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

Consolidated Edison (NYSE:ED) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided earnings per share guidance of 5.300-5.400 for the period, compared to the consensus earnings per share estimate of 5.320. The company issued revenue guidance of -.

Consolidated Edison Price Performance

Shares of NYSE ED opened at $98.13 on Friday. The firm has a market cap of $33.97 billion, a P/E ratio of 19.09, a PEG ratio of 3.34 and a beta of 0.36. Consolidated Edison has a twelve month low of $85.85 and a twelve 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 company has a 50 day moving average of $103.35 and a 200 day moving average of $97.89.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, November 7th. The utilities provider reported $1.68 earnings per share for the quarter, topping the consensus estimate of $1.56 by $0.12. Consolidated Edison had a return on equity of 8.67% and a net margin of 12.03%. The firm had revenue of $4.09 billion during the quarter, compared to analysts’ expectations of $4.02 billion. As a group, research analysts expect that Consolidated Edison will post 5.31 EPS for the current fiscal year.

Consolidated Edison Announces Dividend

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

Analysts Set New Price Targets

Several research analysts have issued reports on ED shares. Wells Fargo & Company raised their target price on Consolidated Edison from $97.00 to $105.00 and gave the stock an “equal weight” rating in a research report on Friday, August 2nd. Citigroup upgraded Consolidated Edison from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $103.00 to $116.00 in a research note on Tuesday, October 15th. UBS Group raised their target price on shares of Consolidated Edison from $105.00 to $106.00 and gave the stock a “neutral” rating in a research note on Friday, September 20th. Barclays dropped their price target 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. Finally, Scotiabank raised their price objective on shares of Consolidated Edison from $85.00 to $90.00 and gave the company a “sector underperform” rating in a research report on Tuesday, August 20th. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Hold” and an average price target 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.