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

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

Consolidated Edison Price Performance

Shares of Consolidated Edison stock traded up $0.24 during midday trading on Monday, hitting $95.80. 573,605 shares of the company traded hands, compared to its average volume of 1,881,974. The stock has a market cap of $33.13 billion, a price-to-earnings ratio of 18.34, a PEG 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 firm’s fifty day moving average price is $90.21 and its 200-day moving average price is $90.15. Consolidated Edison has a 12 month low of $80.46 and a 12 month high of $100.32.

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

Consolidated Edison Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Shareholders 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 yield of 3.47%. The ex-dividend date is Tuesday, May 14th. Consolidated Edison’s payout ratio is 63.72%.

Analysts Set New Price Targets

A number of research firms have recently commented on ED. Barclays upped their price objective on shares of Consolidated Edison from $86.00 to $87.00 and gave the company an equal weight rating in a research note on Thursday, March 14th. Royal Bank of Canada dropped their target price 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. Wells Fargo & Company boosted their target price on shares of Consolidated Edison from $93.00 to $97.00 and gave the company an equal weight rating in a research report on Friday. Scotiabank dropped their target price 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. Finally, UBS Group dropped their target price on shares of Consolidated Edison from $99.00 to $94.00 and set a neutral 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 issued a buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of Hold and an average 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.