Wall Street brokerages predict that Consolidated Edison, Inc. (NYSE:ED – Get Rating) will announce $3.75 billion in sales for the current quarter, Zacks reports. Two analysts have made estimates for Consolidated Edison’s earnings, with the lowest sales estimate coming in at $3.73 billion and the highest estimate coming in at $3.76 billion. Consolidated Edison posted sales of $3.68 billion during the same quarter last year, which suggests a positive year over year growth rate of 1.9%. The business is expected to announce its next earnings results after the market closes on Monday, January 1st.
According to Zacks, analysts expect that Consolidated Edison will report full-year sales of $13.80 billion for the current fiscal year, with estimates ranging from $13.53 billion to $14.08 billion. For the next fiscal year, analysts anticipate that the business will report sales of $14.22 billion, with estimates ranging from $14.04 billion to $14.43 billion. Zacks’ sales calculations are a mean average based on a survey of analysts that cover Consolidated Edison.
Consolidated Edison (NYSE:ED – Get Rating) last issued its quarterly earnings data on Thursday, February 17th. The utilities provider reported $1.00 EPS for the quarter, beating the Zacks’ consensus estimate of $0.85 by $0.15. The business had revenue of $3.42 billion for the quarter, compared to analyst estimates of $2.97 billion. Consolidated Edison had a return on equity of 7.63% and a net margin of 9.84%. During the same quarter in the prior year, the firm posted $0.75 EPS.
In related news, Director John Mcavoy sold 74,715 shares of the firm’s stock in a transaction on Tuesday, February 22nd. The stock was sold at an average price of $84.69, for a total transaction of $6,327,613.35. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Insiders have purchased a total of 512 shares of company stock valued at $46,801 in the last 90 days. 0.17% of the stock is owned by corporate insiders.
Hedge funds have recently added to or reduced their stakes in the stock. DB Fitzpatrick & Co Inc acquired a new stake in shares of Consolidated Edison during the fourth quarter worth $25,000. Godsey & Gibb Associates acquired a new position in Consolidated Edison during the fourth quarter valued at approximately $26,000. Shore Point Advisors LLC acquired a new position in Consolidated Edison during the fourth quarter valued at approximately $26,000. Tyler Stone Wealth Management acquired a new position in Consolidated Edison during the fourth quarter valued at approximately $26,000. Finally, CVA Family Office LLC acquired a new position in Consolidated Edison during the fourth quarter valued at approximately $28,000. 62.01% of the stock is owned by hedge funds and other institutional investors.
Shares of NYSE ED traded up $0.78 during mid-day trading on Friday, reaching $97.72. 25,715 shares of the company traded hands, compared to its average volume of 2,176,323. The company has a debt-to-equity ratio of 1.11, a quick ratio of 0.94 and a current ratio of 1.02. The stock has a market cap of $34.61 billion, a PE ratio of 25.18, a price-to-earnings-growth ratio of 10.96 and a beta of 0.22. The company’s fifty day moving average is $90.08 and its two-hundred day moving average is $83.80. Consolidated Edison has a fifty-two week low of $71.17 and a fifty-two week high of $98.65.
The business also recently announced a quarterly dividend, which was paid on Tuesday, March 15th. Investors of record on Wednesday, February 16th were given a dividend of $0.79 per share. This represents a $3.16 annualized dividend and a dividend yield of 3.23%. The ex-dividend date was Tuesday, February 15th. This is an increase from Consolidated Edison’s previous quarterly dividend of $0.78. Consolidated Edison’s dividend payout ratio (DPR) is 82.08%.
Consolidated Edison Company Profile (Get Rating)
Consolidated Edison, Inc, through its subsidiaries, engages in the regulated electric, gas, and steam delivery businesses in the United States. It offers electric services to approximately 3.5 million customers in New York City and Westchester County; gas to approximately 1.1 million customers in Manhattan, the Bronx, parts of Queens, and Westchester County; and steam to approximately 1,555 customers in parts of Manhattan.
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