Consolidated Edison (NYSE:ED – Get Free Report) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided earnings per share guidance of 5.200-5.400 for the period, compared to the consensus earnings per share estimate of 5.300. The company issued revenue guidance of -.
Wall Street Analyst Weigh In
Several brokerages have recently issued reports on ED. Barclays cut Consolidated Edison from an equal weight rating to an underweight rating and reduced their price objective for the company from $97.00 to $92.00 in a research note on Monday, July 22nd. UBS Group boosted their price objective on Consolidated Edison from $92.00 to $96.00 and gave the stock a neutral rating in a research report on Friday, July 19th. Scotiabank reduced 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 report on Monday, April 22nd. Argus upgraded shares of Consolidated Edison to a strong-buy rating in a report on Friday, June 7th. Finally, Mizuho raised their price objective on shares of Consolidated Edison from $93.00 to $95.00 and gave the company a neutral rating in a report on Tuesday, May 28th. 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 MarketBeat, the company presently has a consensus rating of Hold and an average price target of $90.35.
View Our Latest Report on Consolidated Edison
Consolidated Edison Stock Performance
Consolidated Edison (NYSE:ED – Get Free Report) last released its quarterly earnings results on Thursday, August 1st. The utilities provider reported $0.59 EPS for the quarter, beating the consensus estimate of $0.55 by $0.04. Consolidated Edison had a net margin of 12.03% and a return on equity of 8.70%. The firm had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.08 billion. During the same quarter in the prior year, the firm earned $0.61 EPS. As a group, equities analysts expect that Consolidated Edison will post 5.31 earnings per share for the current year.
Consolidated Edison Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Wednesday, August 14th will be paid a $0.83 dividend. The ex-dividend date of this dividend is Wednesday, August 14th. This represents a $3.32 annualized dividend and a yield of 3.26%. Consolidated Edison’s dividend payout ratio is currently 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.
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