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Tuesday, Consolidated Edison (NYSE:ED), currently trading at $99.68 with a market capitalization of $34.5 billion, saw a revision in their price target from Evercore ISI, with the firm raising its target to $107.00 from the previous $100.00 while maintaining an In Line rating on the stock. The adjustment follows the utility company’s recent financial performance and future projections. According to InvestingPro data, the stock has delivered a robust 17.3% return over the past year.
On February 20th, Consolidated Edison reported earnings per share (EPS) for the fourth quarter that surpassed expectations. Additionally, the company increased its projected EPS compound annual growth rate (CAGR) from the range of 5-7% to 6-7%, based on the midpoint of its 2025 EPS guidance, which is now set at $5.60. This update reflects a positive shift in the company’s financial outlook, supported by the company’s strong dividend history - an InvestingPro analysis reveals that Consolidated Edison has raised its dividend for 50 consecutive years.
In conjunction with its earnings report, Consolidated Edison also announced a significant expansion of its five-year capital plan, adding $10 billion, which represents a 35% increase over previous figures. The company provided details on its financing strategy for the years 2025 through 2029 to support this ambitious growth plan. With a current dividend yield of 3.4% and an overall financial health score rated as "Good" by InvestingPro, the company appears well-positioned to execute its growth strategy.
Evercore ISI analyst Durgesh Chopra stated, "As a result, we are updating our EPS projections through 2027 and raising our target price to $107." This new price target suggests that the analyst has a favorable view of Consolidated Edison’s growth prospects and financial strategy moving forward.
Investors and market watchers will likely monitor Consolidated Edison’s progress as it implements its enhanced capital plan and strives to meet its updated EPS growth targets. The company’s commitment to expanding its investments and financial guidance has garnered a positive response from Evercore ISI, as reflected in the revised price target.
In other recent news, Consolidated Edison reported fourth-quarter earnings that exceeded analyst expectations. The company achieved adjusted earnings per share of $0.98, surpassing the consensus estimate of $0.95. Revenue for the quarter reached $3.67 billion, also beating projections of $3.59 billion and reflecting a 2.2% increase year-over-year. For the full year 2024, Consolidated Edison reported adjusted earnings of $5.40 per share, an increase from $5.07 in 2023. The company’s net income for common stock was $1.82 billion, or $5.26 per share, compared to $2.52 billion, or $7.25 per share, the previous year. Looking forward, the company has provided guidance for fiscal year 2025, projecting adjusted earnings per share between $5.50 and $5.70, aligning closely with the analyst consensus of $5.63 per share. Consolidated Edison also revealed its capital investment plans, including an investment of $5.12 billion in 2025 and $8.07 billion in 2026, with a total of $24.47 billion planned from 2027 through 2029. The company forecasts a five-year compounded annual adjusted earnings per share growth rate of 6% to 7% based on its 2025 guidance.
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