Consolidated Edison, Inc. (NYSE:ED) to Post Q2 2024 Earnings of $0.54 Per Share, KeyCorp Forecasts

Consolidated Edison, Inc. (NYSE:ED) – Equities researchers at KeyCorp issued their Q2 2024 earnings per share (EPS) estimates for Consolidated Edison in a research note issued to investors on Sunday, July 21st. KeyCorp analyst S. Karp anticipates that the utilities provider will post earnings of $0.54 per share for the quarter. The consensus estimate for Consolidated Edison’s current full-year earnings is $5.32 per share. KeyCorp also issued estimates for Consolidated Edison’s Q3 2024 earnings at $1.74 EPS, Q4 2024 earnings at $0.89 EPS and FY2028 earnings at $6.68 EPS.

A number of other brokerages have also issued reports on ED. Scotiabank lowered their price target on Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating for the company in a report on Monday, April 22nd. Wells Fargo & Company upped their price target on Consolidated Edison from $93.00 to $97.00 and gave the stock an “equal weight” rating in a research report on Friday, May 3rd. Morgan Stanley cut their target price on Consolidated Edison from $80.00 to $76.00 and set an “underweight” rating on the stock in a research report on Monday, June 24th. UBS Group upped their target price on Consolidated Edison from $92.00 to $96.00 and gave the company a “neutral” rating in a research report on Friday, July 19th. Finally, Barclays downgraded Consolidated Edison from an “equal weight” rating to an “underweight” rating and cut their price target for the stock from $97.00 to $92.00 in a research report on Monday. Four investment analysts have rated the stock with a sell rating, seven have issued a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Hold” and an average price target of $89.04.

Consolidated Edison Stock Up 0.0 %

Shares of NYSE:ED opened at $95.92 on Wednesday. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.99 and a quick ratio of 0.92. The firm has a market capitalization of $33.17 billion, a PE ratio of 18.41, a price-to-earnings-growth ratio of 2.37 and a beta of 0.34. The business has a 50 day simple moving average of $92.03 and a two-hundred day simple moving average of $91.19. Consolidated Edison has a 1 year low of $80.46 and a 1 year high of $98.85.

Consolidated Edison (NYSE:ED) last announced its earnings results on Thursday, May 2nd. The utilities provider reported $2.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.89 by $0.26. Consolidated Edison had a return on equity of 8.79% and a net margin of 12.43%. The business had revenue of $4.28 billion during the quarter, compared to analyst estimates of $4.40 billion. During the same quarter in the previous year, the business earned $1.83 earnings per share. The company’s revenue for the quarter was down 2.8% compared to the same quarter last year.

Consolidated Edison Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Wednesday, August 14th will be issued a $0.83 dividend. This represents a $3.32 annualized dividend and a yield of 3.46%. The ex-dividend date of this dividend is Wednesday, August 14th. Consolidated Edison’s payout ratio is 63.72%.

Institutional Inflows and Outflows

A number of institutional investors have recently bought and sold shares of ED. Beacon Capital Management LLC lifted its stake in Consolidated Edison by 2,307.7% in the 1st quarter. Beacon Capital Management LLC now owns 313 shares of the utilities provider’s stock worth $28,000 after purchasing an additional 300 shares in the last quarter. Turtle Creek Wealth Advisors LLC purchased a new stake in Consolidated Edison in the fourth quarter valued at approximately $29,000. Tidemark LLC purchased a new stake in Consolidated Edison in the fourth quarter valued at approximately $29,000. Raleigh Capital Management Inc. purchased a new stake in Consolidated Edison in the fourth quarter valued at approximately $29,000. Finally, CVA Family Office LLC acquired a new position in shares of Consolidated Edison in the fourth quarter worth $32,000. 66.29% of the stock is owned by hedge funds and other institutional investors.

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.