What is Scotiabank’s Forecast for ED FY2024 Earnings?

Consolidated Edison, Inc. (NYSE:ED) – Scotiabank issued their FY2024 earnings estimates for Consolidated Edison in a research report issued to clients and investors on Wednesday, January 8th. Scotiabank analyst A. Weisel expects that the utilities provider will post earnings of $5.36 per share for the year. Scotiabank currently has a “Sector Perform” rating and a $100.00 target price on the stock. The consensus estimate for Consolidated Edison’s current full-year earnings is $5.34 per share. Scotiabank also issued estimates for Consolidated Edison’s FY2025 earnings at $5.60 EPS.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings data on Thursday, November 7th. The utilities provider reported $1.68 earnings per share for the quarter, topping the consensus estimate 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 analysts’ expectations of $4.02 billion.

A number of other research analysts have also recently issued reports on ED. Barclays decreased their target price on Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating on the stock in a research report on Friday, November 8th. Evercore ISI raised shares of Consolidated Edison from a “hold” rating to a “strong-buy” rating in a report on Friday, November 8th. Citigroup raised shares of Consolidated Edison from a “neutral” rating to a “buy” rating and increased their price objective for the company from $103.00 to $116.00 in a research note on Tuesday, October 15th. Morgan Stanley decreased their target price on shares of Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating on the stock in a research note on Friday, November 22nd. Finally, Jefferies Financial Group initiated coverage on Consolidated Edison in a report on Wednesday, October 9th. They set a “hold” rating and a $108.00 price objective on the stock. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, two have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $100.64.

Consolidated Edison Stock Down 0.9 %

NYSE ED opened at $88.19 on Monday. The business has a fifty day moving average price of $94.15 and a two-hundred day moving average price of $97.91. The stock has a market capitalization of $30.55 billion, a PE ratio of 16.61, a PEG ratio of 3.11 and a beta of 0.38. Consolidated Edison has a fifty-two week low of $85.85 and a fifty-two week high of $107.75. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.01 and a quick ratio of 0.93.

Consolidated Edison Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Wednesday, November 13th were paid a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a yield of 3.76%. The ex-dividend date was Wednesday, November 13th. Consolidated Edison’s dividend payout ratio is presently 62.52%.

Institutional Investors Weigh In On Consolidated Edison

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