Consolidated Edison (NYSE:ED) Announces Earnings Results, Beats Expectations By $0.12 EPS

Consolidated Edison (NYSE:ED) announced its earnings results on Thursday. The utilities provider reported $1.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.56 by $0.12, reports. The business had revenue of $4.09 billion during the quarter, compared to analyst estimates of $4.02 billion. Consolidated Edison had a net margin of 12.03% and a return on equity of 8.67%. Consolidated Edison updated its FY 2024 guidance to 5.300-5.400 EPS.

Consolidated Edison Stock Up 0.6 %

Shares of NYSE ED traded up $0.55 during trading on Friday, reaching $98.13. The company had a trading volume of 2,915,588 shares, compared to its average volume of 2,151,916. Consolidated Edison has a 12-month low of $85.85 and a 12-month high of $107.75. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 1.08. The business’s 50-day moving average is $103.35 and its 200 day moving average is $97.89. The stock has a market cap of $33.97 billion, a PE ratio of 19.10, a P/E/G ratio of 3.34 and a beta of 0.36.

Consolidated Edison Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Wednesday, November 13th will be given a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a yield of 3.38%. The ex-dividend date of this dividend is Wednesday, November 13th. Consolidated Edison’s dividend payout ratio (DPR) is presently 64.59%.

Institutional Investors Weigh In On Consolidated Edison

Institutional investors and hedge funds have recently made changes to their positions in the company. Retirement Planning Co of New England Inc. raised its position in Consolidated Edison by 4.2% in the 2nd quarter. Retirement Planning Co of New England Inc. now owns 2,501 shares of the utilities provider’s stock worth $224,000 after buying an additional 100 shares during the last quarter. Benjamin F. Edwards & Company Inc. raised its holdings in shares of Consolidated Edison by 13.0% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 868 shares of the utilities provider’s stock valued at $78,000 after purchasing an additional 100 shares during the last quarter. Brookstone Capital Management lifted its position in Consolidated Edison by 0.6% during the third quarter. Brookstone Capital Management now owns 24,173 shares of the utilities provider’s stock valued at $2,517,000 after purchasing an additional 136 shares during the period. Checchi Capital Advisers LLC boosted its holdings in Consolidated Edison by 2.6% in the second quarter. Checchi Capital Advisers LLC now owns 5,627 shares of the utilities provider’s stock worth $503,000 after purchasing an additional 141 shares during the last quarter. Finally, Center For Asset Management LLC grew its position in Consolidated Edison by 3.5% in the 2nd quarter. Center For Asset Management LLC now owns 4,358 shares of the utilities provider’s stock worth $390,000 after purchasing an additional 147 shares during the period. Institutional investors own 66.29% of the company’s stock.

Analysts Set New Price Targets

A number of analysts recently weighed in on ED shares. Bank of America boosted their target price on Consolidated Edison from $97.00 to $109.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. Guggenheim upped their price objective on shares of Consolidated Edison from $88.00 to $91.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. Scotiabank lifted 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 report on Tuesday, August 20th. Wells Fargo & Company upped their price target on shares of Consolidated Edison from $97.00 to $105.00 and gave the company an “equal weight” rating in a research report on Friday, August 2nd. Finally, UBS Group lifted their price objective on Consolidated Edison from $105.00 to $106.00 and gave the stock a “neutral” rating in a report on Friday, September 20th. Four investment analysts have rated the stock with a sell rating, eight have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of “Hold” and a consensus target price of $98.35.

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.