$1.44 Earnings Per Share Expected for Consolidated Edison Inc (ED) This Quarter
Equities analysts expect Consolidated Edison Inc (NYSE:ED) to report earnings per share of $1.44 for the current quarter, Zacks Investment Research reports. Zero analysts have provided estimates for Consolidated Edison’s earnings. Consolidated Edison posted earnings per share of $1.50 during the same quarter last year, which would indicate a negative year over year growth rate of 4%. The firm is scheduled to issue its next quarterly earnings results on Thursday, November 2nd.
According to Zacks, analysts expect that Consolidated Edison will report full-year earnings of $4.07 per share for the current year, with EPS estimates ranging from $4.00 to $4.10. For the next fiscal year, analysts anticipate that the firm will post earnings of $4.24 per share, with EPS estimates ranging from $4.20 to $4.26. Zacks’ earnings per share averages are an average based on a survey of sell-side analysts that cover Consolidated Edison.
Consolidated Edison (NYSE:ED) last posted its quarterly earnings data on Thursday, August 3rd. The utilities provider reported $0.58 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.61 by $0.03. The company had revenue of $2.63 billion for the quarter, compared to analyst estimates of $2.79 billion. Consolidated Edison had a return on equity of 8.61% and a net margin of 10.57%. During the same quarter in the prior year, the company posted $0.60 earnings per share.
Several equities research analysts have commented on the stock. BidaskClub upgraded shares of Consolidated Edison from a “sell” rating to a “hold” rating in a research report on Monday, July 24th. Zacks Investment Research lowered shares of Consolidated Edison from a “hold” rating to a “sell” rating in a research report on Wednesday, July 5th. Finally, Jefferies Group LLC lowered shares of Consolidated Edison from a “buy” rating to a “hold” rating and decreased their target price for the stock from $88.00 to $83.50 in a research report on Tuesday, June 13th. Six analysts have rated the stock with a sell rating and nine have given a hold rating to the company. The stock presently has a consensus rating of “Hold” and a consensus target price of $76.82.
Consolidated Edison (ED) traded down 0.38% during trading on Friday, reaching $82.80. 1,396,138 shares of the company’s stock were exchanged. The firm has a market capitalization of $25.29 billion, a price-to-earnings ratio of 19.07 and a beta of 0.08. The stock has a 50-day moving average price of $82.24 and a 200 day moving average price of $78.85. Consolidated Edison has a 52 week low of $68.76 and a 52 week high of $85.13.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Investors of record on Wednesday, August 16th will be given a $0.69 dividend. The ex-dividend date is Monday, August 14th. This represents a $2.76 annualized dividend and a dividend yield of 3.33%. Consolidated Edison’s dividend payout ratio is presently 66.67%.
In other Consolidated Edison news, Director Linda S. Sanford acquired 900 shares of the firm’s stock in a transaction that occurred on Wednesday, May 17th. The shares were acquired at an average cost of $79.74 per share, for a total transaction of $71,766.00. Following the transaction, the director now directly owns 8,748 shares of the company’s stock, valued at $697,565.52. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Insiders purchased a total of 1,319 shares of company stock worth $106,510 over the last quarter. Insiders own 0.20% of the company’s stock.
Large investors have recently added to or reduced their stakes in the company. Ameriprise Financial Inc. raised its stake in Consolidated Edison by 3.8% in the first quarter. Ameriprise Financial Inc. now owns 215,980 shares of the utilities provider’s stock valued at $16,770,000 after buying an additional 8,002 shares in the last quarter. Rockland Trust Co. raised its stake in Consolidated Edison by 3.3% in the first quarter. Rockland Trust Co. now owns 55,856 shares of the utilities provider’s stock valued at $4,338,000 after buying an additional 1,799 shares in the last quarter. Dai Ichi Life Insurance Company Ltd raised its stake in Consolidated Edison by 16.4% in the first quarter. Dai Ichi Life Insurance Company Ltd now owns 63,364 shares of the utilities provider’s stock valued at $4,921,000 after buying an additional 8,918 shares in the last quarter. Washington Trust Bank raised its stake in Consolidated Edison by 272.4% in the first quarter. Washington Trust Bank now owns 3,352 shares of the utilities provider’s stock valued at $260,000 after buying an additional 2,452 shares in the last quarter. Finally, Financial Counselors Inc. raised its stake in Consolidated Edison by 46.1% in the first quarter. Financial Counselors Inc. now owns 4,658 shares of the utilities provider’s stock valued at $362,000 after buying an additional 1,469 shares in the last quarter. Institutional investors and hedge funds own 55.82% of the company’s stock.
About Consolidated Edison
Consolidated Edison, Inc (Con Edison) is a holding company. The Company operates through its subsidiaries, which include Consolidated Edison Company of New York, Inc (CECONY), Orange and Rockland Utilities, Inc (O&R), Con Edison Clean Energy Businesses, Inc (the Clean Energy Businesses) and Con Edison Transmission, Inc (Con Edison Transmission).
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