Analysts forecast that Consolidated Edison, Inc. (NYSE:ED) will announce earnings per share (EPS) of $1.63 for the current quarter, according to Zacks Investment Research. Two analysts have made estimates for Consolidated Edison’s earnings, with estimates ranging from $1.57 to $1.69. Consolidated Edison posted earnings of $1.56 per share during the same quarter last year, which suggests a positive year over year growth rate of 4.5%. The firm is scheduled to issue its next quarterly earnings results on Thursday, November 7th.
According to Zacks, analysts expect that Consolidated Edison will report full year earnings of $4.34 per share for the current financial year, with EPS estimates ranging from $4.28 to $4.38. For the next financial year, analysts forecast that the firm will post earnings of $4.59 per share, with EPS estimates ranging from $4.50 to $4.73. Zacks’ earnings per share averages are an average based on a survey of sell-side research analysts that cover Consolidated Edison.
Consolidated Edison (NYSE:ED) last released its quarterly earnings data on Thursday, August 1st. The utilities provider reported $0.58 earnings per share for the quarter, missing the consensus estimate of $0.60 by ($0.02). Consolidated Edison had a return on equity of 8.04% and a net margin of 10.71%. The business had revenue of $2.74 billion during the quarter, compared to analysts’ expectations of $2.67 billion. During the same quarter last year, the business posted $0.61 EPS.
ED has been the subject of several research analyst reports. KeyCorp initiated coverage on Consolidated Edison in a report on Tuesday, June 4th. They issued a “sector weight” rating for the company. ValuEngine cut Consolidated Edison from a “buy” rating to a “hold” rating in a report on Thursday, August 1st. Barclays reiterated a “hold” rating and issued a $90.00 price objective on shares of Consolidated Edison in a report on Thursday, June 20th. Morgan Stanley dropped their price objective on Consolidated Edison from $93.00 to $91.00 and set an “underweight” rating for the company in a report on Friday. Finally, Credit Suisse Group dropped their price objective on Consolidated Edison from $87.00 to $86.00 and set an “underperform” rating for the company in a report on Thursday, August 8th. Three analysts have rated the stock with a sell rating, nine have issued a hold rating and one has given a buy rating to the company. The company has an average rating of “Hold” and an average target price of $84.73.
Several institutional investors and hedge funds have recently modified their holdings of ED. M Holdings Securities Inc. purchased a new stake in shares of Consolidated Edison during the 1st quarter valued at $1,611,000. NEXT Financial Group Inc lifted its holdings in shares of Consolidated Edison by 682.1% during the 2nd quarter. NEXT Financial Group Inc now owns 23,266 shares of the utilities provider’s stock valued at $2,040,000 after purchasing an additional 20,291 shares during the last quarter. Fagan Associates Inc. purchased a new stake in shares of Consolidated Edison during the 2nd quarter valued at $201,000. OLD National Bancorp IN lifted its holdings in shares of Consolidated Edison by 6.1% during the 2nd quarter. OLD National Bancorp IN now owns 31,367 shares of the utilities provider’s stock valued at $2,750,000 after purchasing an additional 1,811 shares during the last quarter. Finally, NumerixS Investment Technologies Inc lifted its holdings in shares of Consolidated Edison by 22.2% during the 1st quarter. NumerixS Investment Technologies Inc now owns 9,800 shares of the utilities provider’s stock valued at $826,000 after purchasing an additional 1,781 shares during the last quarter. 59.29% of the stock is owned by institutional investors.
NYSE ED traded down $0.22 on Thursday, hitting $87.92. The company’s stock had a trading volume of 9,153 shares, compared to its average volume of 1,585,672. Consolidated Edison has a 52-week low of $73.29 and a 52-week high of $90.51. The company has a current ratio of 0.62, a quick ratio of 0.56 and a debt-to-equity ratio of 1.03. The company’s 50-day simple moving average is $87.33 and its 200 day simple moving average is $85.17. The firm has a market cap of $29.15 billion, a P/E ratio of 20.32, a PEG ratio of 10.05 and a beta of 0.10.
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 $0.74 dividend. This represents a $2.96 annualized dividend and a dividend yield of 3.37%. The ex-dividend date is Tuesday, August 13th. Consolidated Edison’s payout ratio is currently 68.52%.
Consolidated Edison Company Profile
Consolidated Edison, Inc, through its subsidiaries, engages in regulated electric, gas, and steam delivery businesses in the United States. The company offers electric services to approximately 3.5 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 1,622 customers in parts of Manhattan.
Featured Article: How does a security become overbought?
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Consolidated Edison Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Consolidated Edison and related companies with MarketBeat.com's FREE daily email newsletter.