KeyCorp Increases Earnings Estimates for Consolidated Edison

Consolidated Edison, Inc. (NYSE:ED - Free Report) - KeyCorp increased their FY2024 earnings per share estimates for Consolidated Edison in a research note issued on Tuesday, December 3rd. KeyCorp analyst S. Karp now expects that the utilities provider will post earnings per share of $5.37 for the year, up from their prior forecast of $5.29. The consensus estimate for Consolidated Edison's current full-year earnings is $5.34 per share. KeyCorp also issued estimates for Consolidated Edison's Q4 2024 earnings at $0.97 EPS, FY2025 earnings at $5.61 EPS, FY2026 earnings at $5.92 EPS, FY2027 earnings at $6.26 EPS and FY2028 earnings at $6.68 EPS.

Consolidated Edison (NYSE:ED - Get Free Report) last announced its earnings results on Thursday, November 7th. The utilities provider reported $1.68 earnings per share for the quarter, beating analysts' consensus estimates of $1.56 by $0.12. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. The firm had revenue of $4.09 billion for the quarter, compared to analyst estimates of $4.02 billion.

A number of other research firms also recently issued reports on ED. Morgan Stanley decreased their price objective on Consolidated Edison from $88.00 to $85.00 and set an "underweight" rating for the company in a report on Friday, November 22nd. Barclays decreased their price target on shares of Consolidated Edison from $104.00 to $99.00 and set an "underweight" rating for the company in a research note on Friday, November 8th. Evercore ISI raised shares of Consolidated Edison from a "hold" rating to a "strong-buy" rating in a research note on Friday, November 8th. Citigroup raised shares of Consolidated Edison from a "neutral" rating to a "buy" rating and raised their target price for the company from $103.00 to $116.00 in a research note on Tuesday, October 15th. Finally, Jefferies Financial Group initiated coverage on Consolidated Edison in a research report on Wednesday, October 9th. They issued a "hold" rating and a $108.00 price target on the stock. Three investment analysts have rated the stock with a sell rating, eight have given a hold rating, two have issued a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and a consensus price target of $99.13.

Consolidated Edison Stock Down 1.7 %

Shares of ED stock traded down $1.68 during midday trading on Friday, reaching $94.82. 2,732,443 shares of the stock were exchanged, compared to its average volume of 1,891,223. Consolidated Edison has a 1 year low of $85.85 and a 1 year high of $107.75. The firm has a market cap of $32.85 billion, a PE ratio of 18.17, a price-to-earnings-growth ratio of 3.27 and a beta of 0.36. The company's 50 day moving average is $101.27 and its two-hundred day moving average is $98.21. The company has a current ratio of 1.01, a quick ratio of 0.93 and a debt-to-equity ratio of 1.07.

Consolidated Edison Announces Dividend

The business also recently disclosed 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 is Wednesday, November 13th. This represents a $3.32 dividend on an annualized basis and a yield of 3.50%. Consolidated Edison's dividend payout ratio (DPR) is 62.52%.

Institutional Trading of Consolidated Edison

A number of hedge funds have recently bought and sold shares of the company. Retirement Planning Co of New England Inc. increased its stake in 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 worth $224,000 after buying an additional 100 shares during the period. Benjamin F. Edwards & Company Inc. raised its stake in shares of Consolidated Edison by 13.0% during 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 in the last quarter. TD Private Client Wealth LLC boosted its holdings in shares of Consolidated Edison by 4.7% in the third quarter. TD Private Client Wealth LLC now owns 2,334 shares of the utilities provider's stock valued at $243,000 after purchasing an additional 104 shares during the period. D.A. Davidson & CO. grew its stake in Consolidated Edison by 1.1% in 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 in the last quarter. Finally, Townsquare Capital LLC increased its holdings in Consolidated Edison by 2.4% during 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 during the period. Hedge funds and other institutional investors own 66.29% of the company's stock.

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.