Consolidated Edison (NYSE:ED) Releases Quarterly Earnings Results, Beats Expectations By $0.04 EPS

Consolidated Edison (NYSE:ED) issued its quarterly earnings results on Thursday. The utilities provider reported $0.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.55 by $0.04, Briefing.com reports. Consolidated Edison had a return on equity of 8.70% and a net margin of 12.03%. The business had revenue of $3.22 billion during the quarter, compared to analyst estimates of $3.08 billion. During the same quarter in the prior year, the business posted $0.61 EPS. Consolidated Edison updated its FY 2024 guidance to 5.200-5.400 EPS.

Consolidated Edison Stock Up 1.6 %

ED stock traded up $1.62 during trading on Friday, hitting $101.83. 4,425,804 shares of the company’s stock traded hands, compared to its average volume of 1,594,067. The firm has a market capitalization of $35.22 billion, a P/E ratio of 19.55, a PEG ratio of 2.56 and a beta of 0.34. Consolidated Edison has a 1 year low of $80.46 and a 1 year high of $105.99. The company has a quick ratio of 0.92, a current ratio of 0.99 and a debt-to-equity ratio of 1.01. The business has a fifty day simple moving average of $92.36 and a two-hundred day simple moving average of $91.43.

Consolidated Edison Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Wednesday, August 14th will be issued a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a yield of 3.26%. The ex-dividend date of this dividend is Wednesday, August 14th. Consolidated Edison’s payout ratio is 63.72%.

Wall Street Analysts Forecast Growth

A number of research analysts recently commented on the stock. Scotiabank lowered 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 report on Monday, April 22nd. Wells Fargo & Company increased their price objective on shares of Consolidated Edison from $97.00 to $105.00 and gave the stock an “equal weight” rating in a research report on Friday. Barclays lowered shares of Consolidated Edison from an “equal weight” rating to an “underweight” rating and reduced their price objective for the stock from $97.00 to $92.00 in a research report on Monday, July 22nd. Morgan Stanley reduced their price objective on shares of Consolidated Edison from $80.00 to $76.00 and set an “underweight” rating on the stock in a research report on Monday, June 24th. Finally, Argus raised shares of Consolidated Edison to a “strong-buy” rating in a research report on Friday, June 7th. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average price target of $90.35.

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.