Consolidated Edison Inc (ED) Posts Earnings Results, Misses Expectations By $0.07 EPS
Consolidated Edison Inc (NYSE:ED) issued its quarterly earnings results on Thursday. The utilities provider reported $1.47 earnings per share (EPS) for the quarter, missing the consensus estimate of $1.54 by ($0.07), Bloomberg Earnings reports. The company had revenue of $3.21 billion during the quarter, compared to the consensus estimate of $3.14 billion. Consolidated Edison had a net margin of 10.42% and a return on equity of 8.52%. During the same quarter last year, the firm posted $1.51 earnings per share.
Consolidated Edison (ED) traded up $1.24 during midday trading on Friday, reaching $87.04. The company had a trading volume of 1,629,418 shares, compared to its average volume of 1,440,000. The firm has a market capitalization of $26.99 billion, a P/E ratio of 21.65, a price-to-earnings-growth ratio of 7.09 and a beta of 0.10. Consolidated Edison has a 1-year low of $68.76 and a 1-year high of $87.58. The company has a quick ratio of 0.68, a current ratio of 0.76 and a debt-to-equity ratio of 1.01.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Wednesday, November 15th will be issued a $0.69 dividend. The ex-dividend date is Tuesday, November 14th. This represents a $2.76 dividend on an annualized basis and a yield of 3.17%. Consolidated Edison’s payout ratio is 69.17%.
Several equities research analysts recently issued reports on the company. BidaskClub upgraded Consolidated Edison from a “sell” rating to a “hold” rating in a research note on Monday, July 24th. Evercore ISI cut Consolidated Edison from an “in-line” rating to an “underperform” rating and set a $74.00 price target for the company. in a research note on Tuesday, September 26th. Zacks Investment Research cut Consolidated Edison from a “buy” rating to a “hold” rating in a research note on Tuesday, September 19th. Morgan Stanley upped their target price on Consolidated Edison from $75.00 to $78.00 and gave the stock an “underweight” rating in a research note on Thursday, August 10th. Finally, Bank of America Corporation assumed coverage on Consolidated Edison in a research note on Tuesday, October 24th. They set a “buy” rating and a $92.00 target price for the company. Five equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and a consensus target price of $78.96.
In related news, CEO Joseph P. Oates sold 1,908 shares of the stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $83.87, for a total value of $160,023.96. Following the completion of the sale, the chief executive officer now directly owns 24,017 shares in the company, valued at $2,014,305.79. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders purchased 79 shares of company stock valued at $6,602 over the last 90 days. 0.20% of the stock is currently owned by company insiders.
Consolidated Edison Company Profile
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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