Consolidated Edison (NYSE:ED) Releases FY 2024 Earnings Guidance

Consolidated Edison (NYSE:ED) issued an update on its FY 2024 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of 5.300-5.400 for the period, compared to the consensus estimate of 5.320. The company issued revenue guidance of -.

Consolidated Edison Stock Performance

Shares of NYSE:ED traded down $1.44 during midday trading on Thursday, hitting $97.52. The company had a trading volume of 3,061,374 shares, compared to its average volume of 1,857,428. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.04 and a quick ratio of 0.97. The company has a market cap of $33.76 billion, a price-to-earnings ratio of 19.06, a PEG ratio of 3.34 and a beta of 0.36. Consolidated Edison has a 12-month low of $85.85 and a 12-month high of $107.75. The company has a fifty day moving average of $103.48 and a two-hundred day moving average of $97.85.

Consolidated Edison Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Wednesday, November 13th will be paid a $0.83 dividend. The ex-dividend date is Wednesday, November 13th. This represents a $3.32 annualized dividend and a dividend yield of 3.40%. Consolidated Edison’s dividend payout ratio (DPR) is 64.59%.

Analyst Ratings Changes

Several equities research analysts have recently commented on ED shares. Bank of America upped their price objective on Consolidated Edison from $97.00 to $109.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. Guggenheim increased their price target on Consolidated Edison from $88.00 to $91.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd. UBS Group increased their price target on Consolidated Edison from $105.00 to $106.00 and gave the stock a “neutral” rating in a research note on Friday, September 20th. Citigroup upgraded Consolidated Edison from a “neutral” rating to a “buy” rating and increased their price target for the stock from $103.00 to $116.00 in a research note on Tuesday, October 15th. Finally, Barclays increased their price target on Consolidated Edison from $98.00 to $104.00 and gave the stock an “underweight” rating in a research note on Monday, October 21st. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, Consolidated Edison has an average rating of “Hold” and a consensus target price of $98.73.

About Consolidated Edison

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 3.7 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.