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

Consolidated Edison (NYSE:ED) updated its FY 2024 earnings guidance on Thursday. 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 -.

Wall Street Analyst Weigh In

Several brokerages have commented on ED. Guggenheim lifted their target price on Consolidated Edison from $88.00 to $91.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Jefferies Financial Group initiated coverage on Consolidated Edison in a report on Wednesday, October 9th. They issued a “hold” rating and a $108.00 target price on the stock. Barclays decreased their target price on shares of Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating for the company in a research report on Friday. Citigroup upgraded shares of Consolidated Edison from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $103.00 to $116.00 in a research report on Tuesday, October 15th. Finally, Wells Fargo & Company increased their price objective on shares of Consolidated Edison from $97.00 to $105.00 and gave the stock an “equal weight” rating in a research report on Friday, August 2nd. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and a consensus price target of $98.35.

Consolidated Edison Trading Up 0.6 %

NYSE:ED opened at $98.13 on Friday. The firm has a fifty day simple moving average of $103.35 and a two-hundred day simple moving average of $97.89. Consolidated Edison has a 12 month low of $85.85 and a 12 month high of $107.75. The stock has a market capitalization of $33.97 billion, a price-to-earnings ratio of 19.09, a PEG ratio of 3.34 and a beta of 0.36. The company has a current ratio of 1.04, a quick ratio of 0.97 and a debt-to-equity ratio of 1.08.

Consolidated Edison (NYSE:ED) last issued its earnings results on Thursday, November 7th. The utilities provider reported $1.68 EPS for the quarter, beating analysts’ consensus estimates of $1.56 by $0.12. Consolidated Edison had a return on equity of 8.67% and a net margin of 12.03%. The business had revenue of $4.09 billion during the quarter, compared to analyst estimates of $4.02 billion. Analysts expect that Consolidated Edison will post 5.31 EPS for the current fiscal year.

Consolidated Edison Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Wednesday, November 13th will be issued a dividend of $0.83 per share. The ex-dividend date of this dividend is Wednesday, November 13th. This represents a $3.32 annualized dividend and a dividend yield of 3.38%. Consolidated Edison’s dividend payout ratio is 64.59%.

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.