NEW YORK (TheStreet) -- Public Service Enterprise Group (PEG) - Get Report closed trading up 0.99% to $41.67 on Friday following the release of its second quarter earnings results before the opening bell today.
The Newark, NJ-based energy holding company reported second quarter net income of $345 million, or 57 cents per diluted share, on revenue that increased 2.9% year over year to $2.31 billion.
Analysts' on average were expecting the company to report earnings of 54 cents per share on revenue of $2.25 billion.
For the year the company provided in-line earnings guidance between $2.80 and $2.95 per share versus analysts' $2.91 per share expectations.
"We reported strong results for the second quarter. Our businesses performed well. PSE&G's expanded investment program is successfully translating into improvements in customer satisfaction at the same time operational improvements at PSEG Power supported increased output," said CEO Ralph Izzo.
TheStreet Ratings team rates PUBLIC SERVICE ENTRP GRP INC as a Buy with a ratings score of A. TheStreet Ratings Team has this to say about their recommendation:
"We rate PUBLIC SERVICE ENTRP GRP INC (PEG) a BUY. This is based on the convergence of positive investment measures, which should help this stock outperform the majority of stocks that we rate. The company's strengths can be seen in multiple areas, such as its solid stock price performance, compelling growth in net income, attractive valuation levels, expanding profit margins and good cash flow from operations. Although no company is perfect, currently we do not see any significant weaknesses which are likely to detract from the generally positive outlook."