Consolidated Edison (NYSE:ED) Posts Quarterly Earnings Results, Beats Estimates By $0.09 EPS

Consolidated Edison (NYSE:EDGet Rating) posted its quarterly earnings data on Thursday. The utilities provider reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.55 by $0.09, Briefing.com reports. Consolidated Edison had a return on equity of 7.66% and a net margin of 10.88%. During the same quarter in the previous year, the firm posted $0.53 earnings per share. Consolidated Edison updated its FY 2022 guidance to $4.40-$4.60 EPS and its FY22 guidance to $4.40-4.60 EPS.

Consolidated Edison Trading Down 0.2 %

Shares of ED stock traded down $0.24 during trading hours on Friday, reaching $97.19. The company had a trading volume of 1,654,350 shares, compared to its average volume of 1,999,855. The company has a 50 day moving average of $94.11 and a 200 day moving average of $92.02. The company has a debt-to-equity ratio of 1.10, a current ratio of 1.01 and a quick ratio of 0.93. The firm has a market cap of $34.43 billion, a price-to-earnings ratio of 22.45, a P/E/G ratio of 10.94 and a beta of 0.25. Consolidated Edison has a 1-year low of $71.52 and a 1-year high of $101.12.

Consolidated Edison Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 15th. Stockholders of record on Wednesday, August 17th will be paid a $0.79 dividend. This represents a $3.16 dividend on an annualized basis and a dividend yield of 3.25%. The ex-dividend date is Tuesday, August 16th. Consolidated Edison’s dividend payout ratio (DPR) is currently 72.98%.

Institutional Trading of Consolidated Edison

Hedge funds have recently added to or reduced their stakes in the business. Neuberger Berman Group LLC raised its stake in shares of Consolidated Edison by 60.7% in the 1st quarter. Neuberger Berman Group LLC now owns 32,730 shares of the utilities provider’s stock valued at $3,113,000 after purchasing an additional 12,369 shares during the period. The Manufacturers Life Insurance Company raised its stake in shares of Consolidated Edison by 5.9% in the 1st quarter. The Manufacturers Life Insurance Company now owns 291,229 shares of the utilities provider’s stock valued at $27,574,000 after purchasing an additional 16,304 shares during the period. Toroso Investments LLC grew its holdings in shares of Consolidated Edison by 11.2% in the 1st quarter. Toroso Investments LLC now owns 4,620 shares of the utilities provider’s stock valued at $437,000 after acquiring an additional 466 shares in the last quarter. BNP Paribas Arbitrage SA grew its holdings in shares of Consolidated Edison by 18.3% in the 1st quarter. BNP Paribas Arbitrage SA now owns 581,742 shares of the utilities provider’s stock valued at $55,079,000 after acquiring an additional 89,862 shares in the last quarter. Finally, Wealthfront Advisers LLC grew its holdings in shares of Consolidated Edison by 6.6% in the 1st quarter. Wealthfront Advisers LLC now owns 110,139 shares of the utilities provider’s stock valued at $10,428,000 after acquiring an additional 6,863 shares in the last quarter. Institutional investors and hedge funds own 65.73% of the company’s stock.

Analyst Upgrades and Downgrades

ED has been the subject of several recent research reports. Guggenheim raised Consolidated Edison from a “sell” rating to a “neutral” rating and set a $94.00 price target for the company in a report on Monday, May 23rd. Wells Fargo & Company cut Consolidated Edison from an “equal weight” rating to a “sell” rating and upped their price target for the company from $85.00 to $94.00 in a report on Tuesday, May 3rd. KeyCorp upped their price target on Consolidated Edison from $72.00 to $75.00 and gave the company an “underweight” rating in a report on Tuesday, July 19th. Morgan Stanley upped their price target on Consolidated Edison from $76.00 to $77.00 and gave the company an “underweight” rating in a report on Thursday, July 21st. Finally, StockNews.com lowered Consolidated Edison from a “buy” rating to a “hold” rating in a research note on Tuesday, May 3rd. Five research analysts have rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the company. According to MarketBeat, the company has a consensus rating of “Hold” and a consensus target price of $85.91.

Consolidated Edison Company Profile

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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 3.5 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 1,555 customers in parts of Manhattan.

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Earnings History for Consolidated Edison (NYSE:ED)

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