Consolidated Edison, Inc. (NYSE:ED) Expected to Announce Quarterly Sales of $3.13 Billion

Equities research analysts predict that Consolidated Edison, Inc. (NYSE:EDGet Rating) will report $3.13 billion in sales for the current fiscal quarter, Zacks Investment Research reports. Three analysts have provided estimates for Consolidated Edison’s earnings, with the highest sales estimate coming in at $3.19 billion and the lowest estimate coming in at $3.07 billion. Consolidated Edison reported sales of $2.97 billion during the same quarter last year, which would suggest a positive year-over-year growth rate of 5.4%. The business is expected to issue its next earnings results on Monday, January 1st.

According to Zacks, analysts expect that Consolidated Edison will report full year sales of $14.30 billion for the current year, with estimates ranging from $14.09 billion to $14.45 billion. For the next fiscal year, analysts forecast that the business will post sales of $14.77 billion, with estimates ranging from $14.54 billion to $14.97 billion. Zacks’ sales averages are a mean average based on a survey of sell-side research analysts that that provide coverage for Consolidated Edison.

Consolidated Edison (NYSE:EDGet Rating) last issued its earnings results on Thursday, May 5th. The utilities provider reported $1.47 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.51 by ($0.04). Consolidated Edison had a return on equity of 7.66% and a net margin of 10.88%. The firm had revenue of $4.06 billion for the quarter, compared to analysts’ expectations of $3.71 billion. During the same quarter in the previous year, the firm posted $1.43 EPS.

A number of brokerages have recently issued reports on ED. Mizuho boosted their target price on Consolidated Edison from $90.00 to $94.00 and gave the stock a “buy” rating in a report on Thursday, March 10th. Morgan Stanley reduced their price target on Consolidated Edison from $82.00 to $80.00 and set an “underweight” rating on the stock in a research report on Monday, May 23rd. Wells Fargo & Company lowered Consolidated Edison from an “equal weight” rating to a “sell” rating and boosted their price target for the stock from $85.00 to $94.00 in a research report on Tuesday, May 3rd. lowered Consolidated Edison from a “buy” rating to a “hold” rating in a research report on Tuesday, May 3rd. Finally, Wolfe Research raised Consolidated Edison from an “underperform” rating to a “peer perform” rating and set a $82.00 price target on the stock in a research report on Thursday, February 17th. Five research analysts have rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $85.45.

Shares of NYSE:ED opened at $100.58 on Friday. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.93 and a current ratio of 1.01. Consolidated Edison has a 1 year low of $71.17 and a 1 year high of $101.12. The stock has a market capitalization of $35.63 billion, a P/E ratio of 23.23, a PEG ratio of 10.57 and a beta of 0.23. The stock has a 50-day simple moving average of $95.43 and a 200-day simple moving average of $87.77.

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, June 15th. Shareholders of record on Wednesday, May 18th will be given a $0.79 dividend. This represents a $3.16 dividend on an annualized basis and a dividend yield of 3.14%. The ex-dividend date is Tuesday, May 17th. Consolidated Edison’s payout ratio is 72.98%.

Hedge funds have recently bought and sold shares of the stock. DB Fitzpatrick & Co Inc acquired a new stake in shares of Consolidated Edison during the 4th quarter valued at approximately $25,000. Shore Point Advisors LLC bought a new position in Consolidated Edison during the 4th quarter worth $26,000. Godsey & Gibb Associates bought a new position in Consolidated Edison during the 4th quarter worth $26,000. Tyler Stone Wealth Management bought a new position in Consolidated Edison during the 4th quarter worth $26,000. Finally, CVA Family Office LLC bought a new position in Consolidated Edison during the 4th quarter worth $28,000. 65.73% of the stock is currently owned by institutional investors and hedge funds.

Consolidated Edison Company Profile (Get Rating)

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.

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