Scotiabank Has Optimistic Outlook of Exelon FY2024 Earnings

Exelon Co. (NASDAQ:EXC - Free Report) - Equities researchers at Scotiabank lifted their FY2024 EPS estimates for Exelon in a research report issued on Wednesday, January 8th. Scotiabank analyst A. Weisel now forecasts that the company will post earnings of $2.47 per share for the year, up from their prior forecast of $2.44. Scotiabank has a "Sector Perform" rating and a $42.00 price target on the stock. The consensus estimate for Exelon's current full-year earnings is $2.45 per share. Scotiabank also issued estimates for Exelon's FY2026 earnings at $2.75 EPS.

Several other brokerages also recently issued reports on EXC. Morgan Stanley lowered their price objective on shares of Exelon from $46.00 to $44.00 and set an "equal weight" rating on the stock in a research report on Friday, November 22nd. Jefferies Financial Group initiated coverage on Exelon in a report on Thursday, September 19th. They set a "buy" rating and a $46.00 price target on the stock. Barclays upped their price objective on Exelon from $41.00 to $44.00 and gave the company an "overweight" rating in a research note on Tuesday, October 15th. Finally, UBS Group lifted their target price on Exelon from $40.00 to $43.00 and gave the company a "neutral" rating in a research note on Friday, September 20th. Six investment analysts have rated the stock with a hold rating and four have given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and an average price target of $42.00.

Exelon Stock Performance

Shares of EXC traded down $0.89 during mid-day trading on Friday, reaching $37.30. 7,689,896 shares of the company's stock were exchanged, compared to its average volume of 5,690,747. The business's fifty day simple moving average is $37.98 and its 200-day simple moving average is $38.06. Exelon has a 52-week low of $33.35 and a 52-week high of $41.19. The stock has a market capitalization of $37.48 billion, a PE ratio of 15.35, a price-to-earnings-growth ratio of 2.63 and a beta of 0.55. The company has a debt-to-equity ratio of 1.66, a current ratio of 1.09 and a quick ratio of 0.97.

Exelon (NASDAQ:EXC - Get Free Report) last announced its earnings results on Wednesday, October 30th. The company reported $0.71 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.67 by $0.04. Exelon had a return on equity of 9.47% and a net margin of 10.60%. The firm had revenue of $6.15 billion during the quarter, compared to analysts' expectations of $5.85 billion. During the same period in the prior year, the firm earned $0.67 EPS. The business's revenue was up 2.9% on a year-over-year basis.

Exelon Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, December 13th. Investors of record on Monday, November 11th were issued a dividend of $0.38 per share. This represents a $1.52 dividend on an annualized basis and a yield of 4.08%. The ex-dividend date was Friday, November 8th. Exelon's dividend payout ratio is presently 62.55%.

Institutional Investors Weigh In On Exelon

A number of hedge funds and other institutional investors have recently bought and sold shares of EXC. HITE Hedge Asset Management LLC grew its holdings in shares of Exelon by 431.3% in the 3rd quarter. HITE Hedge Asset Management LLC now owns 395,840 shares of the company's stock worth $16,051,000 after acquiring an additional 321,333 shares during the period. Charles Schwab Investment Management Inc. increased its position in shares of Exelon by 2.0% in the third quarter. Charles Schwab Investment Management Inc. now owns 6,446,408 shares of the company's stock valued at $261,402,000 after buying an additional 123,466 shares in the last quarter. Andra AP fonden raised its stake in shares of Exelon by 56.4% during the 2nd quarter. Andra AP fonden now owns 138,100 shares of the company's stock worth $4,780,000 after buying an additional 49,800 shares during the last quarter. State Street Corp boosted its position in shares of Exelon by 3.7% in the 3rd quarter. State Street Corp now owns 60,169,219 shares of the company's stock worth $2,439,862,000 after buying an additional 2,156,259 shares in the last quarter. Finally, Kovitz Investment Group Partners LLC grew its stake in Exelon by 110.9% in the 3rd quarter. Kovitz Investment Group Partners LLC now owns 59,755 shares of the company's stock valued at $2,423,000 after acquiring an additional 31,415 shares during the last quarter. Institutional investors and hedge funds own 80.92% of the company's stock.

About Exelon

Exelon Corporation, a utility services holding company, engages in the energy distribution and transmission businesses in the United States and Canada. The company is involved in the purchase and regulated retail sale of electricity and natural gas, transmission and distribution of electricity, and distribution of natural gas to retail customers.