Consolidated Edison (NYSE:ED) Releases FY24 Earnings Guidance

Consolidated Edison (NYSE:ED) updated its FY24 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $5.20-5.40 for the period, compared to the consensus estimate of $5.31.

Analyst Upgrades and Downgrades

A number of analysts have recently issued reports on ED shares. Barclays increased their target price on Consolidated Edison from $86.00 to $87.00 and gave the company an equal weight rating in a report on Thursday, March 14th. Wells Fargo & Company lifted their target price on Consolidated Edison from $93.00 to $97.00 and gave the company an equal weight rating in a research note on Friday. Scotiabank reduced their price target on shares of Consolidated Edison from $91.00 to $85.00 and set a sector underperform rating for the company in a research report on Monday, April 22nd. Royal Bank of Canada lowered their price objective on shares of Consolidated Edison from $94.00 to $93.00 and set a sector perform rating on the stock in a research report on Friday, February 16th. Finally, UBS Group cut their target price on shares of Consolidated Edison from $99.00 to $94.00 and set a neutral rating for the company in a research report on Friday, February 16th. Four equities 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. According to MarketBeat.com, Consolidated Edison presently has an average rating of Hold and an average price target of $87.75.

Consolidated Edison Stock Performance

NYSE:ED traded up $0.31 during mid-day trading on Friday, hitting $95.56. 2,465,195 shares of the company’s stock traded hands, compared to its average volume of 2,284,421. The firm has a market capitalization of $33.02 billion, a price-to-earnings ratio of 18.34, a price-to-earnings-growth ratio of 8.99 and a beta of 0.34. The firm has a 50 day moving average of $90.21 and a two-hundred day moving average of $90.15. The company has a current ratio of 1.01, a quick ratio of 0.94 and a debt-to-equity ratio of 1.04. Consolidated Edison has a 12 month low of $80.46 and a 12 month high of $100.44.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings data on Thursday, May 2nd. The utilities provider reported $2.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.89 by $0.26. The company had revenue of $4.28 billion for the quarter, compared to the consensus estimate of $4.40 billion. Consolidated Edison had a net margin of 12.43% and a return on equity of 8.86%. The business’s revenue was down 2.8% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.83 EPS. On average, equities analysts forecast that Consolidated Edison will post 5.31 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Wednesday, May 15th will be issued a $0.83 dividend. The ex-dividend date is Tuesday, May 14th. This represents a $3.32 annualized dividend and a yield of 3.47%. Consolidated Edison’s dividend payout ratio (DPR) is 63.72%.

About Consolidated Edison

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.