Consolidated Edison (NYSE:ED) Releases Quarterly Earnings Results, Beats Estimates By $0.09 EPS

Consolidated Edison (NYSE:ED – Get Rating) released its quarterly earnings data on Thursday. The utilities provider reported $0.64 EPS for the quarter, topping the consensus estimate of $0.55 by $0.09, Briefing.com reports. Consolidated Edison had a return on equity of 7.85% and a net margin of 11.16%. During the same period in the prior year, the company earned $0.53 EPS. Consolidated Edison updated its FY 2022 guidance to $4.40-$4.60 EPS and its FY22 guidance to $4.40-4.60 EPS.

Consolidated Edison Stock Down 0.2 %

NYSE ED traded down $0.24 on Friday, hitting $97.19. 1,669,136 shares of the stock were exchanged, compared to its average volume of 1,676,861. The company has a quick ratio of 0.93, a current ratio of 1.01 and a debt-to-equity ratio of 1.10. Consolidated Edison has a fifty-two week low of $71.52 and a fifty-two week high of $101.12. The company has a market cap of $34.43 billion, a PE ratio of 21.27, a PEG ratio of 10.86 and a beta of 0.25. The company has a 50-day moving average price of $94.11 and a 200-day moving average price of $92.02.

Consolidated Edison Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 15th. Investors of record on Wednesday, August 17th will be paid a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a yield of 3.25%. The ex-dividend date of this dividend is Tuesday, August 16th. Consolidated Edison’s payout ratio is currently 69.15%.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Roundview Capital LLC purchased a new position in Consolidated Edison during the 1st quarter worth $680,000. Dimensional Fund Advisors LP boosted its stake in shares of Consolidated Edison by 22.6% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,030,616 shares of the utilities provider’s stock worth $97,579,000 after purchasing an additional 190,138 shares during the last quarter. Sei Investments Co. boosted its stake in shares of Consolidated Edison by 54.4% during the 1st quarter. Sei Investments Co. now owns 18,204 shares of the utilities provider’s stock worth $1,693,000 after purchasing an additional 6,412 shares during the last quarter. Cetera Investment Advisers boosted its position in shares of Consolidated Edison by 1.3% in the first quarter. Cetera Investment Advisers now owns 19,489 shares of the utilities provider’s stock worth $1,845,000 after acquiring an additional 254 shares during the last quarter. Finally, Sequoia Financial Advisors LLC acquired a new stake in shares of Consolidated Edison in the first quarter worth approximately $214,000. Institutional investors and hedge funds own 65.73% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently commented on ED. Wells Fargo & Company cut Consolidated Edison from an “equal weight” rating to a “sell” rating and boosted their price target for the stock from $85.00 to $94.00 in a research report on Tuesday, May 3rd. StockNews.com downgraded shares of Consolidated Edison from a “buy” rating to a “hold” rating in a research report on Tuesday, May 3rd. Guggenheim raised shares of Consolidated Edison from a “sell” rating to a “neutral” rating and set a $94.00 target price for the company in a report on Monday, May 23rd. KeyCorp increased their price objective on shares of Consolidated Edison from $72.00 to $75.00 and gave the company an “underweight” rating in a report on Tuesday, July 19th. Finally, Mizuho dropped their price objective on shares of Consolidated Edison from $100.00 to $99.00 and set a “buy” rating for the company in a report on Monday, June 27th. Five analysts have rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat.com, Consolidated Edison presently has an average rating of “Hold” and an average target price of $85.91.

Consolidated Edison Company Profile

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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 3.5 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 1,555 customers in parts of Manhattan.