Consolidated Edison (NYSE:ED) Updates FY 2024 Earnings Guidance

Consolidated Edison (NYSE:ED) updated its FY 2024 earnings guidance on Friday. The company provided earnings per share guidance of 5.200-5.400 for the period, compared to the consensus earnings per share estimate of 5.310. The company issued revenue guidance of -.

Consolidated Edison Price Performance

NYSE:ED traded up $0.11 during trading hours on Monday, hitting $95.67. The company’s stock had a trading volume of 695,594 shares, compared to its average volume of 1,883,163. Consolidated Edison has a twelve month low of $80.46 and a twelve month high of $100.32. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.99 and a quick ratio of 0.92. The stock has a fifty day simple moving average of $90.21 and a 200-day simple moving average of $90.15. The company has a market capitalization of $33.09 billion, a P/E ratio of 18.34, a PEG ratio of 8.99 and a beta of 0.34.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, May 2nd. The utilities provider reported $2.15 earnings per share 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 the consensus estimate of $4.40 billion. Consolidated Edison had a net margin of 12.43% and a return on equity of 8.79%. The firm’s quarterly revenue was down 2.8% compared to the same quarter last year. During the same period last year, the company posted $1.83 EPS. On average, analysts anticipate that Consolidated Edison will post 5.31 EPS for the current fiscal year.

Consolidated Edison Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Wednesday, May 15th will be given a dividend of $0.83 per share. The ex-dividend date is Tuesday, May 14th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.47%. Consolidated Edison’s dividend payout ratio (DPR) is 63.72%.

Wall Street Analysts Forecast Growth

Several analysts recently commented on ED shares. Barclays upped their target price on Consolidated Edison from $86.00 to $87.00 and gave the company an equal weight rating in a report on Thursday, March 14th. UBS Group decreased their price objective on shares of Consolidated Edison from $99.00 to $94.00 and set a neutral rating for the company in a research report on Friday, February 16th. Royal Bank of Canada dropped 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. Wells Fargo & Company increased their price target on Consolidated Edison from $93.00 to $97.00 and gave the stock an equal weight rating in a report on Friday. Finally, Scotiabank dropped their price objective on Consolidated Edison from $91.00 to $85.00 and set a sector underperform rating on the stock in a research note on Monday, April 22nd. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat, Consolidated Edison presently has a consensus rating of Hold and a consensus target price of $87.75.

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.