Research Analysts Set Expectations for ED FY2024 Earnings

Consolidated Edison, Inc. (NYSE:ED) – Zacks Research upped their FY2024 earnings per share (EPS) estimates for shares of Consolidated Edison in a research note issued on Thursday, December 19th. Zacks Research analyst R. Department now anticipates that the utilities provider will earn $5.36 per share for the year, up from their prior estimate of $5.34. The consensus estimate for Consolidated Edison’s current full-year earnings is $5.34 per share. Zacks Research also issued estimates for Consolidated Edison’s Q4 2024 earnings at $0.94 EPS, Q1 2025 earnings at $2.16 EPS, Q3 2025 earnings at $1.83 EPS and Q1 2026 earnings at $1.91 EPS.

Consolidated Edison (NYSE:ED) last posted its earnings results on Thursday, November 7th. The utilities provider reported $1.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.56 by $0.12. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. The firm had revenue of $4.09 billion during the quarter, compared to analyst estimates of $4.02 billion.

A number of other equities analysts also recently weighed in on ED. Morgan Stanley cut their target price on Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating on the stock in a research note on Friday, November 22nd. Barclays cut their price objective on Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating on the stock in a research report on Friday, November 8th. Jefferies Financial Group began coverage on Consolidated Edison in a research report on Wednesday, October 9th. They set a “hold” rating and a $108.00 target price for the company. Scotiabank raised shares of Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and boosted their price target for the stock from $90.00 to $100.00 in a report on Thursday, December 12th. Finally, Citigroup upgraded shares of Consolidated Edison from a “neutral” rating to a “buy” rating and increased their price target for the company from $103.00 to $116.00 in a research report on Tuesday, October 15th. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, two have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $99.96.

Consolidated Edison Trading Up 1.1 %

Shares of ED stock opened at $90.03 on Monday. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.93 and a current ratio of 1.01. The company has a market capitalization of $31.19 billion, a price-to-earnings ratio of 16.95, a PEG ratio of 3.11 and a beta of 0.36. Consolidated Edison has a 52-week low of $85.85 and a 52-week high of $107.75. The company has a 50-day simple moving average of $98.83 and a two-hundred day simple moving average of $98.06.

Consolidated Edison Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, December 16th. Stockholders of record on Wednesday, November 13th were issued a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.69%. The ex-dividend date of this dividend was Wednesday, November 13th. Consolidated Edison’s payout ratio is currently 62.52%.

Institutional Investors Weigh In On Consolidated Edison

A number of institutional investors and hedge funds have recently modified their holdings of ED. Capital Performance Advisors LLP bought a new position in shares of Consolidated Edison in the third quarter valued at approximately $27,000. Ashton Thomas Securities LLC purchased a new stake in Consolidated Edison in the 3rd quarter worth approximately $30,000. Future Financial Wealth Managment LLC bought a new position in Consolidated Edison in the 3rd quarter valued at $55,000. FSA Wealth Management LLC purchased a new position in shares of Consolidated Edison during the 3rd quarter valued at $55,000. Finally, Webster Bank N. A. increased its holdings in shares of Consolidated Edison by 189.5% in the third quarter. Webster Bank N. A. now owns 579 shares of the utilities provider’s stock worth $60,000 after purchasing an additional 379 shares during the period. 66.29% of the stock is owned by hedge funds and other institutional investors.

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.