Consolidated Edison (NYSE:ED) Announces Quarterly Earnings Results

Consolidated Edison (NYSE:ED) released its quarterly earnings results on Thursday. The utilities provider reported $1.68 EPS for the quarter, topping analysts’ consensus estimates of $1.56 by $0.12, reports. The business had revenue of $4.09 billion during the quarter, compared to analysts’ expectations of $4.02 billion. Consolidated Edison had a net margin of 12.03% and a return on equity of 8.67%. Consolidated Edison updated its FY 2024 guidance to 5.300-5.400 EPS.

Consolidated Edison Price Performance

ED stock opened at $98.13 on Friday. The stock has a market capitalization of $33.97 billion, a price-to-earnings ratio of 19.09, a PEG ratio of 3.34 and a beta of 0.36. The firm’s 50-day moving average price is $103.35 and its two-hundred day moving average price is $97.89. The company has a current ratio of 1.04, a quick ratio of 0.97 and a debt-to-equity ratio of 1.08. Consolidated Edison has a 12-month low of $85.85 and a 12-month high of $107.75.

Consolidated Edison Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Wednesday, November 13th will be issued a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a yield of 3.38%. The ex-dividend date is Wednesday, November 13th. Consolidated Edison’s dividend payout ratio (DPR) is presently 64.59%.

Analysts Set New Price Targets

Several brokerages recently issued reports on ED. Jefferies Financial Group began coverage on shares of Consolidated Edison in a research report on Wednesday, October 9th. They issued a “hold” rating and a $108.00 target price for the company. Guggenheim upped their price objective on Consolidated Edison from $88.00 to $91.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Scotiabank raised their price objective on Consolidated Edison from $85.00 to $90.00 and gave the company a “sector underperform” rating in a report on Tuesday, August 20th. UBS Group upped their target price on Consolidated Edison from $105.00 to $106.00 and gave the stock a “neutral” rating in a research note on Friday, September 20th. Finally, Barclays reduced their price target on shares of Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating on the stock in a research report on Friday. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $98.35.

Institutional Investors Weigh In On Consolidated Edison

Institutional investors and hedge funds have recently bought and sold shares of the business. Central Pacific Bank Trust Division bought a new position in Consolidated Edison in the 1st quarter worth $100,000. GSA Capital Partners LLP bought a new position in Consolidated Edison in the first quarter worth about $498,000. Empirical Finance LLC lifted its holdings in Consolidated Edison by 3.4% in the first quarter. Empirical Finance LLC now owns 12,590 shares of the utilities provider’s stock worth $1,143,000 after buying an additional 417 shares during the period. Envestnet Portfolio Solutions Inc. lifted its holdings in Consolidated Edison by 14.6% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 15,747 shares of the utilities provider’s stock worth $1,430,000 after buying an additional 2,005 shares during the period. Finally, AIA Group Ltd bought a new stake in Consolidated Edison during the 1st quarter valued at approximately $1,184,000. Hedge funds and other institutional investors own 66.29% of the company’s stock.

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.