Analysts Offer Predictions for Consolidated Edison, Inc.’s Q3 2023 Earnings (NYSE:ED)

Consolidated Edison, Inc. (NYSE:ED – Get Rating) – Investment analysts at KeyCorp increased their Q3 2023 earnings estimates for shares of Consolidated Edison in a note issued to investors on Tuesday, May 23rd. KeyCorp analyst S. Karp now expects that the utilities provider will post earnings per share of $1.75 for the quarter, up from their previous forecast of $1.73. The consensus estimate for Consolidated Edison’s current full-year earnings is $4.85 per share. KeyCorp also issued estimates for Consolidated Edison’s Q4 2023 earnings at $0.66 EPS, FY2023 earnings at $4.85 EPS, FY2025 earnings at $5.47 EPS, FY2026 earnings at $5.80 EPS and FY2027 earnings at $6.09 EPS.

A number of other research analysts have also issued reports on ED. Royal Bank of Canada upped their price target on shares of Consolidated Edison from $94.00 to $95.00 and gave the company a “sector perform” rating in a research note on Monday, February 27th. Citigroup upped their price objective on shares of Consolidated Edison from $92.00 to $103.00 and gave the stock a “neutral” rating in a research report on Wednesday, February 22nd. Morgan Stanley upped their price objective on shares of Consolidated Edison from $70.00 to $77.00 and gave the stock an “underweight” rating in a research report on Thursday, April 20th. 3M reiterated a “maintains” rating on shares of Consolidated Edison in a research report on Friday, May 5th. Finally, Credit Suisse Group reduced their target price on shares of Consolidated Edison from $95.00 to $91.00 and set a “neutral” rating for the company in a research report on Friday, February 17th. Four analysts have rated the stock with a sell rating, six have assigned a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $91.42.

Consolidated Edison Trading Down 0.4 %

NYSE ED opened at $93.50 on Wednesday. The company has a quick ratio of 1.11, a current ratio of 1.20 and a debt-to-equity ratio of 0.99. The firm has a market cap of $32.40 billion, a PE ratio of 13.32, a price-to-earnings-growth ratio of 9.75 and a beta of 0.37. The company has a 50 day moving average price of $97.12 and a 200 day moving average price of $95.15. Consolidated Edison has a 52 week low of $78.10 and a 52 week high of $102.21.

Consolidated Edison (NYSE:ED – Get Rating) last released its quarterly earnings data on Thursday, May 4th. The utilities provider reported $1.83 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.62 by $0.21. The company had revenue of $4.40 billion during the quarter, compared to analysts’ expectations of $4.01 billion. Consolidated Edison had a net margin of 15.56% and a return on equity of 8.36%. The firm’s quarterly revenue was up 8.4% on a year-over-year basis. During the same period in the previous year, the company earned $1.47 EPS.

Consolidated Edison Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, June 15th. Investors of record on Wednesday, May 17th will be given a $0.81 dividend. The ex-dividend date of this dividend is Tuesday, May 16th. This represents a $3.24 dividend on an annualized basis and a yield of 3.47%. Consolidated Edison’s dividend payout ratio (DPR) is 46.15%.

Hedge Funds Weigh In On Consolidated Edison

Hedge funds and other institutional investors have recently bought and sold shares of the company. Brandywine Oak Private Wealth LLC acquired a new position in Consolidated Edison in the 4th quarter valued at about $201,000. Nordea Investment Management AB raised its stake in 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 purchasing an additional 1,005 shares during the last quarter. First Trust Advisors LP raised its stake in Consolidated Edison by 10.3% in the 4th quarter. First Trust Advisors LP now owns 1,010,189 shares of the utilities provider’s stock valued at $96,287,000 after purchasing an additional 94,143 shares during the last quarter. Boyd Watterson Asset Management LLC OH acquired a new position in Consolidated Edison in the 4th quarter valued at about $32,000. Finally, Cambridge Investment Research Advisors Inc. raised its stake in Consolidated Edison by 8.7% in the 4th quarter. Cambridge Investment Research Advisors Inc. now owns 91,358 shares of the utilities provider’s stock valued at $8,707,000 after purchasing an additional 7,338 shares during the last quarter. 64.95% of the stock is currently owned by hedge funds and other institutional investors.

Consolidated Edison Company Profile

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Consolidated Edison, Inc is a holding company, which engages in the business of regulated electric, gas, and steam delivery. It operates through the following segments: Consolidated Edison Company of New York (CECONY), Orange and Rockland Utilities(O&R), Con Edison Clean Energy Businesses and Con Edison Transmission.