Consolidated Edison, Inc. (NYSE:ED) Expected to Announce Quarterly Sales of $2.85 Billion

Equities analysts expect Consolidated Edison, Inc. (NYSE:ED) to report $2.85 billion in sales for the current fiscal quarter, Zacks reports. Two analysts have issued estimates for Consolidated Edison’s earnings. The lowest sales estimate is $2.83 billion and the highest is $2.87 billion. Consolidated Edison posted sales of $2.74 billion during the same quarter last year, which suggests a positive year-over-year growth rate of 4%. The company is expected to issue its next quarterly earnings report on Thursday, August 6th.

On average, analysts expect that Consolidated Edison will report full-year sales of $12.91 billion for the current year, with estimates ranging from $12.75 billion to $12.99 billion. For the next fiscal year, analysts anticipate that the company will report sales of $13.31 billion, with estimates ranging from $13.13 billion to $13.51 billion. Zacks Investment Research’s sales calculations are an average based on a survey of sell-side research firms that follow Consolidated Edison.

Consolidated Edison (NYSE:ED) last posted its earnings results on Thursday, May 7th. The utilities provider reported $1.35 EPS for the quarter, missing the Thomson Reuters’ 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 the consensus estimate of $3.60 billion. During the same period in the prior year, the business earned $1.39 EPS.

A number of equities research analysts recently commented on the stock. UBS Group lowered 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. Citigroup reduced their price objective on shares of Consolidated Edison from $89.00 to $78.50 and set a “neutral” rating for the company in a research note on Thursday, April 2nd. Cfra reduced their price objective on shares of Consolidated Edison from $92.00 to $74.00 and set a “hold” rating for the company in a research note on Friday. Barclays reduced their price objective on shares of Consolidated Edison from $83.00 to $64.00 and set an “underweight” rating for the company in a research note on Thursday, March 26th. Finally, Bank of America reiterated a “buy” rating and issued a $85.00 price objective (down from $91.00) on shares of Consolidated Edison in a research note on Friday, May 8th. Four investment analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $79.09.

Shares of NYSE:ED traded up $0.26 during mid-day trading on Monday, reaching $70.18. The company had a trading volume of 1,397,037 shares, compared to its average volume of 2,116,714. The company has a current ratio of 0.80, a quick ratio of 0.74 and a debt-to-equity ratio of 1.10. The firm has a market cap of $23.36 billion, a price-to-earnings ratio of 18.09, a PEG ratio of 8.08 and a beta of 0.23. The company’s 50-day moving average price is $79.53 and its 200-day moving average price is $85.83. Consolidated Edison has a one year low of $62.03 and a one year high of $95.10.

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

Institutional investors have recently bought and sold shares of the business. SkyOak Wealt LLC bought a new position in shares of Consolidated Edison during the fourth quarter valued at about $318,000. Delta Asset Management LLC TN raised its stake in shares of Consolidated Edison by 0.8% during the fourth quarter. Delta Asset Management LLC TN now owns 14,038 shares of the utilities provider’s stock valued at $1,270,000 after acquiring an additional 116 shares during the last quarter. ACG Wealth raised its stake in shares of Consolidated Edison by 20.1% during the fourth quarter. ACG Wealth now owns 3,549 shares of the utilities provider’s stock valued at $321,000 after acquiring an additional 595 shares during the last quarter. Wellington Shields & Co. LLC bought a new position in shares of Consolidated Edison during the fourth quarter valued at about $210,000. Finally, Alberta Investment Management Corp raised its stake in shares of Consolidated Edison by 1.9% during the fourth quarter. Alberta Investment Management Corp now owns 374,200 shares of the utilities provider’s stock valued at $33,854,000 after acquiring an additional 6,900 shares during the last quarter. 59.31% of the stock is owned by institutional investors and hedge funds.

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: What are benefits of a growth and income fund?

Get a free copy of the Zacks research report on Consolidated Edison (ED)

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.