Consolidated Edison (NYSE:ED) Announces Quarterly Earnings Results

Consolidated Edison (NYSE:ED) posted its quarterly earnings data on Thursday. The utilities provider reported $2.15 EPS for the quarter, topping the consensus estimate of $1.89 by $0.26, Briefing.com reports. The company had revenue of $4.28 billion during the quarter, compared to analyst estimates of $4.40 billion. Consolidated Edison had a net margin of 12.43% and a return on equity of 8.86%. Consolidated Edison’s quarterly revenue was down 2.8% compared to the same quarter last year. During the same period in the previous year, the firm earned $1.83 earnings per share. Consolidated Edison updated its FY24 guidance to $5.20-5.40 EPS.

Consolidated Edison Stock Performance

NYSE ED traded up $0.31 during trading hours on Friday, reaching $95.56. The stock had a trading volume of 2,465,195 shares, compared to its average volume of 2,284,421. The stock has a fifty day moving average of $90.06 and a 200 day moving average of $90.08. The stock has a market cap of $33.02 billion, a P/E ratio of 18.34, a price-to-earnings-growth ratio of 8.97 and a beta of 0.34. Consolidated Edison has a 52-week low of $80.46 and a 52-week high of $100.44. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.94 and a current ratio of 1.01.

Consolidated Edison Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Wednesday, May 15th will be given a $0.83 dividend. The ex-dividend date of this dividend is Tuesday, May 14th. This represents a $3.32 dividend on an annualized basis and a yield of 3.47%. Consolidated Edison’s dividend payout ratio is currently 63.72%.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on ED shares. Royal Bank of Canada lowered their target price on shares of Consolidated Edison from $94.00 to $93.00 and set a “sector perform” rating for the company in a research note on Friday, February 16th. Wells Fargo & Company upped their price objective on shares of Consolidated Edison from $93.00 to $97.00 and gave the stock an “equal weight” rating in a research note on Friday. Scotiabank lowered their price objective on shares of Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating for the company in a research note on Monday, April 22nd. UBS Group lowered their price objective on shares of Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating for the company in a research note on Friday, February 16th. Finally, Barclays boosted their target price on shares of Consolidated Edison from $86.00 to $87.00 and gave the stock an “equal weight” rating in a report on Thursday, March 14th. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, Consolidated Edison has an average rating of “Hold” and an average price target of $87.75.

Consolidated Edison Company Profile

Consolidated Edison, Inc, through its subsidiaries, engages in the regulated electric, gas, and steam delivery businesses in the United States. It offers electric services to approximately 3.7 million customers in New York City and Westchester County; gas to approximately 1.1 million customers in Manhattan, the Bronx, parts of Queens, and Westchester County; and steam to approximately 1,530 customers in parts of Manhattan.