Consolidated Edison (NYSE:ED) Issues FY24 Earnings Guidance

Consolidated Edison (NYSE:ED) issued an update on its FY24 earnings guidance on Thursday morning. The company provided EPS guidance of $5.20-5.40 for the period, compared to the consensus EPS estimate of $5.31.

Consolidated Edison Price Performance

Shares of Consolidated Edison stock traded up $0.31 on Friday, reaching $95.56. 2,465,195 shares of the stock were exchanged, compared to its average volume of 2,284,421. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.94 and a current ratio of 1.01. The firm has a market cap of $33.02 billion, a PE ratio of 18.34, a P/E/G ratio of 8.99 and a beta of 0.34. The firm’s 50 day moving average is $90.21 and its 200-day moving average is $90.15. Consolidated Edison has a one year low of $80.46 and a one year high of $100.44.

Consolidated Edison (NYSE:ED) last released 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 return on equity of 8.86% and a net margin of 12.43%. The firm had revenue of $4.28 billion during the quarter, compared to analysts’ expectations of $4.40 billion. During the same period in the prior year, the company earned $1.83 earnings per share. The company’s quarterly revenue was down 2.8% on a year-over-year basis. As a group, analysts anticipate that Consolidated Edison will post 5.31 EPS for the current fiscal year.

Consolidated Edison Announces Dividend

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

Wall Street Analyst Weigh In

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

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.