On May 4th, 2023, Consolidated Edison (NYSE:ED) reported its quarterly earnings results, surprising investors with an impressive EPS of $1.83 for the quarter. This beat the consensus estimate of $1.62 per share by a margin of $0.21 and showcased the company’s ability to outperform expectations.
Furthermore, Consolidated Edison generated total revenue of $4.40 billion during that period, surpassing analyst estimates of $4.01 billion. This represents an increase in revenue of 8.4% compared to the same quarter in the previous year when they recorded earnings per share of $1.47.
The company demonstrated a net margin of 15.56%, emphasizing its capacity to maintain profitability despite uncertain market conditions and economic fluctuations.
In line with its strong financial performance, Consolidated Edison has declared a quarterly dividend on May 25th, rewarding shareholders for their continued confidence in the firm’s future prospects. Shareholders recorded on Wednesday, May 17th will receive a dividend payout of $0.81 per share on June 15th.
At present, Consolidated Edison’s annualized dividend payout is at $3.24 and a dividend yield of 3.47%. Though lower than some other utility companies’ yields, it still represents a considerable investment opportunity due to ED stock’s robust performance over time.
Moreover, The firm opened at $93.50 on Thursday showcasing how ED stock has remained stable over the past years as it reached its one year high price tag at $102.21 with a market capitalization worth around thirty-two billion dollars ($32.40 bn).Investors have also noticed that Consolidate Edison’s PE ratio stands at 13:32,and its PEG ratio improving to9 .75 thus exhibiting how accessible it is.The company currently operates with debt-to-equity ratio standing at0 .99Q indicating efficient management.
Overall, Consolidated Edison’s performance and financial results are commendable, signifying a stable and reliable utility provider in the market. Consequently, given their recent earnings report and dividend declaration, investors can remain confident about the company’s ability to deliver excellent returns based on sound financial practices.
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Analyzing the Mixed Reviews and Institutional Investor Activity for Consolidated Edison, Inc. (NYSE:ED)
Consolidated Edison, Inc. (NYSE:ED) has received mixed reviews from investment analysts in recent weeks. KeyCorp analyst S. Karp lowered the Q2 2023 earnings estimate for shares of Consolidated Edison to $0.61 per share, a decrease from their prior forecast of $0.62. Other analysts have commented on the stock as well, with StockNews.com assuming coverage and giving it a “hold” rating, while Guggenheim raised their target price on the shares to $90.00.
Despite these conflicting reviews, several institutional investors have maintained or increased their holdings in Consolidated Edison in recent months. Arete Wealth Advisors LLC reportedly purchased a new stake worth $519,000 during Q1 2023, while Ameriprise Financial Inc., Guardian Wealth Advisors LLC, B. Riley Wealth Advisors Inc., and Boston Common Asset Management LLC all lifted their positions during the same period.
Overall, Bloomberg.com reports that Consolidated Edison currently has an average rating of “Hold,” with an average price target of $91.42 as of May 25th, 2023. However, the company’s performance may continue to be volatile as analysts and investors weigh different factors affecting its future growth potential and earnings outlooks in both the short and long term.
