Consolidated Edison (NYSE:ED) Updates FY19 Earnings Guidance

Consolidated Edison (NYSE:ED) issued an update on its FY19 earnings guidance on Thursday morning. The company provided earnings per share (EPS) guidance of $4.25-4.45 for the period, compared to the Thomson Reuters consensus estimate of $4.35.

Shares of Consolidated Edison stock traded up $0.20 during midday trading on Friday, hitting $86.13. 2,339,355 shares of the company were exchanged, compared to its average volume of 1,345,415. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.54 and a current ratio of 0.60. The company has a market capitalization of $27.79 billion, a price-to-earnings ratio of 19.94, a P/E/G ratio of 9.77 and a beta of 0.11. Consolidated Edison has a 52 week low of $73.29 and a 52 week high of $90.51. The firm has a 50 day simple moving average of $87.84.

Consolidated Edison (NYSE:ED) last posted its earnings results on Thursday, August 1st. The utilities provider reported $0.58 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.60 by ($0.02). The company had revenue of $2.74 billion for the quarter, compared to the consensus estimate of $2.67 billion. Consolidated Edison had a return on equity of 8.31% and a net margin of 11.03%. During the same quarter last year, the business earned $0.61 EPS. As a group, sell-side analysts anticipate that Consolidated Edison will post 4.35 earnings per share for the current year.

The business also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Wednesday, August 14th will be given a dividend of $0.74 per share. The ex-dividend date is Tuesday, August 13th. This represents a $2.96 annualized dividend and a dividend yield of 3.44%. Consolidated Edison’s dividend payout ratio (DPR) is presently 68.52%.

ED has been the subject of several analyst reports. Barclays restated a hold rating and set a $90.00 target price on shares of Consolidated Edison in a research report on Thursday, June 20th. ValuEngine downgraded Consolidated Edison from a buy rating to a hold rating in a research report on Thursday. Credit Suisse Group set a $80.00 target price on Consolidated Edison and gave the stock a sell rating in a research report on Monday, April 22nd. Morgan Stanley raised their target price on Consolidated Edison from $87.00 to $91.00 and gave the stock an underweight rating in a research report on Friday, June 14th. Finally, KeyCorp initiated coverage on Consolidated Edison in a research report on Tuesday, June 4th. They set a sector weight rating for the company. Three investment analysts have rated the stock with a sell rating, nine have given a hold rating and one has issued a buy rating to the stock. The stock currently has an average rating of Hold and an average price target of $84.19.

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 3.5 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 1,622 customers in parts of Manhattan.

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