Consolidated Edison Shares Gap Up After Better-Than-Expected Earnings (ED)
Consolidated Edison (NYSE:ED) gapped up prior to trading on Friday following a better than expected earnings announcement, Analyst Ratings Network reports. The stock had previously closed at $55.28, but opened at $55.34. Consolidated Edison shares last traded at $56.19, with a volume of 1,772,500 shares traded.
The company reported $0.65 EPS for the quarter, beating the Thomson Reuters consensus estimate of $0.54 by $0.11. The company had revenue of $2.91 billion for the quarter, compared to the consensus estimate of $2.81 billion. During the same quarter in the prior year, the company posted $0.59 earnings per share. The company’s quarterly revenue was up 3.3% on a year-over-year basis.
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 4.43%. The ex-dividend date is Monday, August 11th.
A number of analysts have recently weighed in on ED shares. Analysts at Jefferies Group cut their price target on shares of Consolidated Edison from $59.00 to $58.00 in a research note on Friday. Separately, analysts at Barclays raised their price target on shares of Consolidated Edison from $59.00 to $60.00 in a research note on Friday. Finally, 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. Three analysts have rated the stock with a hold rating and two have issued a buy rating to the stock. The company presently has a consensus rating of “Hold” and an average target price of $58.86.
The stock has a 50-day moving average of $56.61 and a 200-day moving average of $55.4. The company has a market cap of $16.666 billion and a price-to-earnings ratio of 13.21.
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.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.