Consolidated Edison (NYSE:ED) Issues FY18 Earnings Guidance

Consolidated Edison (NYSE:ED) updated its FY18 earnings guidance on Thursday. The company provided EPS guidance of $4.25-4.35 for the period, compared to the Thomson Reuters consensus EPS estimate of $4.26.

Several brokerages have weighed in on ED. Goldman Sachs Group raised Consolidated Edison from a sell rating to a neutral rating and raised their price target for the company from $72.00 to $73.00 in a report on Monday, November 5th. Bank of America lowered their price target on Consolidated Edison from $87.00 to $83.00 and set a buy rating on the stock in a report on Friday, November 2nd. Citigroup raised their price target on Consolidated Edison from $79.00 to $80.00 and gave the company a neutral rating in a report on Tuesday, October 16th. Zacks Investment Research raised Consolidated Edison from a sell rating to a hold rating in a report on Friday, October 12th. Finally, ValuEngine raised Consolidated Edison from a sell rating to a hold rating in a report on Tuesday, October 2nd. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has issued a buy rating to the company’s stock. The stock has a consensus rating of Hold and an average price target of $77.18.

ED stock traded up $0.83 during trading hours on Friday, hitting $79.00. 1,361,820 shares of the stock traded hands, compared to its average volume of 2,118,848. Consolidated Edison has a one year low of $71.12 and a one year high of $89.70. The stock has a market capitalization of $24.37 billion and a P/E ratio of 19.32. The company has a quick ratio of 0.56, a current ratio of 0.62 and a debt-to-equity ratio of 0.97.

Consolidated Edison (NYSE:ED) last announced its earnings results on Thursday, November 1st. The utilities provider reported $1.57 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.46 by $0.11. Consolidated Edison had a return on equity of 8.64% and a net margin of 12.60%. The business had revenue of $3.33 billion during the quarter, compared to analysts’ expectations of $3.17 billion. During the same quarter last year, the business posted $1.47 earnings per share. On average, sell-side analysts anticipate that Consolidated Edison will post 4.28 earnings per share for the current year.

The business also recently declared a quarterly dividend, which will be paid on Monday, December 17th. Investors of record on Wednesday, November 14th will be given a $0.715 dividend. The ex-dividend date of this dividend is Tuesday, November 13th. This represents a $2.86 dividend on an annualized basis and a dividend yield of 3.62%. Consolidated Edison’s dividend payout ratio (DPR) is 69.93%.

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About Consolidated Edison

Consolidated Edison, Inc, through its subsidiaries, engages in regulated electric, gas, and steam delivery businesses in the United States. The company offers electric services to approximately 3.4 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 1,600 customers in parts of Manhattan.

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