Consolidated Edison Inc (ED) Posts Quarterly Earnings Results, Beats Estimates By $0.03 EPS
Consolidated Edison Inc (NYSE:ED) issued its earnings results on Thursday. The company reported $0.69 EPS for the quarter, topping the Zacks’ consensus estimate of $0.66 by $0.03. The business had revenue of $2.71 billion for the quarter, compared to the consensus estimate of $2.74 billion. Consolidated Edison had a net margin of 10.06% and a return on equity of 8.94%. The company’s revenue for the quarter was up .0% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.61 EPS. Consolidated Edison updated its FY17 guidance to $3.95 -4.15 EPS.
Consolidated Edison (NYSE:ED) traded up 0.80% during midday trading on Thursday, reaching $74.29. 2,953,033 shares of the company were exchanged. Consolidated Edison has a 52 week low of $68.44 and a 52 week high of $81.88. The company has a market capitalization of $22.64 billion, a PE ratio of 18.30 and a beta of 0.02. The firm has a 50-day moving average price of $73.74 and a 200-day moving average price of $73.99.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, March 15th. Investors of record on Wednesday, February 15th will be given a dividend of $0.69 per share. This is a boost from Consolidated Edison’s previous quarterly dividend of $0.67. The ex-dividend date is Monday, February 13th. This represents a $2.76 dividend on an annualized basis and a yield of 3.72%. Consolidated Edison’s dividend payout ratio is presently 68.32%.
In other Consolidated Edison news, insider Craig S. Ivey sold 3,974 shares of Consolidated Edison stock in a transaction dated Monday, December 12th. The shares were sold at an average price of $71.42, for a total transaction of $283,823.08. Following the transaction, the insider now directly owns 35,306 shares of the company’s stock, valued at $2,521,554.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have acquired 415 shares of company stock worth $29,737 over the last ninety days. 0.16% of the stock is owned by insiders.
ED has been the topic of a number of research analyst reports. Credit Suisse Group initiated coverage on shares of Consolidated Edison in a research note on Wednesday, January 25th. They issued an “underperform” rating and a $68.00 target price on the stock. Vetr upgraded shares of Consolidated Edison from a “hold” rating to a “buy” rating and set a $78.00 target price on the stock in a research note on Monday, October 31st. Deutsche Bank AG reaffirmed a “hold” rating on shares of Consolidated Edison in a research report on Friday, November 4th. Zacks Investment Research cut shares of Consolidated Edison from a “hold” rating to a “sell” rating in a research report on Wednesday, January 11th. Finally, RBC Capital Markets reaffirmed a “hold” rating and issued a $77.00 price target on shares of Consolidated Edison in a research report on Wednesday, January 4th. Four research analysts have rated the stock with a sell rating, eight have given a hold rating and one has given a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average price target of $74.25.
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Consolidated Edison Company Profile
Consolidated Edison, Inc (Con Edison) is a holding company. The Company operates through its subsidiaries, which include Consolidated Edison Company of New York, Inc (CECONY), Orange and Rockland Utilities, Inc (O&R) and Con Edison Transmission, Inc It owns competitive energy businesses. The Company also owns Con Edison Transmission, Inc (Con Edison Transmission), which invests in electric and gas transmission projects through its subsidiaries, Consolidated Edison Transmission, LLC (CET Electric) and Con Edison Gas Midstream, LLC (CET Gas).
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