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Consolidated Edison Inc - Stock Quote ED

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Morningstar's Consolidated Edison Inc Stock Analysis

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ConEd's Three-Year Rate Review in New York Will Determine Growth Potential

Travis Miller Strategist

Analyst Note

| Travis Miller |

We are reaffirming our $78 per share fair value estimate after Consolidated Edison reported $1.47 per share adjusted first-quarter earnings, up 2% from first-quarter 2021 adjusted earnings. 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. Management reaffirmed its 2022 EPS guidance at $4.40-$4.60 and 5%-7% long-term earnings growth target, both in line with our estimates.

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Consolidated Edison Inc's Company Profile

Business Description

Con Ed is a holding company for Consolidated Edison 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 roughly 90% of Con Ed's earnings. 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 the second-largest owner of utility-scale PV solar capacity in the U.S.

4 Irving Place, Room 700
New York, NY, 10003
T +1 212 460-4600
Sector Utilities
Industry Utilities - Regulated Electric
Most Recent Earnings Mar 31, 2022
Fiscal Year End Dec 31, 2022
Stock Type Slow Growth
Employees 13,871

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