Consolidated Edison (NYSE:ED) Releases 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 (EPS) guidance of 5.200-5.400 for the period, compared to the consensus estimate of 5.310. The company issued revenue guidance of -.

Analyst Ratings Changes

ED has been the topic of a number of research analyst reports. Barclays upped their price target on shares of Consolidated Edison from $86.00 to $87.00 and gave the company an equal weight rating in a research report on Thursday, March 14th. Scotiabank dropped their target price on shares of Consolidated Edison from $91.00 to $85.00 and set a sector underperform rating for the company in a report on Monday, April 22nd. Royal Bank of Canada reduced their price target 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. 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 research note on Friday, February 16th. Finally, Wells Fargo & Company upped their price target on shares of Consolidated Edison from $93.00 to $97.00 and gave the company an equal weight rating in a report on Friday. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of Hold and a consensus price target of $87.75.

Consolidated Edison Stock Performance

Shares of Consolidated Edison stock traded up $0.17 during trading on Monday, reaching $95.73. The company’s stock had a trading volume of 628,832 shares, compared to its average volume of 1,882,256. The firm has a market cap of $33.11 billion, a PE ratio of 18.34, a P/E/G ratio of 8.99 and a beta of 0.34. The company has a 50-day moving average price of $90.21 and a two-hundred day moving average price of $90.15. Consolidated Edison has a fifty-two week low of $80.46 and a fifty-two week high of $100.32. 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 (NYSE:ED) last announced its quarterly earnings data 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. The firm had revenue of $4.28 billion for the quarter, compared to analysts’ expectations of $4.40 billion. Consolidated Edison had a return on equity of 8.79% and a net margin of 12.43%. The firm’s revenue for the quarter was down 2.8% on a year-over-year basis. During the same period last year, the business posted $1.83 earnings per share. On average, analysts forecast 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. Shareholders of record on Wednesday, May 15th will be issued a $0.83 dividend. The ex-dividend date of this dividend is Tuesday, May 14th. This represents a $3.32 annualized dividend and a yield of 3.47%. Consolidated Edison’s dividend payout ratio is currently 63.72%.

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.