Consolidated Edison (ED) Scheduled to Post Quarterly Earnings on Thursday

Consolidated Edison (NYSE:ED) is scheduled to post its quarterly earnings results after the market closes on Thursday, August 1st. Analysts expect Consolidated Edison to post earnings of $0.55 per share for the quarter. Consolidated Edison has set its FY24 guidance at $5.20-5.40 EPS.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings data on Thursday, May 2nd. The utilities provider reported $2.15 EPS for the quarter, beating analysts’ consensus estimates of $1.89 by $0.26. The company had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4.40 billion. Consolidated Edison had a net margin of 12.43% and a return on equity of 8.79%. The company’s quarterly revenue was down 2.8% on a year-over-year basis. During the same period in the prior year, the firm posted $1.83 EPS. On average, analysts expect Consolidated Edison to post $5 EPS for the current fiscal year and $6 EPS for the next fiscal year.

Consolidated Edison Price Performance

ED stock opened at $98.16 on Wednesday. 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 company’s fifty day simple moving average is $92.06 and its 200 day simple moving average is $91.26. Consolidated Edison has a 12-month low of $80.46 and a 12-month high of $98.55. The firm has a market cap of $33.95 billion, a price-to-earnings ratio of 18.84, a PEG ratio of 2.45 and a beta of 0.34.

Consolidated Edison Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Wednesday, August 14th will be paid a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.38%. The ex-dividend date of this dividend is Wednesday, August 14th. Consolidated Edison’s dividend payout ratio is 63.72%.

Analyst Ratings Changes

ED has been the topic of a number of research analyst reports. Barclays cut Consolidated Edison from an “equal weight” rating to an “underweight” rating and cut their price target for the stock from $97.00 to $92.00 in a report on Monday, July 22nd. Scotiabank decreased 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 research note on Monday, April 22nd. Mizuho increased their price objective on shares of Consolidated Edison from $93.00 to $95.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 28th. Wells Fargo & Company lifted 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 report on Friday, May 3rd. Finally, Morgan Stanley lowered their price objective on Consolidated Edison from $80.00 to $76.00 and set an “underweight” rating for the company in a research note on Monday, June 24th. Four research analysts have rated the stock with a sell rating, seven have issued a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average price target of $89.04.

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.