Q3 EPS Estimate for Consolidated Edison Lowered by Analyst

Consolidated Edison, Inc. (NYSE:ED) – Stock analysts at KeyCorp reduced their Q3 2024 earnings estimates for Consolidated Edison in a research note issued on Monday, October 21st. KeyCorp analyst S. Karp now expects that the utilities provider will post earnings per share of $1.57 for the quarter, down from their previous estimate of $1.74. The consensus estimate for Consolidated Edison’s current full-year earnings is $5.30 per share. KeyCorp also issued estimates for Consolidated Edison’s Q4 2024 earnings at $1.00 EPS, FY2025 earnings at $5.62 EPS and FY2028 earnings at $6.65 EPS.

Consolidated Edison (NYSE:ED) last issued its earnings results on Thursday, August 1st. The utilities provider reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.02. Consolidated Edison had a net margin of 12.03% and a return on equity of 8.67%. The firm had revenue of $3.22 billion for the quarter, compared to analysts’ expectations of $3.08 billion. During the same quarter last year, the business earned $0.61 earnings per share.

Several other research firms have also recently weighed in on ED. Guggenheim lifted their price target on shares of Consolidated Edison from $88.00 to $91.00 and gave the company a “neutral” rating in a report on Friday, August 2nd. Citigroup upgraded shares of Consolidated Edison from a “neutral” rating to a “buy” rating and lifted their price target for the company from $103.00 to $116.00 in a report on Tuesday, October 15th. Morgan Stanley lifted their price target on shares of Consolidated Edison from $82.00 to $87.00 and gave the company an “underweight” rating in a report on Wednesday, September 25th. Wells Fargo & Company lifted their price target on shares of Consolidated Edison from $97.00 to $105.00 and gave the company an “equal weight” rating in a report on Friday, August 2nd. Finally, Bank of America lifted their price target on shares of Consolidated Edison from $97.00 to $109.00 and gave the company a “buy” rating in a report on Monday, August 5th. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of “Hold” and an average target price of $98.73.

Consolidated Edison Stock Up 1.6 %

Shares of Consolidated Edison stock opened at $107.40 on Thursday. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.97 and a current ratio of 1.04. Consolidated Edison has a 52-week low of $85.85 and a 52-week high of $107.46. The stock has a market capitalization of $37.14 billion, a price-to-earnings ratio of 20.61, a P/E/G ratio of 3.46 and a beta of 0.36. The company’s 50 day moving average price is $103.10 and its 200-day moving average price is $96.98.

Consolidated Edison Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Wednesday, November 13th will be given a $0.83 dividend. This represents a $3.32 annualized dividend and a dividend yield of 3.09%. The ex-dividend date of this dividend is Wednesday, November 13th. Consolidated Edison’s dividend payout ratio is presently 63.72%.

Hedge Funds Weigh In On Consolidated Edison

Large investors have recently modified their holdings of the stock. Sei Investments Co. raised its position in Consolidated Edison by 57.4% in the 1st quarter. Sei Investments Co. now owns 244,404 shares of the utilities provider’s stock worth $22,193,000 after buying an additional 89,080 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. raised its position in Consolidated Edison by 153.9% in the 1st quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 245,802 shares of the utilities provider’s stock worth $22,321,000 after buying an additional 148,988 shares during the last quarter. Mizuho Markets Americas LLC raised its position in Consolidated Edison by 121.1% in the 1st quarter. Mizuho Markets Americas LLC now owns 113,675 shares of the utilities provider’s stock worth $10,323,000 after buying an additional 62,260 shares during the last quarter. AMF Tjanstepension AB purchased a new position in Consolidated Edison in the 1st quarter worth about $13,193,000. Finally, Plato Investment Management Ltd raised its position in Consolidated Edison by 17,683.9% in the 1st quarter. Plato Investment Management Ltd now owns 9,959 shares of the utilities provider’s stock worth $904,000 after buying an additional 9,903 shares during the last quarter. Hedge funds and other institutional investors own 66.29% of the company’s stock.

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.