Zacks Research Comments on Consolidated Edison, Inc.’s Q3 2024 Earnings (NYSE:ED)

Consolidated Edison, Inc. (NYSE:ED) – Equities research analysts at Zacks Research decreased their Q3 2024 earnings estimates for shares of Consolidated Edison in a research note issued on Thursday, May 23rd. Zacks Research analyst R. Department now forecasts that the utilities provider will post earnings per share of $1.67 for the quarter, down from their prior forecast of $1.68. The consensus estimate for Consolidated Edison’s current full-year earnings is $5.31 per share. Zacks Research also issued estimates for Consolidated Edison’s Q4 2024 earnings at $1.06 EPS, FY2024 earnings at $5.40 EPS, Q1 2025 earnings at $1.90 EPS, Q2 2025 earnings at $0.85 EPS, Q3 2025 earnings at $1.62 EPS, Q4 2025 earnings at $1.22 EPS and FY2025 earnings at $5.60 EPS.

A number of other brokerages have also recently issued reports on ED. Wells Fargo & Company upped their price target on shares of Consolidated Edison from $93.00 to $97.00 and gave the stock an “equal weight” rating in a research note on Friday, May 3rd. Scotiabank decreased their price objective on shares of Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating for the company in a report on Monday, April 22nd. Royal Bank of Canada cut their target price 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. Barclays lifted their target price on Consolidated Edison from $89.00 to $97.00 and gave the stock an “equal weight” rating in a report on Tuesday, May 7th. Finally, UBS Group dropped their price objective on Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating on the stock in a research report on Friday, February 16th. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat.com, Consolidated Edison currently has an average rating of “Hold” and an average price target of $88.46.

Consolidated Edison Price Performance

Shares of ED stock opened at $94.43 on Friday. The company has a quick ratio of 0.92, a current ratio of 0.99 and a debt-to-equity ratio of 1.01. The stock has a market cap of $32.66 billion, a price-to-earnings ratio of 18.12, a PEG ratio of 2.45 and a beta of 0.34. The business’s fifty day moving average is $92.60 and its 200 day moving average is $90.98. Consolidated Edison has a twelve month low of $80.46 and a twelve month high of $98.85.

Consolidated Edison (NYSE:ED) last announced its earnings results on Thursday, May 2nd. The utilities provider reported $2.15 earnings per share for the quarter, beating analysts’ consensus estimates of $1.89 by $0.26. Consolidated Edison had a net margin of 12.43% and a return on equity of 8.79%. 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 previous year, the firm posted $1.83 EPS. The company’s revenue for the quarter was down 2.8% compared to the same quarter last year.

Consolidated Edison Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Wednesday, May 15th will be issued a dividend of $0.83 per share. The ex-dividend date of this dividend is Tuesday, May 14th. This represents a $3.32 annualized dividend and a dividend yield of 3.52%. Consolidated Edison’s dividend payout ratio (DPR) is 63.72%.

Hedge Funds Weigh In On Consolidated Edison

Institutional investors have recently bought and sold shares of the business. Marino Stram & Associates LLC increased its position in shares of Consolidated Edison by 0.6% during the 1st quarter. Marino Stram & Associates LLC now owns 19,623 shares of the utilities provider’s stock valued at $1,782,000 after purchasing an additional 108 shares during the last quarter. MGO One Seven LLC grew its holdings in Consolidated Edison by 2.1% during the 3rd quarter. MGO One Seven LLC now owns 5,727 shares of the utilities provider’s stock valued at $490,000 after purchasing an additional 119 shares during the last quarter. Advisors Capital Management LLC raised its position in Consolidated Edison by 3.8% in the 3rd quarter. Advisors Capital Management LLC now owns 3,312 shares of the utilities provider’s stock worth $283,000 after purchasing an additional 122 shares during the period. Jeppson Wealth Management LLC lifted its stake in Consolidated Edison by 1.6% in the fourth quarter. Jeppson Wealth Management LLC now owns 7,716 shares of the utilities provider’s stock worth $702,000 after purchasing an additional 125 shares during the last quarter. Finally, Sandy Spring Bank boosted its position in shares of Consolidated Edison by 11.4% during the fourth quarter. Sandy Spring Bank now owns 1,222 shares of the utilities provider’s stock valued at $111,000 after buying an additional 125 shares during the period. Institutional investors own 66.29% of the company’s stock.

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.