Consolidated Edison (NYSE:ED) Releases FY24 Earnings Guidance

Consolidated Edison (NYSE:ED) updated its FY24 earnings guidance on Thursday. The company provided earnings per share guidance of $5.20-5.40 for the period, compared to the consensus earnings per share estimate of $5.31.

Analyst Ratings Changes

A number of analysts have issued reports on ED shares. UBS Group lowered their target price on Consolidated Edison from $99.00 to $94.00 and set a neutral rating on the stock in a report on Friday, February 16th. Royal Bank of Canada dropped their target price on shares of Consolidated Edison from $94.00 to $93.00 and set a sector perform rating on the stock in a research report on Friday, February 16th. Scotiabank reduced their price target on shares of Consolidated Edison from $91.00 to $85.00 and set a sector underperform rating for the company in a report on Monday, April 22nd. Barclays boosted their price objective on shares of Consolidated Edison from $86.00 to $87.00 and gave the stock an equal weight rating in a report on Thursday, March 14th. Finally, Wells Fargo & Company increased their target price on shares of Consolidated Edison from $93.00 to $97.00 and gave the company an equal weight rating in a research note on Friday. Four analysts have rated the stock with a sell rating, eight have issued a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has a consensus rating of Hold and an average price target of $87.75.

Consolidated Edison Price Performance

ED stock traded up $0.31 during trading on Friday, hitting $95.56. The company had a trading volume of 2,465,195 shares, compared to its average volume of 2,284,421. The company has a current ratio of 1.01, a quick ratio of 0.94 and a debt-to-equity ratio of 1.04. The company has a fifty day moving average price of $90.21 and a two-hundred day moving average price of $90.15. Consolidated Edison has a fifty-two week low of $80.46 and a fifty-two week high of $100.44. The company has a market cap of $33.02 billion, a P/E ratio of 18.34, a P/E/G ratio of 8.99 and a beta of 0.34.

Consolidated Edison (NYSE:ED) last posted its earnings results on Thursday, May 2nd. The utilities provider reported $2.15 earnings per share for the quarter, topping the consensus estimate of $1.89 by $0.26. Consolidated Edison had a net margin of 12.43% and a return on equity of 8.86%. The business had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4.40 billion. During the same quarter in the prior year, the firm earned $1.83 EPS. The firm’s quarterly revenue was down 2.8% compared to the same quarter last year. Equities research analysts expect that Consolidated Edison will post 5.31 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Wednesday, May 15th will be paid a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.47%. The ex-dividend date of this dividend is Tuesday, May 14th. Consolidated Edison’s dividend payout ratio (DPR) is currently 63.72%.

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.