Consolidated Edison (NYSE:ED) Issues Quarterly Earnings Results

Consolidated Edison (NYSE:ED) posted its earnings results 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 firm had revenue of $4.28 billion for the quarter, compared to analysts’ expectations of $4.40 billion. Consolidated Edison had a net margin of 12.43% and a return on equity of 8.86%. The company’s quarterly revenue was down 2.8% compared to the same quarter last year. During the same quarter last year, the firm earned $1.83 EPS. Consolidated Edison updated its FY24 guidance to $5.20-5.40 EPS.

Consolidated Edison Price Performance

Shares of ED stock 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’s fifty day simple moving average is $90.06 and its 200 day simple moving average is $90.08. The company has a current ratio of 1.01, a quick ratio of 0.94 and a debt-to-equity ratio of 1.04. The firm has a market capitalization of $33.02 billion, a PE ratio of 18.34, a PEG ratio of 8.97 and a beta of 0.34. Consolidated Edison has a 12 month low of $80.46 and a 12 month high of $100.44.

Consolidated Edison Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Wednesday, May 15th will be given a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a dividend yield of 3.47%. The ex-dividend date of this dividend is Tuesday, May 14th. Consolidated Edison’s dividend payout ratio is presently 63.72%.

Wall Street Analysts Forecast Growth

A number of brokerages have issued reports on ED. UBS Group reduced their price objective on Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating for the company in a research note on Friday, February 16th. Scotiabank decreased 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 report on Monday, April 22nd. Barclays boosted their target price on shares of Consolidated Edison from $86.00 to $87.00 and gave the company an “equal weight” rating in a research note on Thursday, March 14th. Wells Fargo & Company raised their price target 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. Finally, Royal Bank of Canada dropped their price objective on Consolidated Edison from $94.00 to $93.00 and set a “sector perform” rating on the stock in a research note on Friday, February 16th. Four 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. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price 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.