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

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

Consolidated Edison Stock Up 0.2 %

Shares of ED stock traded up $0.17 during trading hours on Monday, hitting $95.73. 628,832 shares of the company were exchanged, compared to its average volume of 1,882,256. Consolidated Edison has a one year low of $80.46 and a one year high of $100.32. The stock has a market capitalization of $33.11 billion, a price-to-earnings ratio of 18.34, a P/E/G ratio of 8.99 and a beta of 0.34. 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 business’s 50-day simple moving average is $90.21 and its two-hundred day simple moving average is $90.15.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings results on Thursday, May 2nd. The utilities provider reported $2.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.89 by $0.26. Consolidated Edison had a return on equity of 8.79% and a net margin of 12.43%. The company had revenue of $4.28 billion for the quarter, compared to the consensus estimate of $4.40 billion. During the same period last year, the business posted $1.83 earnings per share. The firm’s revenue was down 2.8% compared to the same quarter last year. Sell-side analysts predict that Consolidated Edison will post 5.31 EPS for the current fiscal year.

Consolidated Edison Announces Dividend

The company also recently declared 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. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.47%. The ex-dividend date is Tuesday, May 14th. Consolidated Edison’s dividend payout ratio (DPR) is presently 63.72%.

Analyst Ratings Changes

A number of equities analysts recently issued reports on the company. Barclays increased 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 reduced their price objective on shares of Consolidated Edison from $99.00 to $94.00 and set a neutral rating for the company in a report on Friday, February 16th. Scotiabank dropped their price target on shares of Consolidated Edison from $91.00 to $85.00 and set a sector underperform rating on the stock in a research report on Monday, April 22nd. Wells Fargo & Company boosted their price objective on Consolidated Edison from $93.00 to $97.00 and gave the stock an equal weight rating in a report on Friday. Finally, Royal Bank of Canada cut their target price on 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. Four analysts have rated the stock with a sell rating, eight have given a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, the stock currently 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.