Consolidated Edison (NYSE:ED) Issues FY24 Earnings Guidance

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

Consolidated Edison Stock Performance

NYSE:ED traded up $0.31 during mid-day trading on Friday, reaching $95.56. 2,465,195 shares of the company’s stock were exchanged, compared to its average volume of 2,284,421. Consolidated Edison has a one year low of $80.46 and a one year high of $100.44. 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 business’s fifty day simple moving average is $90.21 and its two-hundred day simple moving average is $90.15. The firm has a market capitalization of $33.02 billion, a PE ratio of 18.34, a price-to-earnings-growth ratio of 8.99 and a beta of 0.34.

Consolidated Edison (NYSE:ED) last announced its earnings results on Thursday, May 2nd. The utilities provider reported $2.15 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.89 by $0.26. Consolidated Edison had a net margin of 12.43% and a return on equity of 8.86%. The firm had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4.40 billion. During the same quarter in the prior year, the business posted $1.83 EPS. The business’s revenue was down 2.8% compared to the same quarter last year. Analysts anticipate that Consolidated Edison will post 5.31 earnings per share for the current fiscal year.

Consolidated Edison Announces Dividend

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

Analyst Upgrades and Downgrades

ED has been the topic of a number of recent analyst reports. Wells Fargo & Company raised their price target on Consolidated Edison from $93.00 to $97.00 and gave the stock an equal weight rating in a research report on Friday. Scotiabank decreased their target price on shares of Consolidated Edison from $91.00 to $85.00 and set a sector underperform rating on the stock in a report on Monday, April 22nd. UBS Group dropped their target price on shares of Consolidated Edison from $99.00 to $94.00 and set a neutral rating for the company in a research report on Friday, February 16th. Barclays increased their price target on shares of Consolidated Edison from $86.00 to $87.00 and gave the stock an equal weight rating in a research report on Thursday, March 14th. Finally, Royal Bank of Canada decreased their price target on Consolidated Edison from $94.00 to $93.00 and set a sector perform rating on the stock in a research note on Friday, February 16th. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating and one has issued a buy rating to the company. According to data from MarketBeat, Consolidated Edison 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.