Barclays Maintains an 'Equalweight' on Public Service Enterprise Group (PEG); Infrastructure Stimulus Spending Approved

Barclays maintains an 'Equalweight' on Public Service Enterprise Group (NYSE: PEG), PT raising PT by $2 to $35.

Barclays analyst says, "On 7/14 PEG's Public Service Electric & Gas regulated utility received approval from the New Jersey Board of Public Utilities for $368M of infrastructure spending and another $96M of base capital spending. The electric and gas spending is an extension of PSE&G's Gas and Electric Capital Economic Stimulus infrastructure Investment Programs for system upgrades. The infrastructure spending is broken down into $195M for electric, $78M for gas and $95M for energy efficiency...The infrastructure spending is over 2011-2012 with the 2013 amount having been denied. The ruling itself was a bit later than expected."

"We are raising our EPS estimates for 2011-2013 to $2.61/$2.47/$2.86 from
$2.58/$2.42/$2.80 respectively. The infrastructure spending is worth $0.02-$0.03/share annually and the $96M of base spending grows ratebase as well."

For more ratings news on Public Service Enterprise Group click here and for the rating history of Public Service Enterprise Group click here.

Shares of Public Service Enterprise Group closed at $32.00 yesterday.

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