Zacks Research Has Positive Outlook for ED FY2024 Earnings

Consolidated Edison, Inc. (NYSE:ED) – Analysts at Zacks Research raised their FY2024 earnings per share estimates for shares of Consolidated Edison in a report issued on Thursday, December 19th. Zacks Research analyst R. Department now expects that the utilities provider will post earnings of $5.36 per share for the year, up from their prior 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 posted 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. The firm had revenue of $4.09 billion during the quarter, compared to analyst estimates of $4.02 billion. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%.

ED has been the topic of a number of other reports. 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 research report on Friday, November 22nd. Citigroup upgraded Consolidated Edison from a “neutral” rating to a “buy” rating and raised their price target for the stock from $103.00 to $116.00 in a research report on Tuesday, October 15th. Scotiabank upgraded shares of Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and upped their price target for the company from $90.00 to $100.00 in a report on Thursday, December 12th. UBS Group upped their price objective on Consolidated Edison from $105.00 to $106.00 and gave the company a “neutral” rating in a research report on Friday, September 20th. Finally, Jefferies Financial Group assumed coverage on Consolidated Edison in a research report on Wednesday, October 9th. They set a “hold” rating and a $108.00 target price for the company. 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 given a strong buy rating to the stock. According to MarketBeat, Consolidated Edison presently has an average rating of “Hold” and a consensus price target of $99.96.

Consolidated Edison Stock Performance

Consolidated Edison stock opened at $89.67 on Monday. 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 twelve month low of $85.85 and a twelve month high of $107.75. The company’s 50-day moving average price is $98.83 and its 200-day moving average price is $98.10. The company has a market cap of $31.06 billion, a PE ratio of 16.89, a price-to-earnings-growth ratio of 3.11 and a beta of 0.36.

Consolidated Edison Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Wednesday, November 13th were given a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a yield of 3.70%. The ex-dividend date of this dividend was Wednesday, November 13th. Consolidated Edison’s dividend payout ratio (DPR) is 62.52%.

Hedge Funds Weigh In On Consolidated Edison

Institutional investors have recently bought and sold shares of the business. Point72 Asset Management L.P. boosted its position in Consolidated Edison by 1,766.0% during the third 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% in the 2nd quarter. Clean Energy Transition LLP now owns 897,553 shares of the utilities provider’s stock valued at $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% in 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 last quarter. International Assets Investment Management LLC grew its position 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 worth $57,641,000 after buying an additional 548,204 shares during the last quarter. Finally, Acadian Asset Management LLC raised its stake in shares of Consolidated Edison by 302.3% during 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. 66.29% of the stock is owned by hedge funds and other institutional investors.

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.