Consolidated Edison (NYSE:ED) Issues Earnings Results

Consolidated Edison (NYSE:ED) issued its quarterly earnings data on Thursday. The utilities provider reported $0.58 EPS for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.02), Bloomberg Earnings reports. Consolidated Edison had a return on equity of 8.18% and a net margin of 10.71%. The firm had revenue of $2.74 billion during the quarter, compared to analyst estimates of $2.67 billion. During the same quarter in the prior year, the firm earned $0.61 EPS. Consolidated Edison updated its FY19 guidance to $4.25-4.45 EPS.

Shares of Consolidated Edison stock traded up $0.20 during trading on Friday, reaching $86.13. The company had a trading volume of 2,339,355 shares, compared to its average volume of 1,413,553. The firm has a market capitalization of $28.11 billion, a P/E ratio of 19.94, a price-to-earnings-growth ratio of 9.88 and a beta of 0.11. The firm’s fifty day simple moving average is $87.84. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.54 and a current ratio of 0.60. Consolidated Edison has a fifty-two week low of $73.29 and a fifty-two week high of $90.51.

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

A number of brokerages have commented on ED. Bank of America upgraded shares of Consolidated Edison from a “neutral” rating to a “buy” rating and cut their price objective for the stock from $96.00 to $94.00 in a report on Friday, April 26th. They noted that the move was a valuation call. Morgan Stanley boosted their price objective on shares of Consolidated Edison from $87.00 to $91.00 and gave the stock an “underweight” rating in a report on Friday, June 14th. ValuEngine lowered shares of Consolidated Edison from a “buy” rating to a “hold” rating in a report on Thursday. Credit Suisse Group set a $80.00 price objective on shares of Consolidated Edison and gave the stock a “sell” rating in a report on Monday, April 22nd. Finally, KeyCorp began coverage on shares of Consolidated Edison in a report on Tuesday, June 4th. They issued a “sector weight” rating on the stock. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and one has assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $84.19.

Institutional investors have recently modified their holdings of the company. Joseph P. Lucia & Associates LLC acquired a new stake in Consolidated Edison during the first quarter worth about $9,767,000. BNP Paribas Arbitrage SA raised its stake in Consolidated Edison by 329.4% during the second quarter. BNP Paribas Arbitrage SA now owns 780,500 shares of the utilities provider’s stock worth $68,434,000 after acquiring an additional 598,746 shares during the period. Lazard Asset Management LLC raised its stake in Consolidated Edison by 47.5% during the first quarter. Lazard Asset Management LLC now owns 1,568,260 shares of the utilities provider’s stock worth $133,004,000 after acquiring an additional 505,090 shares during the period. Great West Life Assurance Co. Can raised its stake in Consolidated Edison by 51.1% during the first quarter. Great West Life Assurance Co. Can now owns 1,290,720 shares of the utilities provider’s stock worth $109,178,000 after acquiring an additional 436,479 shares during the period. Finally, Geode Capital Management LLC raised its stake in Consolidated Edison by 9.8% during the fourth quarter. Geode Capital Management LLC now owns 4,460,033 shares of the utilities provider’s stock worth $340,474,000 after acquiring an additional 398,820 shares during the period. Institutional investors and hedge funds own 58.86% of the company’s stock.

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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Earnings History for Consolidated Edison (NYSE:ED)

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