Core Insights - The article discusses the investment strategies during market instability, particularly the debate between value investing and growth investing, highlighting the GARP (growth at a reasonable price) approach as a hybrid strategy that combines both principles [1][2][3]. GARP Strategy - GARP investing prioritizes the price/earnings growth (PEG) ratio, which relates a stock's P/E ratio to its future earnings growth rate, aiming to identify undervalued stocks with solid growth potential [5][6]. - A lower PEG ratio, ideally below 1, indicates both undervaluation and future growth potential, making it attractive for GARP investors [6]. Stock Performance - Several stocks have demonstrated significant success using the GARP strategy compared to pure value or growth investments. The highlighted stocks include Pilgrim's Pride (PPC), H&R Block (HRB), Paramount Global (PARA), Norwegian Cruise Line (NCLH), and Tenet Healthcare (THC) [4][10][12][13][15][16]. Individual Stock Analysis - **Pilgrim's Pride (PPC)**: Engaged in chicken product processing and distribution, it has a Zacks Rank of 1, a Value Score of A, and a long-term expected growth rate of 42.1% [9][10]. - **H&R Block (HRB)**: A leading tax preparation service provider with a Zacks Rank of 1, a Value Score of B, and a historical growth rate of 15.5% [11][12]. - **Paramount Global (PARA)**: A global media and entertainment provider with a Zacks Rank of 2, a Value Score of A, and a long-term expected growth rate of 11.6% [12][13]. - **Norwegian Cruise Line (NCLH)**: A cruise line operator with a Zacks Rank of 1, a Value Score of A, and an impressive growth rate of 50.6% for the next five years [14][15]. - **Tenet Healthcare (THC)**: A healthcare services company with a Zacks Rank of 1, a Value Score of A, and a historical growth rate of 30.8% [15][16].

Revenues Unrelated to Contracts with Customers Revenues from Contracts with Customers NOTES TO CONDENSED CONSOLIDATED FINANCIAL STATEMENTS (UNAUDITED) PSEG Power has entered into long-term contracts with LIPA for energy management and fuel procurement services. Revenue is recognized over time as services are rendered. Revenues Unrelated to Contracts with Customers PSEG Power's revenues unrelated to contracts with customers include electric, gas and certain energy-related transactions accounted for in accord ...

Financial Data and Key Metrics Changes - PSEG reported net income of $0.87 per share for Q2 2024, down from $1.18 per share in Q2 2023, and $1.93 per share for the first half of 2024 compared to $3.76 per share in the same period of 2023 [6][12] - Non-GAAP operating earnings were $0.63 per share for Q2 2024, compared to $0.70 per share in Q2 2023, and $1.94 per share for the first half of 2024, down from $2.09 per share in the same period of 2023 [13][30] Business Line Data and Key Metrics Changes - PSE&G reported net income of $0.60 per share for Q2 2024, down from $0.67 per share in Q2 2023, with non-GAAP operating earnings also decreasing from $0.68 to $0.60 per share [32] - PSEG Power & Other reported net income of $0.27 per share for Q2 2024, down from $0.51 per share in Q2 2023, while non-GAAP operating earnings increased from $0.02 to $0.03 per share [38][39] Market Data and Key Metrics Changes - The electric margin increased by $0.02 per share due to customer growth in the Conservation Incentive Program, while transmission margin declined by $0.02 per share due to timing of revenue and O&M [33] - The number of electric and gas customers grew by approximately 1% over the past year, contributing to margin growth under the CIP mechanism [36] Company Strategy and Development Direction - PSEG is focused on executing a five-year capital investment plan of $19 billion to $22.5 billion through 2028, with $18 billion to $21 billion allocated for regulated investments [19][27] - The company is pursuing incremental investment opportunities, particularly in data centers and electric vehicle charging infrastructure, which are expected to drive load growth [21][78] Management's Comments on Operating Environment and Future Outlook - Management noted that the first half of 2024 results are on track with full-year expectations, anticipating resolution of the distribution rate case and increased gross margin in the fourth quarter [8][44] - The company reaffirmed its long-term non-GAAP operating earnings growth guidance of 5% to 7% through 2028, supported by capital investment programs and nuclear production tax credits [26][44] Other Important Information - PSEG's electric transmission and distribution system performed well during severe weather, restoring power to customers affected by storms in under 24 hours [9] - The New Jersey Board of Public Utilities approved a $300 million extension of the clean energy future program, reflecting ongoing regulatory support for energy efficiency initiatives [10] Q&A Session Summary Question: Can you elaborate on data center opportunities and their economic benefits? - Management highlighted the potential for hyperscale data centers to attract AI companies and create local job opportunities, with several hundred megawatts of data centers in the pipeline [47][51] Question: How does the recent FERC protest affect your plans? - Management stated that ongoing projects would not be affected and emphasized support for the governor's economic development initiatives [60] Question: Are you discussing an ISA for artificial island? - Management clarified that discussions on interconnection agreements would only occur once a project moves forward [65] Question: What is the stance on offshore wind projects? - Management confirmed that offshore wind remains a priority and there are no indications of delays in New Jersey [67] Question: What is the outlook for EV infrastructure investment? - Management indicated steady growth in EV interconnections and ongoing upgrades to support infrastructure [82] Question: What is the status of the energy efficiency program? - Management noted that discussions are ongoing and a settlement is expected by the end of the year [100]

