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Consolidated Edison Inc ED

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Morningstar’s Analysis

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1-Star Price

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5-Star Price

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Economic Moat

PREMIUM

Stewardship

PREMIUM

Revenue Decoupling Should Shield Con Ed From Majority of COVID-19 Impact on New York

Charles Fishman, CFA Equity Analyst

Analyst Note

| Charles Fishman, CFA |

We are reaffirming our $80 per share fair value estimate after Consolidated Edison reported first quarter earnings and lowered 2020 EPS guidance. Adjusted EPS was $1.35 in the recently ended quarter, $0.04 lower than the same period last year. The results were actually decent considering the $0.08 headwind on steam revenues due to mild weather and the $0.01 impact of COVID-19. The pandemic’s impact on New York City’s economic activity was just beginning during the last few weeks of the quarter.

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Company Profile

Business Description

Con Ed is a holding company for Consolidated Edison Company of New York, or CECONY, and Orange & Rockland, or O&R. These utilities provide steam, natural gas, and electricity to customers in southeastern New York--including New York City--and small parts of New Jersey. The two utilities generate almost 90% of Con Ed's results. The other 10% of earnings comes from investments in renewable energy projects and gas and electric transmission. These investments have resulted in Con Ed becoming one of the largest owners of utility-scale PV solar capacity in the U.S.

Contact
4 Irving Place, Room 700
New York, NY, 10003
T +1 212 460-4600
Sector Utilities
Industry Utilities - Regulated Electric
Most Recent Earnings Jun 30, 2020
Fiscal Year End Dec 31, 2020
Stock Type High Yield
Employees 14,890

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