Consolidated Edison, Inc. (NYSE:ED) Expected to Post Quarterly Sales of $3.76 Billion

Analysts expect Consolidated Edison, Inc. (NYSE:ED – Get Rating) to post $3.76 billion in sales for the current quarter, according to Zacks Investment Research. Three analysts have made estimates for Consolidated Edison’s earnings. The highest sales estimate is $3.77 billion and the lowest is $3.73 billion. Consolidated Edison posted sales of $3.68 billion during the same quarter last year, which suggests a positive year over year growth rate of 2.2%. The company is scheduled to report its next earnings results after the market closes on Monday, January 1st.

On average, analysts expect that Consolidated Edison will report full year sales of $13.93 billion for the current financial year, with estimates ranging from $13.62 billion to $14.09 billion. For the next fiscal year, analysts anticipate that the business will post sales of $14.44 billion, with estimates ranging from $14.35 billion to $14.54 billion. Zacks’ sales calculations are an average based on a survey of sell-side research firms that follow Consolidated Edison.

Consolidated Edison (NYSE:ED – Get Rating) last announced its quarterly earnings results on Thursday, May 5th. The utilities provider reported $1.47 EPS for the quarter, missing analysts’ consensus estimates of $1.48 by ($0.01). Consolidated Edison had a net margin of 9.84% and a return on equity of 7.63%. During the same quarter last year, the firm posted $1.43 earnings per share.

ED has been the topic of several recent research reports. Morgan Stanley lifted their target price on shares of Consolidated Edison from $75.00 to $82.00 and gave the stock an “underweight” rating in a research report on Wednesday, April 20th. StockNews.com cut shares of Consolidated Edison from a “buy” rating to a “hold” rating in a research report on Tuesday. Wolfe Research upgraded shares of Consolidated Edison from an “underperform” rating to a “peer perform” rating and set a $82.00 target price on the stock in a report on Thursday, February 17th. Guggenheim lowered shares of Consolidated Edison from a “neutral” rating to a “sell” rating and lowered their target price for the stock from $77.00 to $71.00 in a report on Thursday, January 20th. Finally, KeyCorp increased their price objective on shares of Consolidated Edison from $71.00 to $72.00 and gave the company an “underweight” rating in a research note on Wednesday, April 20th. Seven analysts have rated the stock with a sell rating, five have issued a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat, the stock currently has an average rating of “Hold” and an average price target of $82.83.

ED stock opened at $93.98 on Friday. The firm has a market cap of $33.29 billion, a P/E ratio of 24.41, a P/E/G ratio of 10.29 and a beta of 0.23. The company has a quick ratio of 0.94, a current ratio of 1.02 and a debt-to-equity ratio of 1.11. The company’s 50-day moving average price is $93.18 and its two-hundred day moving average price is $85.68. Consolidated Edison has a 12 month low of $71.17 and a 12 month high of $99.22.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, June 15th. Shareholders of record on Wednesday, May 18th will be given a $0.79 dividend. This represents a $3.16 dividend on an annualized basis and a dividend yield of 3.36%. The ex-dividend date is Tuesday, May 17th. Consolidated Edison’s payout ratio is 82.08%.

In other news, Director John Mcavoy sold 74,715 shares of Consolidated Edison stock in a transaction dated Tuesday, February 22nd. The shares were sold at an average price of $84.69, for a total transaction of $6,327,613.35. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders have bought a total of 536 shares of company stock worth $49,448 in the last ninety days. Insiders own 0.13% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of the company. Transcend Capital Advisors LLC raised its holdings in shares of Consolidated Edison by 1.6% during the first quarter. Transcend Capital Advisors LLC now owns 6,717 shares of the utilities provider’s stock valued at $636,000 after purchasing an additional 108 shares during the last quarter. Belpointe Asset Management LLC increased its holdings in Consolidated Edison by 2.4% during the first quarter. Belpointe Asset Management LLC now owns 4,583 shares of the utilities provider’s stock valued at $433,000 after buying an additional 109 shares during the last quarter. First Command Bank increased its holdings in Consolidated Edison by 43.3% during the first quarter. First Command Bank now owns 364 shares of the utilities provider’s stock valued at $34,000 after buying an additional 110 shares during the last quarter. Smith Shellnut Wilson LLC ADV increased its holdings in Consolidated Edison by 3.4% during the fourth quarter. Smith Shellnut Wilson LLC ADV now owns 3,537 shares of the utilities provider’s stock valued at $302,000 after buying an additional 115 shares during the last quarter. Finally, Marino Stram & Associates LLC boosted its position in shares of Consolidated Edison by 0.5% in the first quarter. Marino Stram & Associates LLC now owns 21,227 shares of the utilities provider’s stock worth $2,010,000 after purchasing an additional 116 shares during the period. Hedge funds and other institutional investors own 65.73% of the company’s stock.

About Consolidated Edison (Get Rating)

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.

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