Brokerages Expect Consolidated Edison, Inc. (NYSE:ED) Will Post Quarterly Sales of $3.04 Billion

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Wall Street analysts predict that Consolidated Edison, Inc. (NYSE:ED) will post sales of $3.04 billion for the current fiscal quarter, according to Zacks. Two analysts have issued estimates for Consolidated Edison’s earnings. Consolidated Edison posted sales of $2.95 billion in the same quarter last year, which suggests a positive year-over-year growth rate of 3.1%. The business is scheduled to report its next quarterly earnings results on Thursday, February 20th.

According to Zacks, analysts expect that Consolidated Edison will report full year sales of $12.71 billion for the current financial year, with estimates ranging from $12.67 billion to $12.80 billion. For the next fiscal year, analysts forecast that the company will post sales of $13.11 billion, with estimates ranging from $12.95 billion to $13.21 billion. Zacks’ sales averages are an average based on a survey of sell-side analysts that that provide coverage for Consolidated Edison.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Monday, November 4th. The utilities provider reported $1.54 EPS for the quarter, missing the consensus estimate of $1.58 by ($0.04). Consolidated Edison had a net margin of 10.98% and a return on equity of 7.92%. The business had revenue of $3.37 billion during the quarter, compared to analysts’ expectations of $3.50 billion. During the same period in the previous year, the company posted $1.57 earnings per share.

A number of research analysts recently weighed in on the stock. Barclays lowered shares of Consolidated Edison from an “equal weight” rating to an “underweight” rating and decreased their price target for the company from $95.00 to $88.00 in a research note on Wednesday, November 27th. Morgan Stanley decreased their price target on shares of Consolidated Edison from $90.00 to $89.00 and set an “underweight” rating on the stock in a research note on Thursday, October 17th. Credit Suisse Group decreased their price target on shares of Consolidated Edison from $90.00 to $89.00 and set an “underperform” rating on the stock in a research note on Tuesday, November 5th. KeyCorp raised their price target on shares of Consolidated Edison from $98.00 to $100.00 and gave the company an “overweight” rating in a research note on Monday, October 21st. Finally, Bank of America lowered shares of Consolidated Edison from a “buy” rating to a “neutral” rating and decreased their price target for the company from $99.00 to $92.00 in a research note on Thursday, November 14th. Four analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the company. Consolidated Edison presently has an average rating of “Hold” and an average target price of $91.51.

Shares of ED stock traded up $0.31 during mid-day trading on Monday, hitting $87.83. 1,842,094 shares of the stock were exchanged, compared to its average volume of 1,331,528. The company has a market cap of $29.20 billion, a PE ratio of 20.33, a price-to-earnings-growth ratio of 10.15 and a beta of 0.02. Consolidated Edison has a 52-week low of $73.29 and a 52-week high of $94.97. The firm has a fifty day moving average of $88.21 and a 200 day moving average of $88.89. The company has a quick ratio of 0.52, a current ratio of 0.58 and a debt-to-equity ratio of 1.01.

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Wednesday, November 13th will be issued a $0.74 dividend. The ex-dividend date of this dividend is Tuesday, November 12th. This represents a $2.96 dividend on an annualized basis and a yield of 3.37%. Consolidated Edison’s payout ratio is 68.52%.

Hedge funds have recently added to or reduced their stakes in the business. Nomura Holdings Inc. increased its holdings in shares of Consolidated Edison by 1,060.6% during the 3rd quarter. Nomura Holdings Inc. now owns 152,653 shares of the utilities provider’s stock worth $14,364,000 after buying an additional 139,500 shares during the last quarter. Metropolitan Life Insurance Co NY increased its holdings in shares of Consolidated Edison by 2.7% during the 3rd quarter. Metropolitan Life Insurance Co NY now owns 50,342 shares of the utilities provider’s stock worth $4,756,000 after buying an additional 1,324 shares during the last quarter. Squarepoint Ops LLC increased its holdings in shares of Consolidated Edison by 325.3% during the 3rd quarter. Squarepoint Ops LLC now owns 350,229 shares of the utilities provider’s stock worth $33,086,000 after buying an additional 267,887 shares during the last quarter. IHT Wealth Management LLC acquired a new stake in shares of Consolidated Edison during the 3rd quarter worth approximately $312,000. Finally, Cleararc Capital Inc. increased its holdings in shares of Consolidated Edison by 2.7% during the 3rd quarter. Cleararc Capital Inc. now owns 4,998 shares of the utilities provider’s stock worth $472,000 after buying an additional 132 shares during the last quarter. Institutional investors own 59.94% of the company’s stock.

Consolidated Edison Company Profile

Consolidated Edison, Inc, through its subsidiaries, engages in regulated electric, gas, and steam delivery businesses in the United States. The company offers electric services to approximately 3.5 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 1,622 customers in parts of Manhattan.

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