Zacks Research Analysts Lower Earnings Estimates for Consolidated Edison, Inc. (NYSE:ED)

Consolidated Edison, Inc. (NYSE:ED - Free Report) - Research analysts at Zacks Research dropped their Q3 2024 EPS estimates for shares of Consolidated Edison in a research report issued on Thursday, May 23rd. Zacks Research analyst R. Department now expects that the utilities provider will earn $1.67 per share for the quarter, down from their previous forecast of $1.68. The consensus estimate for Consolidated Edison's current full-year earnings is $5.31 per share. Zacks Research also issued estimates for Consolidated Edison's Q4 2024 earnings at $1.06 EPS, FY2024 earnings at $5.40 EPS, Q1 2025 earnings at $1.90 EPS, Q2 2025 earnings at $0.85 EPS, Q3 2025 earnings at $1.62 EPS, Q4 2025 earnings at $1.22 EPS and FY2025 earnings at $5.60 EPS.

Consolidated Edison (NYSE:ED - Get Free Report) last issued its quarterly earnings results on Thursday, May 2nd. The utilities provider reported $2.15 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.89 by $0.26. The company had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4.40 billion. Consolidated Edison had a net margin of 12.43% and a return on equity of 8.79%. The business's revenue for the quarter was down 2.8% compared to the same quarter last year. During the same period in the prior year, the firm earned $1.83 earnings per share.

Several other equities research analysts also recently weighed in on ED. Barclays increased their price target on Consolidated Edison from $89.00 to $97.00 and gave the stock an "equal weight" rating in a report on Tuesday, May 7th. Scotiabank decreased their price objective on Consolidated Edison from $91.00 to $85.00 and set a "sector underperform" rating on the stock in a research note on Monday, April 22nd. Wells Fargo & Company increased their price objective on Consolidated Edison from $93.00 to $97.00 and gave the company an "equal weight" rating in a research note on Friday, May 3rd. Royal Bank of Canada decreased their price target on Consolidated Edison from $94.00 to $93.00 and set a "sector perform" rating on the stock in a research note on Friday, February 16th. Finally, UBS Group reduced their price objective on Consolidated Edison from $99.00 to $94.00 and set a "neutral" rating on the stock in a research note on Friday, February 16th. Four research analysts have rated the stock with a sell rating, eight have given a hold rating and one has given a buy rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $88.46.

Consolidated Edison Stock Performance

Shares of ED stock traded up $0.56 during trading hours on Friday, hitting $94.43. The stock had a trading volume of 1,639,105 shares, compared to its average volume of 1,899,451. The firm has a market capitalization of $32.66 billion, a PE ratio of 18.02, a PEG ratio of 2.45 and a beta of 0.34. Consolidated Edison has a twelve month low of $80.46 and a twelve month high of $98.85. The stock's 50 day moving average is $92.49 and its 200 day moving average is $90.95. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.99 and a quick ratio of 0.92.

Hedge Funds Weigh In On Consolidated Edison

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Legal & General Group Plc increased its stake in shares of Consolidated Edison by 0.5% in the 3rd quarter. Legal & General Group Plc now owns 6,201,026 shares of the utilities provider's stock valued at $530,373,000 after buying an additional 27,850 shares during the period. Northern Trust Corp lifted its holdings in shares of Consolidated Edison by 8.2% in the third quarter. Northern Trust Corp now owns 4,484,026 shares of the utilities provider's stock valued at $383,519,000 after purchasing an additional 340,239 shares in the last quarter. Morgan Stanley raised its holdings in Consolidated Edison by 1.8% during the third quarter. Morgan Stanley now owns 4,221,543 shares of the utilities provider's stock worth $361,069,000 after acquiring an additional 72,915 shares in the last quarter. Invesco Ltd. raised its holdings in Consolidated Edison by 4.5% during the third quarter. Invesco Ltd. now owns 2,976,921 shares of the utilities provider's stock worth $254,616,000 after acquiring an additional 129,519 shares in the last quarter. Finally, Norges Bank bought a new stake in Consolidated Edison during the fourth quarter worth about $243,511,000. Institutional investors own 66.29% of the company's stock.

Consolidated Edison Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Wednesday, May 15th will be given a $0.83 dividend. The ex-dividend date is Tuesday, May 14th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.52%. Consolidated Edison's dividend payout ratio is currently 63.72%.

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.