Consolidated Edison (NYSE:ED) Updates FY24 Earnings Guidance

Consolidated Edison (NYSE:ED) updated its FY24 earnings guidance on Thursday. The company provided earnings per share (EPS) guidance of $5.20-5.40 for the period, compared to the consensus estimate of $5.31.

Consolidated Edison Stock Up 0.5 %

ED traded up $0.45 on Thursday, reaching $95.25. The company’s stock had a trading volume of 1,991,643 shares, compared to its average volume of 1,890,758. The stock has a 50 day moving average of $89.91 and a two-hundred day moving average of $90.04. The company has a market capitalization of $32.91 billion, a price-to-earnings ratio of 13.18, a P/E/G ratio of 8.89 and a beta of 0.34. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 1.04. Consolidated Edison has a fifty-two week low of $80.46 and a fifty-two week high of $100.44.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings data on Thursday, February 15th. The utilities provider reported $1.00 earnings per share for the quarter, beating analysts’ consensus estimates of $0.98 by $0.02. The business had revenue of $3.44 billion during the quarter, compared to analyst estimates of $3.70 billion. Consolidated Edison had a net margin of 17.19% and a return on equity of 8.41%. The company’s revenue was down 14.6% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.81 earnings per share. As a group, analysts forecast that Consolidated Edison will post 5.31 EPS for the current fiscal year.

Consolidated Edison Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Wednesday, May 15th will be issued a $0.83 dividend. The ex-dividend date of this dividend is Tuesday, May 14th. This represents a $3.32 annualized dividend and a dividend yield of 3.49%. Consolidated Edison’s dividend payout ratio is currently 46.24%.

Analysts Set New Price Targets

ED has been the subject of a number of analyst reports. UBS Group reduced their price target on Consolidated Edison from $99.00 to $94.00 and set a neutral rating for the company in a research report on Friday, February 16th. Barclays lifted their target price on Consolidated Edison from $86.00 to $87.00 and gave the company an equal weight rating in a research report on Thursday, March 14th. LADENBURG THALM/SH SH began coverage on Consolidated Edison in a report on Wednesday, January 3rd. They issued a neutral rating and a $92.50 target price on the stock. KeyCorp upgraded Consolidated Edison from an underweight rating to a sector weight rating in a report on Thursday, January 4th. Finally, Royal Bank of Canada lowered their target price on shares of Consolidated Edison from $94.00 to $93.00 and set a sector perform rating on the stock in a report on Friday, February 16th. Four research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, the company currently has a consensus rating of Hold and an average price target of $87.54.

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.