Q3 EPS Estimate for Consolidated Edison Decreased by Analyst

Consolidated Edison, Inc. (NYSE:ED) – Equities researchers at KeyCorp decreased their Q3 2024 earnings estimates for shares of Consolidated Edison in a research report issued to clients and investors on Monday, October 21st. KeyCorp analyst S. Karp now anticipates that the utilities provider will earn $1.57 per share for the quarter, down from their previous forecast 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 released its earnings results on Thursday, August 1st. The utilities provider reported $0.59 EPS for the quarter, beating the consensus estimate of $0.57 by $0.02. The firm had revenue of $3.22 billion during the quarter, compared to analysts’ expectations of $3.08 billion. Consolidated Edison had a net margin of 12.03% and a return on equity of 8.67%. During the same period in the prior year, the company earned $0.61 EPS.

ED has been the topic of several other research reports. Scotiabank boosted their price target on shares of Consolidated Edison from $85.00 to $90.00 and gave the company a “sector underperform” rating in a report on Tuesday, August 20th. Morgan Stanley boosted 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 boosted 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. Guggenheim boosted 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. Finally, Barclays boosted their price target on shares of Consolidated Edison from $98.00 to $104.00 and gave the company an “underweight” rating in a report on Monday. Four analysts have rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $98.73.

Consolidated Edison Trading Down 0.4 %

Shares of Consolidated Edison stock opened at $107.00 on Thursday. The firm has a market capitalization of $37.00 billion, a PE ratio of 20.54, a price-to-earnings-growth ratio of 3.46 and a beta of 0.36. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.04 and a quick ratio of 0.97. The company’s fifty day moving average price is $103.10 and its two-hundred day moving average price is $96.98. Consolidated Edison has a 52-week low of $85.85 and a 52-week high of $107.75.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently added to or reduced their stakes in ED. Beacon Capital Management LLC lifted its position in Consolidated Edison by 2,307.7% during the 1st quarter. Beacon Capital Management LLC now owns 313 shares of the utilities provider’s stock worth $28,000 after buying an additional 300 shares in the last quarter. Pathway Financial Advisers LLC acquired a new position in Consolidated Edison during the 1st quarter worth about $33,000. TruNorth Capital Management LLC acquired a new position in Consolidated Edison during the 2nd quarter valued at about $33,000. Versant Capital Management Inc lifted its position in Consolidated Edison by 380.2% during the 2nd quarter. Versant Capital Management Inc now owns 413 shares of the utilities provider’s stock valued at $37,000 after purchasing an additional 327 shares during the period. Finally, Future Financial Wealth Managment LLC acquired a new position in Consolidated Edison during the 1st quarter valued at about $48,000. Institutional investors and hedge funds own 66.29% of the company’s stock.

Consolidated Edison Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Wednesday, November 13th will be given a dividend of $0.83 per share. The ex-dividend date of this dividend is Wednesday, November 13th. This represents a $3.32 annualized dividend and a yield of 3.10%. Consolidated Edison’s dividend payout ratio (DPR) is 63.72%.

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.