Consolidated Edison (ED) Releases Quarterly Earnings, Beats Expectations By $0.11 EPS
Consolidated Edison (NYSE:ED) announced its earnings results on Thursday. The company reported $0.65 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.54 by $0.11, Stock Ratings Network reports. The company had revenue of $2.91 billion for the quarter, compared to the consensus estimate of $2.81 billion. During the same quarter last year, the company posted $0.59 earnings per share. Consolidated Edison’s revenue was up 3.3% compared to the same quarter last year. Consolidated Edison updated its FY14 guidance to $3.70-3.85 EPS.
Shares of Consolidated Edison (NYSE:ED) traded up 1.06% on Thursday, hitting $55.34. The stock had a trading volume of 2,750,539 shares. Consolidated Edison has a 52-week low of $52.23 and a 52-week high of $60.85. The stock’s 50-day moving average is $56.61 and its 200-day moving average is $55.4. The company has a market cap of $16.209 billion and a P/E ratio of 13.07.
The company also recently announced a quarterly dividend, which is scheduled for Monday, September 15th. Investors of record on Wednesday, August 13th will be paid a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a dividend yield of 4.55%. The ex-dividend date is Monday, August 11th.
Several analysts have recently commented on the stock. Analysts at CRT Capital reiterated a “fairly valued” rating on shares of Consolidated Edison in a research note on Monday, July 21st. They now have a $58.00 price target on the stock, up previously from $57.00. On a related note, analysts at Ned Davis Research upgraded shares of Consolidated Edison from a “neutral” rating to a “buy” rating in a research note on Monday, May 12th. Finally, analysts at Jefferies Group reiterated a “hold” rating on shares of Consolidated Edison in a research note on Monday, May 12th. They now have a $59.00 price target on the stock, down previously from $61.00. Four investment analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The company presently has an average rating of “Hold” and an average target price of $58.86.
Consolidated Edison, Inc (NYSE:ED) is a holding company, which owns Consolidated Edison Company of New York, Inc (CECONY), which delivers electricity, natural gas and steam to customers in New York City and Westchester County; Orange and Rockland Utilities, Inc (O&R) (together with CECONY referred to as the Utilities), which delivers electricity and natural gas to customers primarily located in southeastern New York, and northern New Jersey and northeastern Pennsylvania, and competitive energy businesses, which provide retail and wholesale electricity supply and energy services.
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