KeyCorp Equities Analysts Decrease Earnings Estimates for Consolidated Edison, Inc. (NYSE:ED)

Consolidated Edison, Inc. (NYSE:ED – Get Rating) – Investment analysts at KeyCorp cut their Q2 2023 earnings estimates for shares of Consolidated Edison in a report issued on Tuesday, May 23rd. KeyCorp analyst S. Karp now expects that the utilities provider will post earnings per share of $0.61 for the quarter, down from their prior forecast of $0.62. The consensus estimate for Consolidated Edison’s current full-year earnings is $4.85 per share.

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

Several other analysts have also commented on the stock. StockNews.com assumed coverage on shares of Consolidated Edison in a research report on Thursday, May 18th. They set a “hold” rating on the stock. Guggenheim lifted their target price on shares of Consolidated Edison from $86.00 to $90.00 in a report on Monday, May 8th. Royal Bank of Canada lifted their target price on shares of Consolidated Edison from $94.00 to $95.00 and gave the company a “sector perform” rating in a report on Monday, February 27th. JPMorgan Chase & Co. dropped their target price on shares of Consolidated Edison from $88.00 to $87.00 and set an “underweight” rating for the company in a report on Thursday, February 2nd. Finally, 3M reiterated a “maintains” rating on shares of Consolidated Edison in a report on Friday, May 5th. Four research analysts have rated the stock with a sell rating, six have issued a hold rating and one has assigned a buy rating to the company’s stock. According to MarketBeat.com, the company has an average rating of “Hold” and an average price target of $91.42.

Consolidated Edison Stock Down 0.4 %

ED stock opened at $93.50 on Thursday. The firm has a market cap of $32.40 billion, a PE ratio of 13.32, a PEG ratio of 9.75 and a beta of 0.37. The company has a debt-to-equity ratio of 0.99, a quick ratio of 1.11 and a current ratio of 1.20. The firm’s 50 day moving average price is $97.12 and its 200-day moving average price is $95.15. Consolidated Edison has a one year low of $78.10 and a one year high of $102.21.

Hedge Funds Weigh In On Consolidated Edison

Several institutional investors have recently modified their holdings of the business. Arete Wealth Advisors LLC purchased a new stake in shares of Consolidated Edison during the 1st quarter worth $519,000. Ameriprise Financial Inc. lifted its position in shares of Consolidated Edison by 2.0% during the 1st quarter. Ameriprise Financial Inc. now owns 259,341 shares of the utilities provider’s stock worth $24,812,000 after purchasing an additional 5,125 shares during the last quarter. Guardian Wealth Advisors LLC lifted its position in shares of Consolidated Edison by 6.5% during the 1st quarter. Guardian Wealth Advisors LLC now owns 6,105 shares of the utilities provider’s stock worth $584,000 after purchasing an additional 371 shares during the last quarter. B. Riley Wealth Advisors Inc. lifted its position in shares of Consolidated Edison by 32.1% during the 1st quarter. B. Riley Wealth Advisors Inc. now owns 34,649 shares of the utilities provider’s stock worth $3,315,000 after purchasing an additional 8,410 shares during the last quarter. Finally, Boston Common Asset Management LLC lifted its position in shares of Consolidated Edison by 6.3% during the 1st quarter. Boston Common Asset Management LLC now owns 233,167 shares of the utilities provider’s stock worth $22,307,000 after purchasing an additional 13,778 shares during the last quarter. Institutional investors and hedge funds own 64.95% of the company’s stock.

Consolidated Edison Announces Dividend

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

About Consolidated Edison

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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.