Zacks Research Has Positive Outlook of ED FY2024 Earnings

Consolidated Edison, Inc. (NYSE:ED) – Research analysts at Zacks Research lifted their FY2024 EPS estimates for Consolidated Edison in a research note issued on Thursday, December 19th. Zacks Research analyst R. Department now anticipates that the utilities provider will post earnings of $5.36 per share for the year, up from their previous forecast 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.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings data on Thursday, November 7th. The utilities provider reported $1.68 earnings per share for the quarter, topping the consensus estimate of $1.56 by $0.12. The business had revenue of $4.09 billion during the quarter, compared to the consensus estimate of $4.02 billion. Consolidated Edison had a return on equity of 8.70% and a net margin of 12.27%.

Other equities analysts have also recently issued reports about the stock. Jefferies Financial Group initiated coverage on shares of Consolidated Edison in a research report on Wednesday, October 9th. They set a “hold” rating and a $108.00 price objective for the company. Barclays decreased their target price on shares of Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating on the stock in a research note on Friday, November 8th. Scotiabank upgraded Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and increased their price target for the company from $90.00 to $100.00 in a research note on Thursday, December 12th. Morgan Stanley cut 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. Finally, UBS Group upped their target price on Consolidated Edison from $105.00 to $106.00 and gave the stock a “neutral” rating in a report on Friday, September 20th. Two 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’s stock. According to data from MarketBeat, Consolidated Edison has an average rating of “Hold” and an average target price of $99.96.

Consolidated Edison Stock Down 0.1 %

Shares of NYSE ED opened at $89.58 on Monday. The stock has a 50-day moving average price of $98.56 and a two-hundred day moving average price of $98.08. Consolidated Edison has a 12 month low of $85.85 and a 12 month high of $107.75. The company has a current ratio of 1.01, a quick ratio of 0.93 and a debt-to-equity ratio of 1.07. The company has a market cap of $31.03 billion, a price-to-earnings ratio of 16.87, a PEG ratio of 3.11 and a beta of 0.36.

Consolidated Edison Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Wednesday, November 13th were paid a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.71%. The ex-dividend date of this dividend was Wednesday, November 13th. Consolidated Edison’s dividend payout ratio is currently 62.52%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of the company. Point72 Asset Management L.P. boosted its position in shares of Consolidated Edison by 1,766.0% during the 3rd quarter. Point72 Asset Management L.P. now owns 988,961 shares of the utilities provider’s stock valued at $102,980,000 after purchasing an additional 935,962 shares in the last quarter. Clean Energy Transition LLP boosted its holdings in shares of Consolidated Edison by 227.9% during the 2nd 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 in the last quarter. FMR LLC grew its position in shares of Consolidated Edison by 82.3% during the 3rd quarter. FMR LLC now owns 1,268,424 shares of the utilities provider’s stock worth $132,081,000 after buying an additional 572,530 shares during the period. International Assets Investment Management LLC increased its stake in shares of Consolidated Edison by 10,262.1% in the 3rd quarter. International Assets Investment Management LLC now owns 553,546 shares of the utilities provider’s stock valued at $57,641,000 after acquiring an additional 548,204 shares in the last quarter. Finally, Acadian Asset Management LLC increased its stake 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 valued at $63,396,000 after acquiring an additional 532,893 shares in the last quarter. Institutional investors and hedge funds 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.