Consolidated Edison (NYSE:ED) Updates FY 2024 Earnings Guidance

Consolidated Edison (NYSE:ED) updated its FY 2024 earnings guidance on Friday. The company provided EPS guidance of 5.200-5.400 for the period, compared to the consensus EPS estimate of 5.310. The company issued revenue guidance of -.

Consolidated Edison Stock Up 0.3 %

Consolidated Edison stock traded up $0.29 during midday trading on Monday, hitting $95.85. 791,249 shares of the company’s stock were exchanged, compared to its average volume of 1,884,354. Consolidated Edison has a 12 month low of $80.46 and a 12 month high of $100.32. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.92 and a current ratio of 0.99. The company has a market cap of $33.15 billion, a PE ratio of 18.34, a P/E/G 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.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings data on Thursday, May 2nd. The utilities provider reported $2.15 earnings per share for the quarter, beating analysts’ consensus estimates 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 return on equity of 8.79% and a net margin of 12.43%. The firm’s revenue for the quarter was down 2.8% compared to the same quarter last year. During the same quarter last year, the company earned $1.83 earnings per share. As a group, analysts expect that Consolidated Edison will post 5.31 earnings per share for the current fiscal year.

Consolidated Edison Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Wednesday, May 15th will be issued a dividend of $0.83 per share. The ex-dividend date is Tuesday, May 14th. This represents a $3.32 annualized dividend and a dividend yield of 3.46%. Consolidated Edison’s dividend payout ratio is presently 63.72%.

Analyst Upgrades and Downgrades

ED has been the topic of several analyst reports. Barclays raised their target price on Consolidated Edison from $86.00 to $87.00 and gave the stock an equal weight rating in a report on Thursday, March 14th. UBS Group decreased 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 report on Friday, February 16th. Wells Fargo & Company increased their price target on Consolidated Edison from $93.00 to $97.00 and gave the stock an equal weight rating in a research report on Friday. Royal Bank of Canada cut their price objective on Consolidated Edison from $94.00 to $93.00 and set a sector perform rating for the company in a research report on Friday, February 16th. Finally, Scotiabank reduced 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 report on Monday, April 22nd. Four analysts have rated the stock with a sell rating, eight have issued a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, the company 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.