Company Reports

We are reaffirming our $91 per share fair value estimate for Consolidated Edison after the company reported earning $5.07 per share on an adjusted basis in 2023, up 11% from 2022. This is in line with our forecast and management's most recent guidance.

Consolidated Edison's core rate-regulated electric and natural gas distribution utilities in New York and New Jersey have produced stable earnings and dividend growth despite regulatory challenges historically. Now we think regulation is becoming more constructive as all stakeholders in the region pursue aggressive clean energy goals.

With the U.N. Climate Change Conference, otherwise known as COP28, starting this week, we are reasserting our view that the market underappreciates utilities' critical role in limiting global warming.

We are reaffirming our $89 per share fair value estimate for Consolidated Edison after the company reported earning $1.62 per share on an adjusted basis during the third quarter, mostly flat with the third quarter of 2022. We are reaffirming our no-moat rating.

We are reaffirming our fair value estimates and economic moat ratings for all U.S. utilities after the sector fell nearly 5% on Monday. We think the sector's 11% drop since last week offers a rare opportunity for investors to buy high-quality utilities at very attractive prices.

We are reaffirming our $89 per share fair value estimate for Consolidated Edison after the company reported earning $0.61 per share on an adjusted basis during the second quarter, down from $0.64 during the second quarter of 2022 primarily due to the loss of earnings from the sale of its clean energy business in the first quarter. We are reaffirming our no-moat rating.

Consolidated Edison's core rate-regulated electric and natural gas distribution utilities in New York and New Jersey have produced stable earnings and dividend growth despite regulatory challenges. Now we think regulation is becoming more constructive as all stakeholders in the region pursue aggressive clean energy goals.

We are reaffirming our $88 per share fair value estimate for Con Ed after the company reported earning $1.83 per share on an adjusted basis during the first quarter, up from $1.47 during the first quarter of 2022. The adjusted results exclude the $2.25 per share earnings benefit from the sale of the clean energy business during the quarter. We are reaffirming our no-moat and stable moat trend ratings.

Consolidated Edison's core rate-regulated electric and natural gas distribution utilities in New York and New Jersey have produced stable earnings and dividend growth despite regulatory challenges.

We plan to raise our $86 per share fair value estimate for Con Ed by about 5% after the company reported earning $4.57 per share on an adjusted basis in 2022, up from $4.39 in 2021 and above our estimate, as well as a constructive settlement in its 2023-25 gas and electric rate case. We are reaffirming our no-moat and stable moat trend ratings.

We are reaffirming our $86 per share fair value estimate for Con Ed after incorporating updates from the company's annual environmental, social, and governance investor presentation. We are reaffirming our no-moat and stable moat trend ratings.

Consolidated Edison's core rate-regulated electric and natural gas distribution utilities in New York and New Jersey have produced stable earnings and dividend growth despite regulatory challenges.

We are reaffirming our $86 per share fair value estimate for ConEd after the company reported earning $1.63 per share on an adjusted basis in the third quarter and year-to-date results that are on track to meet our full-year forecast and management's $4.50-$4.60 guidance range. We are reaffirming our no-moat and stable moat trend ratings.

We are reaffirming our $86 per share fair value estimate for ConEd after European utility RWE agreed to pay $6.8 billion for ConEd's renewable energy business, one of the largest portfolios of wind and solar projects in the U.S.

Consolidated Edison's core rate-regulated electric and natural gas distribution utilities in New York and New Jersey have produced stable earnings and dividend growth despite regulatory challenges.

We are reaffirming our fair value estimates for U.S. utilities after raising our 10-year annual U.S. electricity demand growth forecast to 1.4%, up from 1.2% in our previous forecast two years ago. We also are reaffirming our economic moat and moat trend ratings for all U.S. utilities.

Our initial analysis of the U.S. Inflation Reduction Act that President Joe Biden plans to sign on Aug. 16 has led us to reaffirm or make slight increases to our fair value estimates for U.S. utilities. We are reaffirming our moat and moat trend ratings.

We are reaffirming our $86 per share fair value estimate after Bloomberg reported that Total, RWE, and Global Infrastructure Partners are among firms interested in buying Consolidated Edison's large renewable energy portfolio. We are reaffirming our long-term forecasts along with our no-moat and stable moat trend ratings.

Consolidated Edison's core rate-regulated electric and natural gas distribution utilities in New York and New Jersey have produced stable earnings and dividend growth despite regulatory challenges.

We are reaffirming our $86 per share fair value estimate after Consolidated Edison reported $0.64 per share adjusted second-quarter earnings, up from $0.53 in the second quarter of 2021. Results are on track to meet our 2022 full-year outlook. We are reaffirming our long-term forecasts along with our no-moat and stable moat trend ratings.