What is Zacks Research’s Estimate for ED FY2024 Earnings?

Consolidated Edison, Inc. (NYSE:ED) – Equities researchers at Zacks Research upped their FY2024 earnings per share estimates for shares of Consolidated Edison in a research note issued to investors on Thursday, December 19th. Zacks Research analyst R. Department now expects that the utilities provider will post earnings of $5.36 per share for the year, up from their previous estimate of $5.34. The consensus estimate for Consolidated Edison’s current full-year earnings is $5.34 per share. Zacks Research also issued estimates for Consolidated Edison’s Q4 2024 earnings at $0.94 EPS, Q1 2025 earnings at $2.16 EPS, Q3 2025 earnings at $1.83 EPS and Q1 2026 earnings at $1.91 EPS.

Consolidated Edison (NYSE:ED) last released its earnings results on Thursday, November 7th. The utilities provider reported $1.68 earnings per share for the quarter, beating analysts’ consensus estimates of $1.56 by $0.12. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. The business had revenue of $4.09 billion during the quarter, compared to the consensus estimate of $4.02 billion.

ED has been the topic of a number of other research reports. Citigroup upgraded Consolidated Edison from a “neutral” rating to a “buy” rating and upped their price objective for the stock from $103.00 to $116.00 in a research note on Tuesday, October 15th. Morgan Stanley cut their price target on shares of Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating for the company in a research note on Friday, November 22nd. Barclays dropped their target price on shares of Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating on the stock in a report on Friday, November 8th. Jefferies Financial Group assumed coverage on Consolidated Edison in a research report on Wednesday, October 9th. They set a “hold” rating and a $108.00 price target on the stock. Finally, UBS Group lifted their price objective on shares of Consolidated Edison from $105.00 to $106.00 and gave the stock a “neutral” rating in a research report on Friday, September 20th. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, two have given a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average price target of $99.96.

Consolidated Edison Stock Performance

ED opened at $89.58 on Monday. The business’s 50-day simple moving average is $98.56 and its 200 day simple moving average is $98.08. Consolidated Edison has a 52-week low of $85.85 and a 52-week high of $107.75. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.93 and a current ratio of 1.01. The firm has a market capitalization of $31.03 billion, a PE ratio of 16.87, a PEG ratio of 3.11 and a beta of 0.36.

Institutional Inflows and Outflows

Hedge funds have recently made changes to their positions in the business. Retirement Planning Co of New England Inc. increased its stake in Consolidated Edison by 4.2% during the 2nd quarter. Retirement Planning Co of New England Inc. now owns 2,501 shares of the utilities provider’s stock worth $224,000 after acquiring an additional 100 shares during the period. Benjamin F. Edwards & Company Inc. grew its holdings in shares of Consolidated Edison by 13.0% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 868 shares of the utilities provider’s stock worth $78,000 after purchasing an additional 100 shares in the last quarter. TD Private Client Wealth LLC grew its holdings in shares of Consolidated Edison by 4.7% during the 3rd quarter. TD Private Client Wealth LLC now owns 2,334 shares of the utilities provider’s stock worth $243,000 after purchasing an additional 104 shares in the last quarter. D.A. Davidson & CO. raised its stake in Consolidated Edison by 1.1% in the third quarter. D.A. Davidson & CO. now owns 11,142 shares of the utilities provider’s stock valued at $1,160,000 after purchasing an additional 124 shares in the last quarter. Finally, Townsquare Capital LLC lifted its position in Consolidated Edison by 2.4% during the third quarter. Townsquare Capital LLC now owns 5,574 shares of the utilities provider’s stock worth $580,000 after purchasing an additional 130 shares during the period. 66.29% of the stock is owned by institutional investors.

Consolidated Edison Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Wednesday, November 13th were given a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a yield of 3.71%. The ex-dividend date was Wednesday, November 13th. Consolidated Edison’s dividend payout ratio is 62.52%.

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.