Brokerages Expect Consolidated Edison, Inc. (NYSE:ED) Will Announce Earnings of $0.58 Per Share

Equities analysts expect Consolidated Edison, Inc. (NYSE:ED) to post $0.58 earnings per share for the current quarter, Zacks Investment Research reports. Two analysts have provided estimates for Consolidated Edison’s earnings. The highest EPS estimate is $0.63 and the lowest is $0.54. Consolidated Edison also posted earnings per share of $0.58 during the same quarter last year. The firm is expected to announce its next quarterly earnings report on Thursday, August 6th.

According to Zacks, analysts expect that Consolidated Edison will report full year earnings of $4.36 per share for the current year, with EPS estimates ranging from $4.25 to $4.40. For the next fiscal year, analysts anticipate that the business will report earnings of $4.57 per share, with EPS estimates ranging from $4.54 to $4.59. Zacks Investment Research’s EPS calculations are a mean average based on a survey of analysts that that provide coverage for Consolidated Edison.

Consolidated Edison (NYSE:ED) last announced its earnings results on Thursday, May 7th. The utilities provider reported $1.35 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.43 by ($0.08). Consolidated Edison had a return on equity of 7.92% and a net margin of 10.53%. The firm had revenue of $3.23 billion for the quarter, compared to analyst estimates of $3.60 billion. During the same quarter last year, the business posted $1.39 EPS.

A number of analysts recently issued reports on the stock. Wells Fargo & Co decreased their target price on shares of Consolidated Edison from $99.00 to $78.00 and set an “equal weight” rating on the stock in a research report on Monday, May 11th. Bank of America restated a “buy” rating and set a $85.00 target price (down previously from $91.00) on shares of Consolidated Edison in a research report on Friday, May 8th. Citigroup decreased their price target on shares of Consolidated Edison from $89.00 to $78.50 and set a “neutral” rating on the stock in a report on Thursday, April 2nd. Credit Suisse Group reiterated a “sell” rating and issued a $76.00 price target on shares of Consolidated Edison in a report on Friday, May 8th. Finally, UBS Group decreased their price target on shares of Consolidated Edison from $96.00 to $88.00 and set a “neutral” rating on the stock in a report on Monday, March 16th. Four research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average target price of $79.09.

Several hedge funds have recently modified their holdings of ED. Golden State Wealth Management LLC purchased a new stake in Consolidated Edison during the 1st quarter worth $26,000. Duncker Streett & Co. Inc. purchased a new stake in Consolidated Edison during the 4th quarter worth $27,000. Pacitti Group Inc. purchased a new stake in Consolidated Edison during the 4th quarter worth $27,000. Gradient Investments LLC increased its stake in Consolidated Edison by 269.0% during the 1st quarter. Gradient Investments LLC now owns 369 shares of the utilities provider’s stock worth $29,000 after buying an additional 269 shares during the period. Finally, Balentine LLC purchased a new stake in Consolidated Edison during the 1st quarter worth $29,000. 59.31% of the stock is currently owned by institutional investors and hedge funds.

NYSE ED traded up $0.26 during mid-day trading on Friday, reaching $70.18. 1,397,037 shares of the stock were exchanged, compared to its average volume of 2,116,714. Consolidated Edison has a 1-year low of $62.03 and a 1-year high of $95.10. The business’s fifty day simple moving average is $79.53 and its 200 day simple moving average is $85.83. The stock has a market capitalization of $23.36 billion, a PE ratio of 18.09, a PEG ratio of 8.08 and a beta of 0.23. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.74 and a current ratio of 0.80.

The firm also recently announced a quarterly dividend, which will be paid on Monday, June 15th. Stockholders of record on Wednesday, May 13th will be paid a $0.765 dividend. This represents a $3.06 dividend on an annualized basis and a dividend yield of 4.36%. The ex-dividend date is Tuesday, May 12th. Consolidated Edison’s dividend payout ratio is presently 70.02%.

About Consolidated Edison

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.

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