Consolidated Edison (NYSE:ED) Releases Earnings Results, Beats Estimates By $0.09 EPS

Consolidated Edison (NYSE:ED – Get Rating) posted its quarterly earnings data on Thursday. The utilities provider reported $0.64 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.55 by $0.09, Briefing.com reports. Consolidated Edison had a return on equity of 7.66% and a net margin of 10.88%. During the same quarter in the previous year, the company posted $0.53 earnings per share. Consolidated Edison updated its FY 2022 guidance to $4.40-$4.60 EPS and its FY22 guidance to $4.40-4.60 EPS.

Consolidated Edison Trading Down 0.2 %

ED traded down $0.24 during trading on Friday, hitting $97.19. The company’s stock had a trading volume of 1,654,350 shares, compared to its average volume of 1,999,855. The firm’s 50 day moving average price is $94.11 and its 200-day moving average price is $92.02. The company has a debt-to-equity ratio of 1.10, a current ratio of 1.01 and a quick ratio of 0.93. The stock has a market cap of $34.43 billion, a PE ratio of 22.45, a PEG ratio of 10.94 and a beta of 0.25. Consolidated Edison has a twelve month low of $71.52 and a twelve month high of $101.12.

Consolidated Edison Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 15th. Investors of record on Wednesday, August 17th will be paid a $0.79 dividend. This represents a $3.16 dividend on an annualized basis and a yield of 3.25%. The ex-dividend date of this dividend is Tuesday, August 16th. Consolidated Edison’s payout ratio is currently 72.98%.

Institutional Trading of Consolidated Edison

A number of institutional investors and hedge funds have recently made changes to their positions in ED. Brinker Capital Investments LLC boosted its position in Consolidated Edison by 1.2% during the 1st quarter. Brinker Capital Investments LLC now owns 9,592 shares of the utilities provider’s stock worth $908,000 after purchasing an additional 117 shares during the period. First Manhattan Co. boosted its position in Consolidated Edison by 7.9% during the 1st quarter. First Manhattan Co. now owns 3,109 shares of the utilities provider’s stock worth $294,000 after purchasing an additional 228 shares during the period. Cetera Investment Advisers boosted its position in Consolidated Edison by 1.3% in the 1st quarter. Cetera Investment Advisers now owns 19,489 shares of the utilities provider’s stock valued at $1,845,000 after buying an additional 254 shares during the last quarter. Kinneret Advisory LLC boosted its position in Consolidated Edison by 2.3% in the 1st quarter. Kinneret Advisory LLC now owns 14,601 shares of the utilities provider’s stock valued at $1,382,000 after buying an additional 327 shares during the last quarter. Finally, DC Investments Management LLC boosted its position in Consolidated Edison by 2.2% in the 1st quarter. DC Investments Management LLC now owns 15,936 shares of the utilities provider’s stock valued at $1,509,000 after buying an additional 344 shares during the last quarter. 65.73% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

Several research firms have weighed in on ED. Guggenheim upgraded Consolidated Edison from a “sell” rating to a “neutral” rating and set a $94.00 price target on the stock in a research note on Monday, May 23rd. Credit Suisse Group began coverage on Consolidated Edison in a research note on Monday, April 25th. They issued a “neutral” rating and a $100.00 target price on the stock. Wells Fargo & Company downgraded Consolidated Edison from an “equal weight” rating to a “sell” rating and increased their price target for the stock from $85.00 to $94.00 in a research report on Tuesday, May 3rd. StockNews.com cut Consolidated Edison from a “buy” rating to a “hold” rating in a report on Tuesday, May 3rd. Finally, Morgan Stanley increased their price target on Consolidated Edison from $76.00 to $77.00 and gave the company an “underweight” rating in a report on Thursday, July 21st. Five analysts have rated the stock with a sell rating, six have assigned a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat, Consolidated Edison has a consensus rating of “Hold” and a consensus price target of $85.91.

Consolidated Edison Company Profile

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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 3.5 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 1,555 customers in parts of Manhattan.