Consolidated Edison (ED) displayed mixed performance, with them falling short of expected full year 2024 earnings per share. Nonetheless, Guggenheim raised its price target for ED from $92 to $96. ED's Q4 earnings and revenue reportedly surpassed estimates. Their $37B investment is anticipated to yield higher returns. The company's sales saw an increase of US$593 million, counterbalanced with a US$699 million drop in net income. Due to the rising rates of electricity, ED managed to beat fourth-quarter profit estimates. Despite a decrease in Q4 profits, they managed to outperform estimates. Word has it ED recently broke out above the 200-day moving average. However, their proposal for a double-digit rate hike faces strong opposition from New Yorkers. Moving forward, ED projects EPS of $5.50-$5.70 for FY25, with a consensus of $5.63. Barclays and Scotiabank adjusted their price targets for ED to $95 and $101 respectively. However, sentiment against proposed rate hikes is quite explicit, with rallying NY citizens and state officials, including Governor Hochul, who is calling for a rejection and audit of management compensations. Interestingly, despite green energy initiatives, Con Edison still anticipates raising rates.
Consolidated Edison ED News Analytics from Thu, 02 May 2024 07:00:00 GMT to Sat, 22 Feb 2025 12:05:14 GMT -
Rating -2
- Innovation 2
- Information 4
- Rumor -1
