Zacks Research Has Optimistic Outlook of ED FY2024 Earnings

Consolidated Edison, Inc. (NYSE:ED - Free Report) - Investment analysts at Zacks Research boosted their FY2024 EPS estimates for Consolidated Edison in a report issued on Thursday, December 19th. Zacks Research analyst R. Department now anticipates that the utilities provider will earn $5.36 per share for the year, up from their previous estimate of $5.34. The consensus estimate for Consolidated Edison's current full-year earnings is $5.34 per share. Zacks Research also issued estimates for Consolidated Edison's Q4 2024 earnings at $0.94 EPS, Q1 2025 earnings at $2.16 EPS, Q3 2025 earnings at $1.83 EPS and Q1 2026 earnings at $1.91 EPS.

A number of other equities analysts have also commented on ED. Barclays decreased their price target on shares of Consolidated Edison from $104.00 to $99.00 and set an "underweight" rating on the stock in a report on Friday, November 8th. Evercore ISI raised Consolidated Edison from a "hold" rating to a "strong-buy" rating in a research note on Friday, November 8th. UBS Group raised their price target on Consolidated Edison from $105.00 to $106.00 and gave the company a "neutral" rating in a research report on Friday, September 20th. Jefferies Financial Group started coverage on Consolidated Edison in a report on Wednesday, October 9th. They issued a "hold" rating and a $108.00 price objective for the company. Finally, Morgan Stanley decreased their price objective on Consolidated Edison from $88.00 to $85.00 and set an "underweight" rating on the stock in a report on Friday, November 22nd. Two research analysts have rated the stock with a sell rating, nine have assigned a hold rating, two have assigned a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Consolidated Edison has a consensus rating of "Hold" and a consensus price target of $99.96.

Consolidated Edison Price Performance

Shares of ED stock traded down $0.36 during trading on Monday, hitting $89.67. The company had a trading volume of 1,979,047 shares, compared to its average volume of 1,920,733. The stock's 50-day moving average is $98.83 and its two-hundred day moving average is $98.10. The stock has a market capitalization of $31.06 billion, a price-to-earnings ratio of 16.89, a price-to-earnings-growth ratio of 3.11 and a beta of 0.36. The company has a quick ratio of 0.93, a current ratio of 1.01 and a debt-to-equity ratio of 1.07. Consolidated Edison has a 52 week low of $85.85 and a 52 week high of $107.75.

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, topping analysts' consensus estimates of $1.56 by $0.12. Consolidated Edison had a return on equity of 8.70% and a net margin of 12.27%. The business had revenue of $4.09 billion for the quarter, compared to analyst estimates of $4.02 billion.

Institutional Trading of Consolidated Edison

Large investors have recently added to or reduced their stakes in the stock. Point72 Asset Management L.P. lifted its position in shares of Consolidated Edison by 1,766.0% in the 3rd quarter. Point72 Asset Management L.P. now owns 988,961 shares of the utilities provider's stock worth $102,980,000 after purchasing an additional 935,962 shares during the period. Clean Energy Transition LLP lifted its holdings in Consolidated Edison by 227.9% in the second quarter. Clean Energy Transition LLP now owns 897,553 shares of the utilities provider's stock worth $80,259,000 after buying an additional 623,787 shares during the period. FMR LLC boosted its position in Consolidated Edison by 82.3% during the 3rd quarter. FMR LLC now owns 1,268,424 shares of the utilities provider's stock valued at $132,081,000 after acquiring an additional 572,530 shares in the last quarter. International Assets Investment Management LLC grew its holdings in shares of Consolidated Edison by 10,262.1% during the 3rd quarter. International Assets Investment Management LLC now owns 553,546 shares of the utilities provider's stock worth $57,641,000 after acquiring an additional 548,204 shares during the period. Finally, Acadian Asset Management LLC raised its position in shares of Consolidated Edison by 302.3% in the 2nd quarter. Acadian Asset Management LLC now owns 709,172 shares of the utilities provider's stock worth $63,396,000 after acquiring an additional 532,893 shares in the last quarter. Institutional investors own 66.29% of the company's stock.

Consolidated Edison Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Wednesday, November 13th were issued a $0.83 dividend. This represents a $3.32 annualized dividend and a yield of 3.70%. The ex-dividend date was Wednesday, November 13th. Consolidated Edison's dividend payout ratio (DPR) is currently 62.52%.

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.