Q3 EPS Estimate for Consolidated Edison Decreased by Analyst

Consolidated Edison, Inc. (NYSE:ED) – Investment analysts at KeyCorp decreased their Q3 2024 earnings estimates for shares of Consolidated Edison in a report issued on Monday, October 21st. KeyCorp analyst S. Karp now forecasts that the utilities provider will earn $1.57 per share for the quarter, down from their prior estimate of $1.74. The consensus estimate for Consolidated Edison’s current full-year earnings is $5.30 per share. KeyCorp also issued estimates for Consolidated Edison’s Q4 2024 earnings at $1.00 EPS, FY2025 earnings at $5.62 EPS and FY2028 earnings at $6.65 EPS.

Consolidated Edison (NYSE:ED) last released its earnings results on Thursday, August 1st. The utilities provider reported $0.59 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.57 by $0.02. Consolidated Edison had a net margin of 12.03% and a return on equity of 8.67%. The company had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.08 billion. During the same period in the prior year, the company posted $0.61 EPS.

A number of other analysts also recently weighed in on the stock. Wells Fargo & Company increased their price target on shares of Consolidated Edison from $97.00 to $105.00 and gave the company an “equal weight” rating in a research report on Friday, August 2nd. Jefferies Financial Group started coverage on shares of Consolidated Edison in a research report on Wednesday, October 9th. They issued a “hold” rating and a $108.00 price target on the stock. Guggenheim increased their price target on shares of Consolidated Edison from $88.00 to $91.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. Citigroup upgraded shares of Consolidated Edison from a “neutral” rating to a “buy” rating and increased their price target for the company from $103.00 to $116.00 in a research report on Tuesday, October 15th. Finally, Morgan Stanley increased their price target on shares of Consolidated Edison from $82.00 to $87.00 and gave the company an “underweight” rating in a research report on Wednesday, September 25th. Four investment analysts have rated the stock with a sell rating, eight have given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $98.73.

Consolidated Edison Stock Performance

Shares of NYSE:ED opened at $107.00 on Thursday. The company has a market capitalization of $37.00 billion, a price-to-earnings ratio of 20.54, a P/E/G ratio of 3.46 and a beta of 0.36. The firm’s 50 day simple moving average is $103.10 and its 200 day simple moving average is $96.98. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.04 and a quick ratio of 0.97. Consolidated Edison has a fifty-two week low of $85.85 and a fifty-two week high of $107.75.

Hedge Funds Weigh In On Consolidated Edison

Several hedge funds have recently made changes to their positions in ED. Brookstone Capital Management grew its stake in shares of Consolidated Edison by 4.3% during the 1st quarter. Brookstone Capital Management now owns 24,010 shares of the utilities provider’s stock worth $2,180,000 after acquiring an additional 981 shares in the last quarter. Future Financial Wealth Managment LLC bought a new position in shares of Consolidated Edison during the 1st quarter worth approximately $48,000. DGS Capital Management LLC grew its stake in shares of Consolidated Edison by 62.5% in the first quarter. DGS Capital Management LLC now owns 7,366 shares of the utilities provider’s stock valued at $669,000 after buying an additional 2,834 shares in the last quarter. Wealth Enhancement Advisory Services LLC grew its stake in shares of Consolidated Edison by 41.7% in the first quarter. Wealth Enhancement Advisory Services LLC now owns 396,576 shares of the utilities provider’s stock valued at $36,013,000 after buying an additional 116,669 shares in the last quarter. Finally, Ausbil Investment Management Ltd bought a new position in shares of Consolidated Edison in the first quarter valued at $4,643,000. 66.29% of the stock is owned by institutional investors.

Consolidated Edison Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Wednesday, November 13th will be paid a dividend of $0.83 per share. The ex-dividend date of this dividend is Wednesday, November 13th. This represents a $3.32 dividend on an annualized basis and a yield of 3.10%. Consolidated Edison’s payout ratio is 63.72%.

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.