From a recent Mad Money show: "That is a great company, yields almost 5%. Utilities are good here; you can trust the utilities."

Energy company Public Service Enterprise Group Inc. recently announced its board of directors has authorized the repurchase of up to $750 million of common stock during an 18 month period.

"This authorization is recognition of the company's solid financials and strong liquidity position," Ralph Izzo, PSEG's chairman and chief executive, said in a statement.

The company also reaffirmed its 2008 earnings guidance of $2.80 to $3.05 per share.

Analysts surveyed by Thomson Financial, on average, expect a profit of $3 per share, with estimates ranging between $2.90 and $3.10 per share.

"Strong operations and a largely contracted position continue to support our guidance -- all with a reduced risk profile," Ralph Izzo, PSEG's chairman and chief executive, said in a statement.

The stock trades for 7.3x cash flow.

Stock split last year. Good earnings

high dividend yield

Public Service Ent. (PEG) was downgraded from Overweight to Equal-weight, Morgan Stanley said. $46 price target. Estimates also cut to match the company's new guidance, including higher utility CapEx spending.

Adami's best-of-breed power play is Public Service Enterprise Group which he feels has all its fundamentals in order.

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Stable Company With A Nice Dividend

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It's in NJ

moves to slow