Consolidated Edison (NYSE:ED) Updates FY 2024 Earnings Guidance

Consolidated Edison (NYSE:ED - Get Free Report) updated its FY 2024 earnings guidance on Friday. The company provided earnings per share (EPS) guidance of 5.200-5.400 for the period, compared to the consensus estimate of 5.310. The company issued revenue guidance of -.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently issued reports on ED shares. Wells Fargo & Company raised their target price on Consolidated Edison from $93.00 to $97.00 and gave the company an equal weight rating in a report on Friday. Scotiabank reduced their target price 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 raised their price target on shares of Consolidated Edison from $86.00 to $87.00 and gave the company an equal weight rating in a report on Thursday, March 14th. KeyCorp upgraded Consolidated Edison from an underweight rating to a sector weight rating in a research note on Thursday, January 4th. Finally, Royal Bank of Canada cut their price target on shares of Consolidated Edison from $94.00 to $93.00 and set a sector perform rating on the stock in a report on Friday, February 16th. Four investment analysts have rated the stock with a sell rating, eight have given a hold rating and one has issued a buy rating to the company's stock. According to data from MarketBeat.com, Consolidated Edison currently has an average rating of Hold and a consensus price target of $87.75.

Consolidated Edison Stock Performance

Shares of NYSE:ED traded up $0.31 during midday trading on Friday, hitting $95.56. The company's stock had a trading volume of 2,464,123 shares, compared to its average volume of 1,897,431. Consolidated Edison has a fifty-two week low of $80.46 and a fifty-two week high of $100.44. 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 capitalization of $33.02 billion, a price-to-earnings ratio of 13.31, a PEG ratio of 8.92 and a beta of 0.34. The stock's 50 day simple moving average is $90.06 and its 200 day simple moving average is $90.08.

Consolidated Edison (NYSE:ED - Get Free Report) last issued its quarterly earnings results on Thursday, May 2nd. The utilities provider reported $2.15 EPS for the quarter, topping the consensus estimate of $1.89 by $0.26. Consolidated Edison had a return on equity of 8.41% and a net margin of 17.19%. The company had revenue of $4.28 billion for the quarter, compared to the consensus estimate of $4.40 billion. During the same period in the previous year, the business posted $1.83 EPS. The company's revenue for the quarter was down 2.8% on a year-over-year basis. As a group, research analysts anticipate that Consolidated Edison will post 5.31 earnings per share for the current year.

Consolidated Edison Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Wednesday, May 15th will be given a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.47%. The ex-dividend date of this dividend is Tuesday, May 14th. Consolidated Edison's dividend payout ratio is currently 46.24%.

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.