Core Insights - Public Service Enterprise Group Incorporated (PSEG) reported a decline in adjusted earnings per share to 63 cents, missing the Zacks Consensus Estimate by 1.6% and reflecting a 10% decrease from the previous year [4] - The company's operating income fell to $582 million, a 26.7% year-over-year decline, while total revenues increased slightly to $2.42 billion, surpassing estimates by 18.7% [2][6] - Higher operational and maintenance costs, along with increased depreciation and interest expenses, contributed to the deterioration in the bottom line [5] Sales Volume - Residential electric sales volumes reached 3,369 million kilowatt-hours, marking a 20% increase year-over-year, while commercial and industrial sales volumes improved by 8% to 6,377 million kilowatt-hours [1] - Other sales remained flat at 71 million kilowatt-hours compared to the previous year [8] Financial Update - Long-term debt as of June 30, 2024, was $20.52 billion, up from $19.28 billion at the end of 2023 [9] - Interest expenses rose to $218 million, reflecting a 17.8% increase year-over-year [3] Segmental Performance - PSEG's PSE&G segment reported net income of $302 million, down from $336 million in the same quarter of 2023 [17] - Adjusted operating income for PSEG Power & Other was $11 million, slightly up from $10 million in the prior-year quarter [17] 2024 Guidance - PSEG reaffirmed its full-year guidance, expecting adjusted earnings in the range of $3.60-$3.70 per share, with the Zacks Consensus Estimate at $3.68 per share [18]

Core Viewpoint - PSEG reported quarterly earnings of $0.63 per share, slightly missing the Zacks Consensus Estimate of $0.64 per share, and down from $0.70 per share a year ago [1][2] Financial Performance - The earnings surprise for the quarter was -1.56%, and the company had a previous quarter earnings of $1.31 per share, missing the estimate of $1.32 by -0.76% [2] - PSEG's revenues for the quarter ended June 2024 were $2.42 billion, surpassing the Zacks Consensus Estimate by 18.71%, consistent with year-ago revenues [3] - Over the last four quarters, PSEG has exceeded consensus EPS estimates two times and topped consensus revenue estimates four times [3] Stock Performance - PSEG shares have increased approximately 25.8% since the beginning of the year, outperforming the S&P 500's gain of 14.5% [5] Future Outlook - The company's earnings outlook is crucial for investors, with current consensus EPS estimates at $0.98 for the coming quarter and $3.68 for the current fiscal year [6][9] - The estimate revisions trend for PSEG is currently favorable, resulting in a Zacks Rank 2 (Buy) for the stock, indicating expected outperformance in the near future [8] - The Utility - Electric Power industry is ranked in the top 29% of Zacks industries, suggesting a positive outlook for stocks within this sector [11]

