Q3 2023 Earnings Estimate for Consolidated Edison, Inc. (NYSE:ED) Issued By KeyCorp

Posted by Defense World Staff on Sep 7th, 2023

Consolidated Edison, Inc. (NYSE:ED – Free Report) – Equities research analysts at KeyCorp cut their Q3 2023 earnings per share estimates for Consolidated Edison in a research report issued to clients and investors on Tuesday, September 5th. KeyCorp analyst S. Karp now expects that the utilities provider will post earnings of $1.65 per share for the quarter, down from their prior forecast of $1.75. The consensus estimate for Consolidated Edison’s current full-year earnings is $4.89 per share. KeyCorp also issued estimates for Consolidated Edison’s FY2023 earnings at $4.94 EPS, FY2024 earnings at $5.19 EPS, FY2025 earnings at $5.54 EPS, FY2026 earnings at $5.79 EPS and FY2027 earnings at $6.06 EPS.

Consolidated Edison (NYSE:ED – Get Free Report) last announced its quarterly earnings data on Thursday, August 3rd. The utilities provider reported $0.61 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.03. The firm had revenue of $2.94 billion during the quarter, compared to analysts’ expectations of $3.31 billion. Consolidated Edison had a return on equity of 8.27% and a net margin of 15.84%. During the same period in the previous year, the business posted $0.64 EPS.

Several other research firms have also issued reports on ED. The Goldman Sachs Group initiated coverage on Consolidated Edison in a research report on Wednesday, June 7th. They set a “sell” rating and a $88.00 target price for the company. Guggenheim decreased their target price on Consolidated Edison from $90.00 to $85.00 in a research report on Friday, July 7th. StockNews.com initiated coverage on Consolidated Edison in a research report on Thursday, August 17th. They set a “hold” rating for the company. Bank of America decreased their target price on Consolidated Edison from $103.00 to $96.00 and set a “buy” rating for the company in a research report on Wednesday, August 16th. Finally, Mizuho decreased their price objective on Consolidated Edison from $95.00 to $88.00 and set a “neutral” rating for the company in a research report on Tuesday. Five analysts have rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, Consolidated Edison currently has an average rating of “Hold” and an average target price of $89.79.

Get Our Latest Stock Analysis on Consolidated Edison

Consolidated Edison Price Performance

Consolidated Edison stock opened at $86.80 on Wednesday. The firm has a market capitalization of $29.94 billion, a P/E ratio of 12.49, a PEG ratio of 9.04 and a beta of 0.37. Consolidated Edison has a 1 year low of $78.10 and a 1 year high of $102.21. The business has a 50-day moving average of $91.45 and a 200-day moving average of $93.63. The company has a current ratio of 1.02, a quick ratio of 0.95 and a debt-to-equity ratio of 0.99.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in the business. Nordea Investment Management AB grew its position in shares of Consolidated Edison by 4.9% in the 4th quarter. Nordea Investment Management AB now owns 21,679 shares of the utilities provider’s stock valued at $2,084,000 after acquiring an additional 1,005 shares during the period. Arete Wealth Advisors LLC acquired a new stake in shares of Consolidated Edison during the 1st quarter worth about $519,380,000,000. CWA Asset Management Group LLC lifted its stake in shares of Consolidated Edison by 4.4% during the 1st quarter. CWA Asset Management Group LLC now owns 4,080 shares of the utilities provider’s stock worth $390,000 after buying an additional 172 shares during the last quarter. First Trust Advisors LP lifted its stake in shares of Consolidated Edison by 10.3% during the 4th quarter. First Trust Advisors LP now owns 1,010,189 shares of the utilities provider’s stock worth $96,287,000 after buying an additional 94,143 shares during the last quarter. Finally, GPS Wealth Strategies Group LLC acquired a new stake in shares of Consolidated Edison during the 1st quarter worth about $306,000. Institutional investors own 64.53% of the company’s stock.

Consolidated Edison Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Wednesday, August 16th will be given a $0.81 dividend. This represents a $3.24 dividend on an annualized basis and a yield of 3.73%. The ex-dividend date of this dividend is Tuesday, August 15th. Consolidated Edison’s dividend payout ratio (DPR) is currently 46.62%.

Consolidated Edison Company Profile

(Get Free Report)

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 3.6 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.

Earnings History and Estimates for Consolidated Edison (NYSE:ED)

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