Consolidated Edison (NYSE:ED) Releases 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 Performance

Shares of Consolidated Edison stock traded up $0.11 on Monday, hitting $95.67. The stock had a trading volume of 695,594 shares, compared to its average volume of 1,883,163. The stock has a market cap of $33.09 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’s 50 day moving average price is $90.21 and its 200 day moving average price is $90.15. The company has a current ratio of 0.99, a quick ratio of 0.92 and a debt-to-equity ratio of 1.01. Consolidated Edison has a 52-week low of $80.46 and a 52-week high of $100.32.

Consolidated Edison (NYSE:ED) last announced its earnings results on Thursday, May 2nd. The utilities provider reported $2.15 earnings per share 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 EPS. The company’s revenue was down 2.8% on a year-over-year basis. On average, research analysts anticipate that Consolidated Edison will post 5.31 EPS for the current year.

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 issued a $0.83 dividend. The ex-dividend date is Tuesday, May 14th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.47%. Consolidated Edison’s dividend payout ratio is presently 63.72%.

Analyst Ratings Changes

Several equities analysts have weighed in on ED shares. Barclays raised their target price on shares of 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 upped their target price on shares of Consolidated Edison from $93.00 to $97.00 and gave the company an equal weight rating in a report on Friday. UBS Group lowered their price target 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. Royal Bank of Canada dropped their price objective on shares of 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 decreased 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. 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 company’s stock. According to MarketBeat, the stock currently has a consensus rating of Hold and a consensus price target 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.