Consolidated Edison Inc to Post Q3 2017 Earnings of $1.52 Per Share, KeyCorp Forecasts (ED)
Consolidated Edison Inc (NYSE:ED) – KeyCorp cut their Q3 2017 EPS estimates for Consolidated Edison in a research report issued on Wednesday. KeyCorp analyst P. Ridzon now anticipates that the utilities provider will post earnings of $1.52 per share for the quarter, down from their prior estimate of $1.53. KeyCorp has a “Hold” rating on the stock.
Consolidated Edison (NYSE:ED) last announced its quarterly earnings data on Thursday, August 3rd. The utilities provider reported $0.58 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.61 by ($0.03). Consolidated Edison had a net margin of 10.57% and a return on equity of 8.59%. The firm had revenue of $2.63 billion during the quarter, compared to the consensus estimate of $2.79 billion. During the same quarter in the prior year, the firm posted $0.60 earnings per share.
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Several other research firms also recently commented on ED. Morgan Stanley raised their price objective on Consolidated Edison from $75.00 to $78.00 and gave the stock an “underweight” rating in a research note on Thursday, August 10th. Jefferies Group LLC reaffirmed a “hold” rating and issued a $83.50 price objective on shares of Consolidated Edison in a research note on Thursday, August 31st. BidaskClub downgraded Consolidated Edison from a “strong-buy” rating to a “buy” rating in a research note on Saturday, June 24th. Finally, Zacks Investment Research raised Consolidated Edison from a “hold” rating to a “buy” rating and set a $92.00 price objective on the stock in a research note on Friday, September 22nd. Five analysts have rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the company. Consolidated Edison has a consensus rating of “Hold” and a consensus target price of $77.77.
Shares of Consolidated Edison (NYSE:ED) opened at 84.86 on Friday. Consolidated Edison has a 12 month low of $68.76 and a 12 month high of $86.16. The stock’s 50 day moving average price is $83.02 and its 200 day moving average price is $81.93. The company has a market capitalization of $25.94 billion, a PE ratio of 20.53 and a beta of 0.09.
The firm also recently announced a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Wednesday, November 15th will be paid a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a yield of 3.25%. The ex-dividend date of this dividend is Tuesday, November 14th. Consolidated Edison’s dividend payout ratio (DPR) is presently 66.67%.
In related news, CEO Joseph P. Oates sold 1,908 shares of Consolidated Edison stock in a transaction that occurred on Wednesday, August 23rd. The stock was sold at an average price of $83.87, for a total transaction of $160,023.96. Following the sale, the chief executive officer now owns 24,017 shares of the company’s stock, valued at approximately $2,014,305.79. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have purchased a total of 158 shares of company stock worth $13,022 in the last three months. 0.20% of the stock is owned by corporate insiders.
Large investors have recently added to or reduced their stakes in the business. Armbruster Capital Management Inc. increased its stake in Consolidated Edison by 127.3% in the 2nd quarter. Armbruster Capital Management Inc. now owns 1,250 shares of the utilities provider’s stock worth $101,000 after acquiring an additional 700 shares during the last quarter. WFG Advisors LP increased its stake in Consolidated Edison by 19.6% in the 2nd quarter. WFG Advisors LP now owns 1,308 shares of the utilities provider’s stock worth $106,000 after acquiring an additional 214 shares during the last quarter. Oakworth Capital Inc. increased its stake in Consolidated Edison by 10.5% in the 2nd quarter. Oakworth Capital Inc. now owns 1,447 shares of the utilities provider’s stock worth $117,000 after acquiring an additional 137 shares during the last quarter. Enterprise Financial Services Corp increased its stake in Consolidated Edison by 6.0% in the 2nd quarter. Enterprise Financial Services Corp now owns 1,648 shares of the utilities provider’s stock worth $133,000 after acquiring an additional 93 shares during the last quarter. Finally, Cypress Capital Management LLC WY increased its stake in Consolidated Edison by 491.7% in the 2nd quarter. Cypress Capital Management LLC WY now owns 1,775 shares of the utilities provider’s stock worth $143,000 after acquiring an additional 1,475 shares during the last quarter. 55.05% of the stock is currently owned by institutional investors and hedge funds.
About Consolidated Edison
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), Con Edison Clean Energy Businesses, Inc (the Clean Energy Businesses) and Con Edison Transmission, Inc (Con Edison Transmission).
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