Consolidated Edison, Inc. (NYSE:ED – Get Rating) – Analysts at KeyCorp increased their Q3 2023 earnings per share (EPS) estimates for Consolidated Edison in a research note issued on Tuesday, May 23rd. KeyCorp analyst S. Karp now forecasts that the utilities provider will earn $1.75 per share for the quarter, up from their previous forecast of $1.73. The consensus estimate for Consolidated Edison’s current full-year earnings is $4.85 per share. KeyCorp also issued estimates for Consolidated Edison’s Q4 2023 earnings at $0.66 EPS, FY2023 earnings at $4.85 EPS, FY2025 earnings at $5.47 EPS, FY2026 earnings at $5.80 EPS and FY2027 earnings at $6.09 EPS.
Several other brokerages have also weighed in on ED. JPMorgan Chase & Co. reduced their price objective on Consolidated Edison from $88.00 to $87.00 and set an “underweight” rating for the company in a report on Thursday, February 2nd. Argus raised Consolidated Edison from a “hold” rating to a “buy” rating and set a $104.00 price objective for the company in a report on Wednesday, March 22nd. Royal Bank of Canada increased their price objective on Consolidated Edison from $94.00 to $95.00 and gave the company a “sector perform” rating in a report on Monday, February 27th. Guggenheim increased their price objective on Consolidated Edison from $86.00 to $90.00 in a report on Monday, May 8th. Finally, 3M restated a “maintains” rating on shares of Consolidated Edison in a research report on Friday, May 5th. Four equities research analysts have rated the stock with a sell rating, six have given a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, Consolidated Edison currently has a consensus rating of “Hold” and a consensus target price of $91.42.
Consolidated Edison Price Performance
Consolidated Edison (NYSE:ED – Get Rating) last released its earnings results on Thursday, May 4th. The utilities provider reported $1.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.62 by $0.21. The company had revenue of $4.40 billion during the quarter, compared to analyst estimates of $4.01 billion. Consolidated Edison had a return on equity of 8.36% and a net margin of 15.56%. Consolidated Edison’s quarterly revenue was up 8.4% on a year-over-year basis. During the same period in the prior year, the company posted $1.47 earnings per share.
Consolidated Edison Dividend Announcement
The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, June 15th. Investors of record on Wednesday, May 17th will be given a $0.81 dividend. The ex-dividend date is Tuesday, May 16th. This represents a $3.24 dividend on an annualized basis and a dividend yield of 3.47%. Consolidated Edison’s dividend payout ratio (DPR) is presently 46.15%.
Institutional Investors Weigh In On Consolidated Edison
A number of institutional investors and hedge funds have recently made changes to their positions in the business. Roundview Capital LLC bought a new position in Consolidated Edison in the first quarter valued at $680,000. Dimensional Fund Advisors LP grew its stake in shares of Consolidated Edison by 22.6% during the first quarter. Dimensional Fund Advisors LP now owns 1,030,616 shares of the utilities provider’s stock valued at $97,579,000 after buying an additional 190,138 shares during the last quarter. Sei Investments Co. grew its stake in shares of Consolidated Edison by 54.4% during the first quarter. Sei Investments Co. now owns 18,204 shares of the utilities provider’s stock valued at $1,693,000 after buying an additional 6,412 shares during the last quarter. Cetera Investment Advisers grew its stake in shares of Consolidated Edison by 1.3% during the first quarter. Cetera Investment Advisers now owns 19,489 shares of the utilities provider’s stock valued at $1,845,000 after buying an additional 254 shares during the last quarter. Finally, Sequoia Financial Advisors LLC purchased a new position in Consolidated Edison during the 1st quarter valued at about $214,000. Hedge funds and other institutional investors own 64.95% of the company’s stock.
Consolidated Edison Company Profile
Consolidated Edison, Inc is a holding company, which engages in the business of regulated electric, gas, and steam delivery. It operates through the following segments: Consolidated Edison Company of New York (CECONY), Orange and Rockland Utilities(O&R), Con Edison Clean Energy Businesses and Con Edison Transmission.
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