Brokerages forecast that Consolidated Edison, Inc. (NYSE:ED) will report earnings per share (EPS) of $0.78 for the current quarter, Zacks reports. Two analysts have issued estimates for Consolidated Edison’s earnings, with the lowest EPS estimate coming in at $0.76 and the highest estimate coming in at $0.79. Consolidated Edison posted earnings per share of $0.69 in the same quarter last year, which indicates a positive year over year growth rate of 13%. The company is expected to issue its next quarterly earnings results after the market closes on Thursday, February 15th.
According to Zacks, analysts expect that Consolidated Edison will report full year earnings of $4.10 per share for the current financial year, with EPS estimates ranging from $4.07 to $4.14. For the next fiscal year, analysts forecast that the company will post earnings of $4.27 per share, with EPS estimates ranging from $4.25 to $4.30. Zacks’ earnings per share calculations are a mean average based on a survey of sell-side research analysts that cover Consolidated Edison.
ED has been the subject of several research analyst reports. KeyCorp reissued a “hold” rating on shares of Consolidated Edison in a research report on Friday, October 20th. Zacks Investment Research lowered Consolidated Edison from a “buy” rating to a “hold” rating in a research report on Thursday, January 4th. Bank of America started coverage on Consolidated Edison in a research report on Tuesday, October 24th. They issued a “buy” rating and a $92.00 target price for the company. JPMorgan Chase & Co. started coverage on Consolidated Edison in a research report on Friday, January 12th. They issued an “underweight” rating and a $78.00 target price for the company. Finally, ValuEngine raised Consolidated Edison from a “hold” rating to a “buy” rating in a research report on Friday, November 10th. Four equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the stock. Consolidated Edison currently has a consensus rating of “Hold” and a consensus target price of $81.86.
The company also recently announced a quarterly dividend, which will be paid on Thursday, March 15th. Investors of record on Wednesday, February 14th will be given a $0.715 dividend. This represents a $2.86 dividend on an annualized basis and a yield of 3.76%. This is a positive change from Consolidated Edison’s previous quarterly dividend of $0.69. The ex-dividend date is Tuesday, February 13th. Consolidated Edison’s payout ratio is presently 69.17%.
Institutional investors have recently modified their holdings of the stock. Thrivent Financial For Lutherans boosted its stake in Consolidated Edison by 2.9% during the 2nd quarter. Thrivent Financial For Lutherans now owns 12,304 shares of the utilities provider’s stock valued at $994,000 after purchasing an additional 350 shares during the last quarter. FMR LLC boosted its stake in Consolidated Edison by 5.5% during the 2nd quarter. FMR LLC now owns 260,507 shares of the utilities provider’s stock valued at $21,054,000 after purchasing an additional 13,651 shares during the last quarter. Dimensional Fund Advisors LP boosted its stake in Consolidated Edison by 0.8% during the 2nd quarter. Dimensional Fund Advisors LP now owns 610,002 shares of the utilities provider’s stock valued at $49,301,000 after purchasing an additional 5,108 shares during the last quarter. Numeric Investors LLC acquired a new position in Consolidated Edison during the 2nd quarter valued at about $679,000. Finally, Janus Henderson Group PLC boosted its stake in Consolidated Edison by 6,358.2% during the 2nd quarter. Janus Henderson Group PLC now owns 2,300,677 shares of the utilities provider’s stock valued at $185,940,000 after purchasing an additional 2,265,053 shares during the last quarter. 56.02% of the stock is owned by institutional investors and hedge funds.
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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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