Consolidated Edison (ED) Stock Moves -0.66%: What You Should Know
Consolidated Edison (ED) closed the most recent trading day at $87.67, moving -0.66% from the previous trading session. This change was narrower than the S&P 500's daily loss of 3.25%. Meanwhile, the Dow lost 2.42%, and the Nasdaq, a tech-heavy index, lost 0.41%.
Heading into today, shares of the utility had lost 7.32% over the past month, lagging the Utilities sector's loss of 6.04% and the S&P 500's loss of 5.62% in that time.
Consolidated Edison will be looking to display strength as it nears its next earnings release. On that day, Consolidated Edison is projected to report earnings of $0.55 per share, which would represent year-over-year growth of 3.77%. Meanwhile, our latest consensus estimate is calling for revenue of $3.13 billion, up 5.4% from the prior-year quarter.
Looking at the full year, our Zacks Consensus Estimates suggest analysts are expecting earnings of $4.49 per share and revenue of $14.3 billion. These totals would mark changes of +2.28% and +4.57%, respectively, from last year.
It is also important to note the recent changes to analyst estimates for Consolidated Edison. These revisions typically reflect the latest short-term business trends, which can change frequently. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Our research shows that these estimate changes are directly correlated with near-term stock prices. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.
Ranging from #1 (Strong Buy) to #5 (Strong Sell), the Zacks Rank system has a proven, outside-audited track record of outperformance, with #1 stocks returning an average of +25% annually since 1988. The Zacks Consensus EPS estimate remained stagnant within the past month. Consolidated Edison currently has a Zacks Rank of #3 (Hold).
In terms of valuation, Consolidated Edison is currently trading at a Forward P/E ratio of 19.68. This valuation marks a premium compared to its industry's average Forward P/E of 17.92.
Meanwhile, ED's PEG ratio is currently 9.84. This popular metric is similar to the widely-known P/E ratio, with the difference being that the PEG ratio also takes into account the company's expected earnings growth rate. The Utility - Electric Power industry currently had an average PEG ratio of 3.02 as of yesterday's close.
The Utility - Electric Power industry is part of the Utilities sector. This industry currently has a Zacks Industry Rank of 106, which puts it in the top 42% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
Make sure to utilize Zacks.com to follow all of these stock-moving metrics, and more, in the coming trading sessions.
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