Consolidated Edison Inc (ED) Issues Earnings Results, Misses Expectations By $0.03 EPS
Consolidated Edison Inc (NYSE:ED) announced its quarterly earnings data on Thursday. The utilities provider reported $0.58 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.61 by $0.03, Bloomberg Earnings reports. Consolidated Edison had a net margin of 10.57% and a return on equity of 8.61%. The firm had revenue of $2.63 billion during the quarter, compared to the consensus estimate of $2.79 billion. During the same quarter in the prior year, the firm posted $0.60 earnings per share.
Shares of Consolidated Edison (ED) traded down 0.38% on Friday, hitting $82.80. The stock had a trading volume of 1,396,138 shares. The stock has a market capitalization of $25.29 billion, a P/E ratio of 19.07 and a beta of 0.08. The firm 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. Stockholders of record on Wednesday, August 16th will be issued a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a dividend yield of 3.33%. The ex-dividend date is Monday, August 14th. Consolidated Edison’s payout ratio is 66.67%.
In other Consolidated Edison news, Director Linda S. Sanford bought 900 shares of the firm’s stock in a transaction that occurred on Wednesday, May 17th. The shares were bought at an average price of $79.74 per share, with a total value of $71,766.00. Following the purchase, the director now owns 8,748 shares of the company’s stock, valued at $697,565.52. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders bought 1,319 shares of company stock worth $106,510 in the last ninety days. Corporate insiders own 0.20% of the company’s stock.
A number of hedge funds have recently modified their holdings of the stock. Armbruster Capital Management Inc. increased its stake in shares of Consolidated Edison by 127.3% in the second quarter. Armbruster Capital Management Inc. now owns 1,250 shares of the utilities provider’s stock valued at $101,000 after buying an additional 700 shares during the period. Stuart Chaussee & Associates Inc. increased its stake in shares of Consolidated Edison by 138.3% in the first quarter. Stuart Chaussee & Associates Inc. now owns 1,370 shares of the utilities provider’s stock valued at $106,000 after buying an additional 795 shares during the period. Oakworth Capital Inc. increased its stake in shares of Consolidated Edison by 10.5% in the second quarter. Oakworth Capital Inc. now owns 1,447 shares of the utilities provider’s stock valued at $117,000 after buying an additional 137 shares during the period. Tompkins Financial Corp acquired a new stake in shares of Consolidated Edison during the first quarter valued at about $118,000. Finally, Enterprise Financial Services Corp increased its stake in shares of Consolidated Edison by 2.5% in the first quarter. Enterprise Financial Services Corp now owns 1,555 shares of the utilities provider’s stock valued at $121,000 after buying an additional 38 shares during the period. 55.82% of the stock is currently owned by institutional investors.
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A number of brokerages recently issued reports on ED. UBS AG boosted their price objective on Consolidated Edison from $72.00 to $75.00 and gave the company a “sell” rating in a research note on Monday, May 8th. BidaskClub upgraded Consolidated Edison from a “sell” rating to a “hold” rating in a research note on Monday, July 24th. Jefferies Group LLC cut Consolidated Edison from a “buy” rating to a “hold” rating and lowered their price objective for the company from $88.00 to $83.50 in a research note on Tuesday, June 13th. Zacks Investment Research cut Consolidated Edison from a “buy” rating to a “hold” rating in a research report on Wednesday, May 31st. Finally, BMO Capital Markets reiterated a “hold” rating and set a $80.00 price target on shares of Consolidated Edison in a research report on Friday, May 5th. Six analysts have rated the stock with a sell rating and nine have issued a hold rating to the stock. Consolidated Edison presently has an average rating of “Hold” and a consensus price target of $76.82.
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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