Island electric grid for LIPA. Management guided 2026 operating earnings to about $4.28–$4.40 per share. The company has raised its dividend for 15 years in a row, to about $2.68 a year in 2026.
What usually moves PEG
- Interest rates and bond yields
- New Jersey rate decisions and political pressure on utility bills
- Growth in utility capital spending and rate base
- PJM power and capacity prices, and nuclear tax credit policy
- Electricity demand growth from data centers and electrification