Consolidated Edison (NYSE:ED) Posts Earnings Results, Beats Estimates By $0.09 EPS

Consolidated Edison (NYSE:ED – Get Rating) posted its quarterly earnings data on Thursday. The utilities provider reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.55 by $0.09, Briefing.com reports. Consolidated Edison had a return on equity of 7.85% and a net margin of 11.16%. During the same quarter last year, the business earned $0.53 earnings per share. Consolidated Edison updated its FY 2022 guidance to $4.40-$4.60 EPS and its FY22 guidance to $4.40-4.60 EPS.

Consolidated Edison Stock Performance

NYSE:ED traded down $0.24 during trading hours on Friday, reaching $97.19. 1,669,136 shares of the company’s stock were exchanged, compared to its average volume of 1,676,861. The firm has a market capitalization of $34.43 billion, a price-to-earnings ratio of 21.27, a P/E/G ratio of 10.86 and a beta of 0.25. The company has a 50-day moving average of $94.11 and a 200 day moving average of $92.02. The company has a quick ratio of 0.93, a current ratio of 1.01 and a debt-to-equity ratio of 1.10. Consolidated Edison has a 1-year low of $71.52 and a 1-year high of $101.12.

Consolidated Edison Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 15th. Investors of record on Wednesday, August 17th will be paid a dividend of $0.79 per share. This represents a $3.16 dividend on an annualized basis and a yield of 3.25%. The ex-dividend date is Tuesday, August 16th. Consolidated Edison’s dividend payout ratio is currently 69.15%.

Hedge Funds Weigh In On Consolidated Edison

Large investors have recently bought and sold shares of the company. Roundview Capital LLC acquired a new stake in shares of Consolidated Edison during the 1st quarter worth about $680,000. Toroso Investments LLC boosted its holdings in shares of Consolidated Edison by 11.2% during the first quarter. Toroso Investments LLC now owns 4,620 shares of the utilities provider’s stock valued at $437,000 after acquiring an additional 466 shares during the period. SVB Wealth LLC lifted its holdings in Consolidated Edison by 15.0% in the first quarter. SVB Wealth LLC now owns 4,552 shares of the utilities provider’s stock worth $431,000 after purchasing an additional 595 shares during the period. First Manhattan Co. raised its position in Consolidated Edison by 7.9% in the first quarter. First Manhattan Co. now owns 3,109 shares of the utilities provider’s stock worth $294,000 after acquiring an additional 228 shares in the last quarter. Finally, Fund Management at Engine No. 1 LLC acquired a new stake in Consolidated Edison during the 1st quarter worth about $284,000. Hedge funds and other institutional investors own 65.73% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms recently issued reports on ED. StockNews.com cut Consolidated Edison from a “buy” rating to a “hold” rating in a research note on Tuesday, May 3rd. Guggenheim raised Consolidated Edison from a “sell” rating to a “neutral” rating and set a $94.00 price objective on the stock in a research report on Monday, May 23rd. KeyCorp lifted their price objective on Consolidated Edison from $72.00 to $75.00 and gave the company an “underweight” rating in a research report on Tuesday, July 19th. Mizuho dropped their price target on Consolidated Edison from $100.00 to $99.00 and set a “buy” rating on the stock in a research report on Monday, June 27th. Finally, Wells Fargo & Company lowered shares of Consolidated Edison from an “equal weight” rating to a “sell” rating and boosted their price objective for the stock from $85.00 to $94.00 in a report on Tuesday, May 3rd. Five analysts have rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $85.91.

About Consolidated Edison

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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 3.5 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 1,555 customers in parts of Manhattan.