FY2024 Earnings Forecast for ED Issued By Zacks Research

by · The Markets Daily

Consolidated Edison, Inc. (NYSE:ED – Free Report) – Zacks Research lifted their FY2024 earnings per share estimates for shares of Consolidated Edison in a research report issued on Thursday, November 28th. Zacks Research analyst R. Department now forecasts that the utilities provider will earn $5.34 per share for the year, up from their prior estimate of $5.30. 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 $0.92 EPS, Q1 2025 earnings at $2.07 EPS, Q2 2025 earnings at $0.51 EPS, Q3 2025 earnings at $1.77 EPS, Q4 2025 earnings at $1.26 EPS, FY2025 earnings at $5.61 EPS, Q2 2026 earnings at $0.91 EPS, Q3 2026 earnings at $1.82 EPS and FY2026 earnings at $5.96 EPS.

Other research analysts also recently issued research reports about the stock. Citigroup upgraded shares of Consolidated Edison from a “neutral” rating to a “buy” rating and upped their price target for the stock from $103.00 to $116.00 in a research report on Tuesday, October 15th. UBS Group upped their target price on shares of Consolidated Edison from $105.00 to $106.00 and gave the stock a “neutral” rating in a research report on Friday, September 20th. Barclays lowered their price target on shares of Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating for the company in a report on Friday, November 8th. Evercore ISI raised Consolidated Edison from a “hold” rating to a “strong-buy” rating in a report on Friday, November 8th. Finally, Jefferies Financial Group started coverage on Consolidated Edison in a research note on Wednesday, October 9th. They issued a “hold” rating and a $108.00 target price for the company. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have issued a buy rating and two have assigned a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and a consensus target price of $99.13.

Read Our Latest Stock Analysis on Consolidated Edison

Consolidated Edison Price Performance

Consolidated Edison stock opened at $97.54 on Monday. Consolidated Edison has a 52 week low of $85.85 and a 52 week high of $107.75. The firm has a market cap of $33.79 billion, a P/E ratio of 18.37, a P/E/G ratio of 3.31 and a beta of 0.36. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.93 and a current ratio of 1.01. The business’s fifty day moving average is $101.53 and its two-hundred day moving average is $98.23.

Consolidated Edison (NYSE:ED – Get Free Report) last announced its earnings results on Thursday, November 7th. The utilities provider reported $1.68 EPS for the quarter, topping the consensus estimate 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 the consensus estimate of $4.02 billion.

Institutional Trading of Consolidated Edison

Several hedge funds have recently bought and sold shares of ED. Pathway Financial Advisers LLC lifted its stake in Consolidated Edison by 10,302.6% in the 3rd quarter. Pathway Financial Advisers LLC now owns 24,446 shares of the utilities provider’s stock valued at $2,546,000 after acquiring an additional 24,211 shares in the last quarter. Cetera Advisors LLC boosted its holdings in Consolidated Edison by 74.5% during the first quarter. Cetera Advisors LLC now owns 17,150 shares of the utilities provider’s stock worth $1,557,000 after purchasing an additional 7,324 shares during the last quarter. National Pension Service grew its position in Consolidated Edison by 7.0% in the third quarter. National Pension Service now owns 468,572 shares of the utilities provider’s stock valued at $48,792,000 after purchasing an additional 30,838 shares in the last quarter. Czech National Bank increased its stake in Consolidated Edison by 8.5% in the 2nd quarter. Czech National Bank now owns 65,902 shares of the utilities provider’s stock valued at $5,893,000 after buying an additional 5,161 shares during the last quarter. Finally, Parallel Advisors LLC lifted its position in Consolidated Edison by 12.1% during the 2nd quarter. Parallel Advisors LLC now owns 8,032 shares of the utilities provider’s stock worth $718,000 after buying an additional 869 shares in the last quarter. 66.29% of the stock is currently owned by institutional investors and hedge funds.

Consolidated Edison Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Wednesday, November 13th will be issued a $0.83 dividend. The ex-dividend date of this dividend is Wednesday, November 13th. This represents a $3.32 annualized dividend and a dividend yield of 3.40%. Consolidated Edison’s dividend payout ratio (DPR) is currently 62.52%.

Consolidated Edison Company Profile

(Get Free Report)

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.

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