Zacks: Brokerages Expect Consolidated Edison Inc (NYSE:ED) Will Post Earnings of $0.58 Per Share

Equities analysts predict that Consolidated Edison Inc (NYSE:ED) will announce earnings of $0.58 per share for the current quarter, according to Zacks Investment Research. Zero analysts have issued estimates for Consolidated Edison’s earnings. The lowest EPS estimate is $0.55 and the highest is $0.60. Consolidated Edison reported earnings per share of $0.77 in the same quarter last year, which suggests a negative year-over-year growth rate of 24.7%. The company is expected to report its next quarterly earnings report on Thursday, August 3rd.

On average, analysts expect that Consolidated Edison will report full-year earnings of $4.06 per share for the current fiscal year, with EPS estimates ranging from $3.93 to $4.10. For the next year, analysts expect that the company will report earnings of $4.22 per share, with EPS estimates ranging from $4.20 to $4.25. Zacks Investment Research’s EPS calculations are an average based on a survey of research analysts that cover Consolidated Edison.

Consolidated Edison (NYSE:ED) last announced its earnings results on Thursday, May 4th. The utilities provider reported $1.27 EPS for the quarter, topping the consensus estimate of $1.19 by $0.08. Consolidated Edison had a net margin of 10.90% and a return on equity of 9.05%. The company had revenue of $3.23 billion during the quarter, compared to analysts’ expectations of $3.05 billion. During the same period last year, the company posted $1.18 earnings per share.

ED has been the subject of several research analyst reports. UBS AG boosted their price objective on Consolidated Edison from $72.00 to $75.00 and gave the company a “sell” rating in a research report on Monday, May 8th. BidaskClub lowered Consolidated Edison from a “strong-buy” rating to a “buy” rating in a research report on Saturday, June 24th. Morgan Stanley boosted their price objective on Consolidated Edison from $77.00 to $78.00 and gave the company an “underweight” rating in a research report on Monday, May 8th. Zacks Investment Research upgraded Consolidated Edison from a “hold” rating to a “buy” rating and set a $89.00 price objective for the company in a research report on Thursday, May 18th. Finally, Deutsche Bank AG lowered Consolidated Edison from a “hold” rating to a “sell” rating and set a $74.00 price objective for the company. in a research report on Monday, May 8th. Seven analysts have rated the stock with a sell rating and eight have given a hold rating to the company. The company presently has an average rating of “Hold” and an average price target of $76.82.

Shares of Consolidated Edison (NYSE:ED) traded up 0.47% on Monday, hitting $81.11. 885,507 shares of the company’s stock traded hands. The firm’s 50-day moving average price is $82.41 and its 200 day moving average price is $77.50. Consolidated Edison has a 1-year low of $68.76 and a 1-year high of $85.13. The company has a market cap of $24.77 billion, a price-to-earnings ratio of 18.68 and a beta of 0.08.

In other news, Director Linda S. Sanford purchased 900 shares of Consolidated Edison stock in a transaction on Wednesday, May 17th. The stock was purchased at an average price of $79.74 per share, with a total value of $71,766.00. Following the transaction, the director now directly owns 8,748 shares in the company, valued at approximately $697,565.52. The acquisition was disclosed in a legal filing with the SEC, which is available at the SEC website. In the last ninety days, insiders have acquired 1,240 shares of company stock valued at $100,090. Insiders own 0.20% of the company’s stock.

A number of institutional investors have recently added to or reduced their stakes in ED. Welch & Forbes LLC increased its position in Consolidated Edison by 0.3% in the first quarter. Welch & Forbes LLC now owns 3,263 shares of the utilities provider’s stock worth $254,000 after buying an additional 9 shares during the period. Court Place Advisors LLC increased its position in Consolidated Edison by 0.4% in the first quarter. Court Place Advisors LLC now owns 4,014 shares of the utilities provider’s stock worth $312,000 after buying an additional 14 shares during the period. Cleararc Capital Inc. increased its position in Consolidated Edison by 0.3% in the first quarter. Cleararc Capital Inc. now owns 7,446 shares of the utilities provider’s stock worth $578,000 after buying an additional 21 shares during the period. Alexandria Capital LLC increased its position in Consolidated Edison by 0.6% in the first quarter. Alexandria Capital LLC now owns 4,279 shares of the utilities provider’s stock worth $332,000 after buying an additional 26 shares during the period. Finally, D Orazio & Associates Inc. increased its position in Consolidated Edison by 0.8% in the first quarter. D Orazio & Associates Inc. now owns 3,465 shares of the utilities provider’s stock worth $269,000 after buying an additional 28 shares during the period. 55.88% of the stock is owned by hedge funds and other institutional investors.

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Consolidated Edison Company Profile

Consolidated Edison, Inc (Con Edison) is a holding company. The Company operates through its subsidiaries, which include Consolidated Edison Company of New York, Inc (CECONY), Orange and Rockland Utilities, Inc (O&R), Con Edison Clean Energy Businesses, Inc (the Clean Energy Businesses) and Con Edison Transmission, Inc (Con Edison Transmission).

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