PSEG PEG, +2.06% said Monday it’ll increase its annual dividend by 12 cents a share to $2.16 per share beginning in the first quarter of 2022 and buy back $500 million in stock after it closes the $1.9 billion sale of its Fossil unit to ArcLight Capital Partner LLC, as announced in August. The Newark, N.J.-based power company said it will increase its 2021 to 2025 utility capital spending program by $1 billion to $14 billion to $16 billion. The company said it expects 2022 non-GAAP operating earnings of $3.30 to $3.60 per share, exclusive of results from Fossil. PSEG continues to expect full-year 2021 non-GAAP operating earnings of $3.50 to $3.65 per share. Wall Street analysts expect the company to earn $3.55 a share in 2021 and $3.46 a share in 2022, according to data from FactSet. PSEG shares have risen 4% this year, compared to an increase of 18.6% by the S&P 500 SPX, +0.04%.
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