Consolidated Edison, Inc. (NYSE:ED) to Post Q3 2023 Earnings of $1.75 Per Share, KeyCorp Forecasts

Consolidated Edison, Inc. (NYSE:ED – Get Rating) – Equities researchers at KeyCorp raised their Q3 2023 EPS estimates for Consolidated Edison in a research note issued to investors on Tuesday, May 23rd. KeyCorp analyst S. Karp now expects that the utilities provider will earn $1.75 per share for the quarter, up from their previous estimate of $1.73. The consensus estimate for Consolidated Edison’s current full-year earnings is $4.86 per share. KeyCorp also issued estimates for Consolidated Edison’s Q4 2023 earnings at $0.66 EPS, FY2023 earnings at $4.85 EPS, FY2025 earnings at $5.47 EPS, FY2026 earnings at $5.80 EPS and FY2027 earnings at $6.09 EPS.

A number of other research analysts also recently weighed in on ED. 3M reiterated a “maintains” rating on shares of Consolidated Edison in a research report on Friday, May 5th. Argus upgraded shares of Consolidated Edison from a “hold” rating to a “buy” rating and set a $104.00 price objective for the company in a research report on Wednesday, March 22nd. Royal Bank of Canada upped their price target on shares of Consolidated Edison from $94.00 to $95.00 and gave the stock a “sector perform” rating in a research report on Monday, February 27th. Guggenheim upped their price target on shares of Consolidated Edison from $86.00 to $90.00 in a research report on Monday, May 8th. Finally, Citigroup upped their price target on shares of Consolidated Edison from $92.00 to $103.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 22nd. Four investment analysts have rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $91.42.

Consolidated Edison Trading Down 0.3 %

Shares of Consolidated Edison stock opened at $93.22 on Wednesday. The firm has a 50-day simple moving average of $97.06 and a two-hundred day simple moving average of $95.13. The company has a market cap of $32.30 billion, a P/E ratio of 13.28, a price-to-earnings-growth ratio of 9.67 and a beta of 0.37. Consolidated Edison has a fifty-two week low of $78.10 and a fifty-two week high of $102.21. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.11 and a current ratio of 1.20.

Consolidated Edison (NYSE:ED – Get Rating) last issued its quarterly earnings data on Thursday, May 4th. The utilities provider reported $1.83 earnings per share for the quarter, topping analysts’ consensus estimates of $1.62 by $0.21. The business had revenue of $4.40 billion during the quarter, compared to the consensus estimate of $4.01 billion. Consolidated Edison had a net margin of 15.56% and a return on equity of 8.36%. The company’s revenue was up 8.4% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $1.47 earnings per share.

Institutional Trading of Consolidated Edison

A number of hedge funds have recently bought and sold shares of the business. Dark Forest Capital Management LP purchased a new stake in shares of Consolidated Edison in the 4th quarter valued at approximately $25,000. Bank Julius Baer & Co. Ltd Zurich purchased a new stake in shares of Consolidated Edison in the 4th quarter valued at approximately $26,000. Retirement Group LLC grew its stake in shares of Consolidated Edison by 74.8% in the 4th quarter. Retirement Group LLC now owns 271 shares of the utilities provider’s stock valued at $26,000 after buying an additional 116 shares during the period. Venturi Wealth Management LLC purchased a new stake in shares of Consolidated Edison in the 1st quarter valued at approximately $28,000. Finally, Boyd Watterson Asset Management LLC OH purchased a new stake in shares of Consolidated Edison in the 4th quarter valued at approximately $32,000. Institutional investors and hedge funds own 64.95% of the company’s stock.

Consolidated Edison Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 15th. Shareholders of record on Wednesday, May 17th will be issued a $0.81 dividend. The ex-dividend date of this dividend is Tuesday, May 16th. This represents a $3.24 dividend on an annualized basis and a yield of 3.48%. Consolidated Edison’s payout ratio is 46.15%.

Consolidated Edison Company Profile

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Consolidated Edison, Inc is a holding company, which engages in the business of regulated electric, gas, and steam delivery. It operates through the following segments: Consolidated Edison Company of New York (CECONY), Orange and Rockland Utilities(O&R), Con Edison Clean Energy Businesses and Con Edison Transmission.