PSEG (PEG) to Report Q1 Earnings: What's in the Cards?
Public Service Enterprise Group Incorporated PEG, or PSEG, is slated to report first-quarter 2023 results on May 2, before the opening bell.
Its bottom line outpaced the Zacks Consensus Estimate in the trailing four quarters, the average surprise being 5.56%.
Factors to Note
During the quarter under review, PEG’s service territories witnessed more or less average temperature pattern accompanied with drought conditions. This is expected to have a moderate impact on the company’s overall top-line performance.
Public Service Enterprise Group Incorporated Price and EPS Surprise
Public Service Enterprise Group Incorporated price-eps-surprise | Public Service Enterprise Group Incorporated Quote
Moreover, rate-based growth from regulated investments may have positively contributed to its revenues.
The Zacks Consensus Estimate for revenues is pegged at $2.56 billion, indicating an increase of 10.9% from the year-ago quarter.
Improvement in power cost comparisons, along with higher off system sales and lower capacity prices for its nuclear fleet, is expected to have benefited PEG’s earnings. However, higher interest expense and the company’s exit of certain basic generation service contract at the end of 2022 might have some adverse impact on its overall bottom-line performance.
The Zacks Consensus Estimate for first-quarter earnings is pegged at $1.19 per share, indicating a decline of 10.5% from the prior-year reported figure.
What the Zacks Model Unveils
Our proven model does not conclusively predict an earnings beat for PSEG this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. However, that is not the case here.
Earnings ESP: PEG has an Earnings ESP of -0.42%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.
Zacks Rank: The company carries a Zacks Rank #3 at present.
Stocks to Consider
Here are three utilities you may want to consider as these have the right combination of elements to come up with an earnings beat this reporting cycle:
Consolidated Edison ED has an Earnings ESP of +0.24% and a Zacks Rank #3 at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
The Zacks Consensus Estimate for Consolidated Edison’s first-quarter revenues is pegged at $4.09 billion, indicating growth of 0.9% from the year-ago quarter. The same for earnings stands at $1.64 per share, implying an improvement of 11.6% from the prior-year reported figure.
New Jersey Resources NJR has an Earnings ESP of +1.67% and a Zacks Rank #2 at present. The Zacks Consensus Estimate for first-quarter earnings is pegged at $1.20 per share, indicating a decline of 11.8% from the prior-year reported figure.
The same for sales stands at $958.4 million, indicating a 5.1% increase from the prior-year reported figure.
Brookfield Renewable Partners BEP has an Earnings ESP of +115.39% and a Zacks Rank #3 at present. The Zacks Consensus Estimate for first-quarter sales is pegged at $692.7 million, implying a decline of 39% from the prior-year quarter’s numbers.
BEP has a four-quarter average negative earnings surprise of 271.73%. The bottom-line estimate for Brookfield is pegged at a loss of 13 cents per share.
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Public Service Enterprise Group Incorporated (PEG) : Free Stock Analysis Report
Consolidated Edison Inc (ED) : Free Stock Analysis Report
NewJersey Resources Corporation (NJR) : Free Stock Analysis Report
Brookfield Renewable Partners L.P. (BEP) : Free Stock Analysis Report
