Consolidated Edison, Inc. (NYSE:ED) to Post Q2 2024 Earnings of $0.54 Per Share, KeyCorp Forecasts

Consolidated Edison, Inc. (NYSE:ED) – Investment analysts at KeyCorp issued their Q2 2024 earnings per share (EPS) estimates for shares of Consolidated Edison in a research note issued on Sunday, July 21st. KeyCorp analyst S. Karp anticipates that the utilities provider will post earnings of $0.54 per share for the quarter. The consensus estimate for Consolidated Edison’s current full-year earnings is $5.32 per share. KeyCorp also issued estimates for Consolidated Edison’s Q3 2024 earnings at $1.74 EPS, Q4 2024 earnings at $0.89 EPS and FY2028 earnings at $6.68 EPS.

ED has been the subject of a number of other research reports. Scotiabank reduced their price target on Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating for the company in a research report on Monday, April 22nd. Morgan Stanley cut their price objective on Consolidated Edison from $80.00 to $76.00 and set an “underweight” rating for the company in a report on Monday, June 24th. Wells Fargo & Company increased their price target on Consolidated Edison from $93.00 to $97.00 and gave the company an “equal weight” rating in a research note on Friday, May 3rd. UBS Group increased 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. Finally, Mizuho increased their price objective on Consolidated Edison from $93.00 to $95.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 28th. Four research analysts have rated the stock with a sell rating, seven have issued a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $89.04.

Consolidated Edison Price Performance

Shares of ED opened at $95.92 on Wednesday. Consolidated Edison has a 52-week low of $80.46 and a 52-week high of $98.85. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.92 and a current ratio of 0.99. The stock has a 50 day simple moving average of $92.03 and a 200 day simple moving average of $91.19. The firm has a market capitalization of $33.17 billion, a PE ratio of 18.41, a P/E/G ratio of 2.37 and a beta of 0.34.

Consolidated Edison (NYSE:ED) last released its quarterly earnings data on Thursday, May 2nd. The utilities provider reported $2.15 earnings per share for the quarter, beating the consensus estimate of $1.89 by $0.26. Consolidated Edison had a return on equity of 8.79% and a net margin of 12.43%. The business had revenue of $4.28 billion for the quarter, compared to analysts’ expectations of $4.40 billion. During the same quarter in the previous year, the business posted $1.83 EPS. Consolidated Edison’s revenue for the quarter was down 2.8% on a year-over-year basis.

Consolidated Edison Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Wednesday, August 14th will be paid a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.46%. The ex-dividend date of this dividend is Wednesday, August 14th. Consolidated Edison’s payout ratio is 63.72%.

Institutional Trading of Consolidated Edison

A number of hedge funds have recently made changes to their positions in the company. Beacon Capital Management LLC raised its position in shares of Consolidated Edison by 2,307.7% during the first quarter. Beacon Capital Management LLC now owns 313 shares of the utilities provider’s stock worth $28,000 after acquiring an additional 300 shares during the last quarter. Turtle Creek Wealth Advisors LLC purchased a new position in Consolidated Edison in the fourth quarter worth $29,000. Tidemark LLC purchased a new position in Consolidated Edison in the fourth quarter worth $29,000. Raleigh Capital Management Inc. purchased a new position in Consolidated Edison in the fourth quarter worth $29,000. Finally, CVA Family Office LLC purchased a new position in Consolidated Edison in the fourth quarter worth $32,000. 66.29% of the stock is owned by institutional investors and hedge funds.

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.