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

Consolidated Edison (NYSE:ED) updated its FY 2024 earnings guidance on Thursday. The company provided EPS guidance of 5.200-5.400 for the period, compared to the consensus EPS estimate of 5.300. The company issued revenue guidance of -.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on the company. Barclays downgraded Consolidated Edison from an equal weight rating to an underweight rating and lowered their price objective for the stock from $97.00 to $92.00 in a research report on Monday, July 22nd. Scotiabank decreased their target price on Consolidated Edison from $91.00 to $85.00 and set a sector underperform rating for the company in a research note on Monday, April 22nd. UBS Group boosted their target price on Consolidated Edison from $92.00 to $96.00 and gave the stock a neutral rating in a research note on Friday, July 19th. Argus upgraded Consolidated Edison to a strong-buy rating in a research note on Friday, June 7th. Finally, Morgan Stanley decreased their target price on Consolidated Edison from $80.00 to $76.00 and set an underweight rating for the company in a research note on Monday, June 24th. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating, one has given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Consolidated Edison currently has an average rating of Hold and an average target price of $90.35.

Consolidated Edison Stock Performance

Shares of Consolidated Edison stock traded up $1.62 during trading hours on Friday, hitting $101.83. 4,425,804 shares of the company were exchanged, compared to its average volume of 1,594,067. Consolidated Edison has a 1 year low of $80.46 and a 1 year high of $105.99. The company has a current ratio of 0.99, a quick ratio of 0.92 and a debt-to-equity ratio of 1.01. The business has a 50-day moving average of $92.36 and a 200-day moving average of $91.43. The stock has a market capitalization of $35.22 billion, a price-to-earnings ratio of 19.55, a P/E/G ratio of 2.56 and a beta of 0.34.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings data on Thursday, August 1st. The utilities provider reported $0.59 earnings per share for the quarter, topping analysts’ consensus estimates of $0.55 by $0.04. Consolidated Edison had a return on equity of 8.70% and a net margin of 12.03%. The firm had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.08 billion. During the same quarter in the prior year, the company posted $0.61 earnings per share. As a group, analysts expect that Consolidated Edison will post 5.31 EPS for the current fiscal year.

Consolidated Edison Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Wednesday, August 14th will be issued a $0.83 dividend. This represents a $3.32 annualized dividend and a yield of 3.26%. The ex-dividend date is Wednesday, August 14th. Consolidated Edison’s dividend payout ratio (DPR) is 63.72%.

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.