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

Consolidated Edison (NYSE:ED) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of 5.300-5.400 for the period, compared to the consensus estimate of 5.320. The company issued revenue guidance of -.

Consolidated Edison Stock Performance

NYSE ED traded down $1.44 on Thursday, reaching $97.52. 3,061,374 shares of the company’s stock traded hands, compared to its average volume of 1,857,428. The firm has a market cap of $33.76 billion, a price-to-earnings ratio of 19.06, a P/E/G ratio of 3.34 and a beta of 0.36. The stock has a 50 day moving average price of $103.48 and a 200-day moving average price of $97.85. Consolidated Edison has a fifty-two week low of $85.85 and a fifty-two week high of $107.75. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.97 and a current ratio of 1.04.

Consolidated Edison Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Wednesday, November 13th will be paid a dividend of $0.83 per share. The ex-dividend date of this dividend is Wednesday, November 13th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.40%. Consolidated Edison’s dividend payout ratio is currently 64.59%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on ED shares. Guggenheim boosted their price target on shares of Consolidated Edison from $88.00 to $91.00 and gave the stock a “neutral” rating in a research report on Friday, August 2nd. Jefferies Financial Group started coverage on shares of Consolidated Edison in a report on Wednesday, October 9th. They issued a “hold” rating and a $108.00 price objective on the stock. Bank of America upped their target price on shares of Consolidated Edison from $97.00 to $109.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. Scotiabank upped their target price on shares of Consolidated Edison from $85.00 to $90.00 and gave the stock a “sector underperform” rating in a research note on Tuesday, August 20th. Finally, Citigroup raised shares of Consolidated Edison from a “neutral” rating to a “buy” rating and upped their target price for the stock from $103.00 to $116.00 in a research note on Tuesday, October 15th. Four analysts have rated the stock with a sell rating, eight have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, Consolidated Edison currently has a consensus rating of “Hold” and an average price target of $98.73.

Consolidated Edison Company Profile

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.