Consolidated Edison (NYSE:ED) Releases FY 2024 Earnings Guidance

Consolidated Edison (NYSE:ED) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of 5.300-5.400 for the period, compared to the consensus estimate of 5.320. The company issued revenue guidance of -.

Consolidated Edison Trading Up 0.6 %

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

Consolidated Edison (NYSE:ED) last issued its quarterly earnings results on Thursday, November 7th. The utilities provider reported $1.68 EPS for the quarter, beating the consensus estimate of $1.56 by $0.12. The company had revenue of $4.09 billion for the quarter, compared to the consensus estimate of $4.02 billion. Consolidated Edison had a net margin of 12.03% and a return on equity of 8.67%. As a group, analysts anticipate that Consolidated Edison will post 5.31 earnings per share for the current year.

Consolidated Edison Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Wednesday, November 13th will be paid a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.38%. The ex-dividend date is Wednesday, November 13th. Consolidated Edison’s dividend payout ratio is currently 64.59%.

Wall Street Analysts Forecast Growth

Several equities analysts have commented on ED shares. Jefferies Financial Group initiated coverage on Consolidated Edison in a research report on Wednesday, October 9th. They issued a “hold” rating and a $108.00 price objective on the stock. Citigroup upgraded shares of Consolidated Edison from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $103.00 to $116.00 in a report on Tuesday, October 15th. Guggenheim upped their target price on shares of Consolidated Edison from $88.00 to $91.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd. Morgan Stanley raised their target price on shares of Consolidated Edison from $82.00 to $87.00 and gave the stock an “underweight” rating in a research report on Wednesday, September 25th. Finally, Barclays lowered their price target on Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating for the company in a report on Friday. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the stock has an average rating of “Hold” and an average price target of $98.35.

Consolidated Edison Company Profile

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.