Consolidated Edison (NYSE:ED) Releases Earnings Results, Beats Estimates By $0.26 EPS

Consolidated Edison (NYSE:ED - Get Free Report) announced its quarterly earnings results on Thursday. The utilities provider reported $2.15 EPS for the quarter, beating analysts' consensus estimates of $1.89 by $0.26, Briefing.com reports. Consolidated Edison had a return on equity of 8.86% and a net margin of 12.43%. The firm had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4.40 billion. During the same period last year, the firm posted $1.83 earnings per share. The business's revenue for the quarter was down 2.8% on a year-over-year basis. Consolidated Edison updated its FY24 guidance to $5.20-5.40 EPS.

Consolidated Edison Stock Up 0.3 %

NYSE:ED traded up $0.31 on Friday, hitting $95.56. The stock had a trading volume of 2,465,195 shares, compared to its average volume of 2,284,421. Consolidated Edison has a 1 year low of $80.46 and a 1 year high of $100.44. The firm's fifty day simple moving average is $90.21 and its two-hundred day simple moving average is $90.13. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.94 and a current ratio of 1.01. The stock has a market cap of $33.02 billion, a P/E ratio of 18.34, a price-to-earnings-growth ratio of 8.97 and a beta of 0.34.

Consolidated Edison Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Wednesday, May 15th will be issued a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a yield of 3.47%. The ex-dividend date is Tuesday, May 14th. Consolidated Edison's dividend payout ratio (DPR) is presently 63.72%.

Analysts Set New Price Targets

ED has been the topic of several analyst reports. Wells Fargo & Company boosted their price objective on shares of Consolidated Edison from $93.00 to $97.00 and gave the stock an "equal weight" rating in a research note on Friday. Royal Bank of Canada decreased their target price on shares of Consolidated Edison from $94.00 to $93.00 and set a "sector perform" rating for the company in a research report on Friday, February 16th. Scotiabank dropped their price target on shares of Consolidated Edison from $91.00 to $85.00 and set a "sector underperform" rating on the stock in a research report on Monday, April 22nd. Barclays lifted their price objective on Consolidated Edison from $86.00 to $87.00 and gave the stock an "equal weight" rating in a research report on Thursday, March 14th. Finally, UBS Group cut their target price on Consolidated Edison from $99.00 to $94.00 and set a "neutral" rating on the stock in a research report on Friday, February 16th. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating and one has assigned a buy rating to the stock. According to MarketBeat, Consolidated Edison has a consensus rating of "Hold" and a consensus price target of $87.75.

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.