Consolidated Edison, Inc. to Post Q3 2024 Earnings of $1.67 Per Share, Zacks Research Forecasts (NYSE:ED)

Consolidated Edison, Inc. (NYSE:ED) – Stock analysts at Zacks Research decreased their Q3 2024 earnings estimates for Consolidated Edison in a research report issued to clients and investors on Thursday, May 23rd. Zacks Research analyst R. Department now anticipates that the utilities provider will earn $1.67 per share for the quarter, down from their prior estimate of $1.68. The consensus estimate for Consolidated Edison’s current full-year earnings is $5.31 per share. Zacks Research also issued estimates for Consolidated Edison’s Q4 2024 earnings at $1.06 EPS, FY2024 earnings at $5.40 EPS, Q1 2025 earnings at $1.90 EPS, Q2 2025 earnings at $0.85 EPS, Q3 2025 earnings at $1.62 EPS, Q4 2025 earnings at $1.22 EPS and FY2025 earnings at $5.60 EPS.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, May 2nd. The utilities provider reported $2.15 earnings per share (EPS) for the quarter, topping the consensus estimate 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 during the quarter, compared to analyst estimates of $4.40 billion. During the same quarter in the prior year, the business posted $1.83 earnings per share. The company’s quarterly revenue was down 2.8% compared to the same quarter last year.

Several other analysts have also recently weighed in on the stock. Barclays upped their price objective on shares of Consolidated Edison from $89.00 to $97.00 and gave the stock an “equal weight” rating in a research note on Tuesday, May 7th. Royal Bank of Canada decreased their price target on shares of Consolidated Edison from $94.00 to $93.00 and set a “sector perform” rating on the stock in a research note on Friday, February 16th. Scotiabank decreased 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 note on Monday, April 22nd. UBS Group decreased their price target on shares of Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating on the stock in a research note on Friday, February 16th. Finally, Wells Fargo & Company increased their price target on shares of Consolidated Edison from $93.00 to $97.00 and gave the company an “equal weight” rating in a research note on Friday, May 3rd. Four research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $88.46.

Consolidated Edison Price Performance

Shares of Consolidated Edison stock opened at $93.87 on Friday. The company has a current ratio of 0.99, a quick ratio of 0.92 and a debt-to-equity ratio of 1.01. The stock has a market capitalization of $32.46 billion, a price-to-earnings ratio of 18.02, a P/E/G ratio of 2.45 and a beta of 0.34. Consolidated Edison has a 1-year low of $80.46 and a 1-year high of $98.85. The firm’s 50-day moving average price is $92.49 and its two-hundred day moving average price is $90.95.

Institutional Trading of Consolidated Edison

Hedge funds and other institutional investors have recently modified their holdings of the stock. Norges Bank acquired a new stake in Consolidated Edison in the 4th quarter worth about $243,511,000. Newport Trust Company LLC acquired a new stake in Consolidated Edison in the 3rd quarter worth about $51,134,000. International Assets Investment Management LLC raised its stake in Consolidated Edison by 9,063.6% in the 4th quarter. International Assets Investment Management LLC now owns 519,028 shares of the utilities provider’s stock worth $47,216,000 after purchasing an additional 513,364 shares in the last quarter. J.P. Morgan Private Wealth Advisors LLC acquired a new stake in Consolidated Edison in the 3rd quarter worth about $39,556,000. Finally, Northern Trust Corp raised its stake in Consolidated Edison by 8.2% in the 3rd quarter. Northern Trust Corp now owns 4,484,026 shares of the utilities provider’s stock worth $383,519,000 after purchasing an additional 340,239 shares in the last quarter. Institutional investors own 66.29% of the company’s stock.

Consolidated Edison Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Wednesday, May 15th will be given a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.54%. The ex-dividend date is Tuesday, May 14th. Consolidated Edison’s dividend payout ratio (DPR) is presently 63.72%.

About Consolidated Edison

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.