Short sellers raised bets on PEG heading into its April 28 earnings call. Options sentiment has turned sharply bullish.
Short interest hit 2.14% of free float on April 23, up 39% over the past month. The jump brought shares short to 10.66 million, the highest level since late March. Days to cover sits at 4.67 per FINRA's latest fortnightly data. Cost to borrow rose 21% over the past week to 0.42%, though it remains down 22% from a month ago. Utilisation ticked up to 1.51%, still well below the 52-week high of 3.08%.
Put-call ratio dropped to 0.44 on April 24, signaling bullish positioning. The reading sits 1.8 standard deviations below the 20-day mean of 0.57, marking the most call-heavy sentiment in weeks. PCR hit a 52-week low of 0.20 and a high of 5.69 over the past year.
Analyst coverage lacks a formal consensus rating in the snapshot, but the mean price target of $90.64 implies modest upside from the $80.74 close. Recent moves show mixed signals. Truist Securities initiated coverage with a Hold rating and $91 target on April 21. Jefferies downgraded to Hold from Buy on April 15, cutting the target to $89 from $90. BMO Capital raised its target to $91 from $90 on April 13 while maintaining Market Perform. Evercore ISI upgraded to Outperform from In-Line on March 5, lifting the target to $96 from $83. JP Morgan downgraded to Neutral from Overweight on January 22, lowering the target to $85 from $88. The bull case, per Benzinga, highlights a 22% year-over-year earnings gain and a backlog of large load inquiries expanding to 9.4 gigawatts. The bear case notes investor concern over diminishing data center deal prospects and pressure from high interest rates on utility valuations.
The stock trades at 17.9x earnings, down 0.30 points over the past month. Price-to-book sits at 2.21, off 0.03 over 30 days. EV/EBITDA rose to 12.59, up 0.14 from a month ago. Factor ranks show EPS momentum at the 40th percentile and dividend strength at the 97th percentile. Earnings yield and quality scores were unavailable.
Insiders sold $35.1 million net over the past 90 days, led by CEO Ralph Larossa's $12.7 million stock award in late February. Vanguard holds 13.5%, BlackRock 9.9%, and State Street 5.7%. Capital Research added 4.4 million shares in Q1, lifting its stake to 2.6%.
The company last reported on February 26. Prior prints occurred in late 2025. Stock reaction to recent earnings has been muted, with the share price flat over the past three months.
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