Exhibit 99 $0.63 PER SHARE NON-GAAP OPERATING EARNINGS "PSEG's financial results for the second quarter and first half are in line with our expectations for the full year, enabling us to reaffirm our full-year 2024 non-GAAP Operating Earnings guidance range of $3.60 to $3.70 per share," said Ralph LaRossa, PSEG's chair, president and CEO. "PSEG responded well to the extreme conditions we experienced during the quarter, which included an early summer heat wave and one of the strongest earthquakes in New Jers ...

Core Insights - PSEG Long Island is prepared for the upcoming hurricane season and peak demand during extreme heat, emphasizing its commitment to reliable electric service for approximately 1.2 million customers [1] Electric Infrastructure Improvements - The company has focused on enhancing its electric infrastructure through substation, transmission, and distribution improvements, including circuit and equipment inspections using helicopters and infrared technology [1] Storm Hardening Programs - Since 2014, PSEG Long Island has completed storm hardening and reliability work on over 1,000 miles of distribution mainline circuits as part of a FEMA-funded program [1] - The Power On initiative, launched in spring 2020, has storm hardened an additional 352 miles of distribution mainline circuits, utilizing stronger poles, thicker wire, and modern equipment [1] - From 2016 to 2023, circuits that have undergone storm hardening experienced a 72% reduction in damage leading to outages, compared to the rest of the distribution system, excluding catastrophic storms [1]

The company holds a four-quarter average earnings surprise of 7.30%. Let's discuss the factors that are likely to be reflected in the upcoming quarterly results. In the second quarter of 2024, PSEG's service territories witnessed warmer-than-normal temperatures, resulting in increased electricity demand for cooling purposes. This is expected to have contributed to the company's second-quarter revenues. The Zacks Consensus Estimate for second-quarter revenues is pegged at $2.06 billion, which indicates a dec ...

Group 1 - Investors anticipate increased volatility in the equity market ahead of the U.S. presidential election, leading to a potential shift in sector performance based on voting outcomes [1] - A hybrid investment strategy is recommended to mitigate risks associated with external volatility, combining elements of both growth and value investing [1][2] Group 2 - The GARP (Growth at a Reasonable Price) investment strategy has gained traction, allowing investors to blend growth and value principles effectively [2][4] - The PEG (Price/Earnings Growth) ratio is a key metric for GARP investors, helping to identify stocks that are undervalued with solid growth potential [4][5] Group 3 - Five stocks exemplifying the success of the hybrid investing strategy include BRF S.A. (BRFS), Hilton Grand Vacations (HGV), B2Gold Corp. (BTG), Kinross Gold (KGC), and E2open Parent Holdings, Inc. (ETWO) [3] - BRF S.A. has a long-term expected growth rate of 36.7% and a Zacks Rank of 1, indicating strong investment potential [16] - Hilton Grand Vacations has a historical growth rate of 8.8% and a Zacks Rank of 1, making it an attractive value investment [11][17] - B2Gold Corp. boasts a growth rate of 23.5% for the next five years and holds a Zacks Rank of 1 [12] - Kinross Gold has a long-term expected growth rate of 29.7% and a Zacks Rank of 2, positioning it as a solid investment choice [19] - E2open has a long-term expected growth rate of 15.1% and a Zacks Rank of 2, highlighting its investment appeal [20]

All dividends for the third quarter are payable on or before September 30, 2024, to shareholders of record on September 9, 2024. Public Service Enterprise Group (PSEG) (NYSE: PEG) is a predominantly regulated infrastructure company focused on a clean energy future. Guided by its Powering Progress vision, PSEG aims to power a future where people use less energy, and it's cleaner, safer and delivered more reliably than ever. With a continued focus on sustainability, PSEG has appeared on the Dow Jones Sustaina ...