Consolidated Edison (NYSE:ED) Issues FY24 Earnings Guidance

Consolidated Edison (NYSE:ED) updated its FY24 earnings guidance on Thursday. The company provided earnings per share guidance of $5.20-5.40 for the period, compared to the consensus earnings per share estimate of $5.31.

Analyst Upgrades and Downgrades

ED has been the subject of several analyst reports. KeyCorp upgraded Consolidated Edison from an underweight rating to a sector weight rating in a research report on Thursday, January 4th. Scotiabank decreased their target price on shares of Consolidated Edison from $91.00 to $85.00 and set a sector underperform rating on the stock in a research report on Monday, April 22nd. Barclays increased their price objective on shares of Consolidated Edison from $86.00 to $87.00 and gave the stock an equal weight rating in a research report on Thursday, March 14th. Royal Bank of Canada cut their target price on shares of Consolidated Edison from $94.00 to $93.00 and set a sector perform rating on the stock in a report on Friday, February 16th. Finally, UBS Group dropped their target price on Consolidated Edison from $99.00 to $94.00 and set a neutral rating on the stock in a report on Friday, February 16th. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating to the stock. According to MarketBeat.com, Consolidated Edison presently has an average rating of Hold and a consensus price target of $87.54.

Consolidated Edison Stock Up 0.5 %

Shares of ED traded up $0.45 during mid-day trading on Thursday, hitting $95.25. 1,991,643 shares of the company’s stock were exchanged, compared to its average volume of 1,890,758. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.01 and a quick ratio of 0.94. The company has a market cap of $32.91 billion, a PE ratio of 13.18, a P/E/G ratio of 8.89 and a beta of 0.34. The company has a 50-day simple moving average of $89.91 and a 200 day simple moving average of $90.04. Consolidated Edison has a 52 week low of $80.46 and a 52 week high of $100.44.

Consolidated Edison (NYSE:ED) last released its earnings results on Thursday, February 15th. The utilities provider reported $1.00 EPS for the quarter, topping analysts’ consensus estimates of $0.98 by $0.02. The company had revenue of $3.44 billion for the quarter, compared to analysts’ expectations of $3.70 billion. Consolidated Edison had a return on equity of 8.41% and a net margin of 17.19%. The business’s revenue for the quarter was down 14.6% compared to the same quarter last year. During the same period in the previous year, the business posted $0.81 EPS. On average, research analysts forecast that Consolidated Edison will post 5.31 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Wednesday, May 15th will be paid a dividend of $0.83 per share. The ex-dividend date is Tuesday, May 14th. This represents a $3.32 annualized dividend and a yield of 3.49%. Consolidated Edison’s dividend payout ratio (DPR) is 46.24%.

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.