Mr. Pratik chadhokar is an Indian Forex, Cryptocurrencies and Financial Market Advisor and analyst with a background in IT and Financial market Strategist. He specialises in market strategies and technical analysis and has spent over a year as a financial markets contributor and observer. He possesses strong technical analytical skills and is well known for his entertaining and informative analysis of the Financial markets.
Consolidated Edison, Inc. delivers regulated electricity, gas, and steam through four segments. These are Consolidated Edison Company of New York (CECONY), which supplies regulated electricity, gas, and steam services; Orange and Rockland Utilities (O&R), which provides regulated electricity and gas delivery services; Con Edison Clean Energy Businesses, which operates renewable and energy infrastructure projects and markets energy-related products and services to wholesale and retail customers; and Con Edison Transmission, which invests in electric and gas transmission projects.
The ED stock has a float of 344.37 Million shares and a market cap of $29.881 Billion. The Consolidated Edison. Inc. stock’s average volume for the last 10 days is 1.708 Million and its current volume is 1.787 Million. The ED stock has a CMP of $86.63 and an intraday loss of 1.37%.
The latest quarterly earnings report for the period ending June 2023, displayed a revenue of $2.944 Billion, with a net income of $226.00 Million, and a profit margin of 7.68%, which has decreased from last quarter and is a negative sign for the company. This quarter, the reported revenue missed analysts estimate by 363.1 Million. The next quarter’s revenue is estimated to be 3.896 Billion.
Consolidated Edison, Inc.’s latest quarterly balance sheet for the period ending June 2023 reported total assets of $63.77 Billion and total liabilities of $42.97 Billion. The debt-to-assets ratio of Consolidated Edison is at 67.38%, which might be a concern for the ED stock.
The ED stock’s dividend yield for the TTM is 3.72% and its last dividend payment was $0.81 per share. The last ex-dividend date was August 15th, 2023 and its payout ratio is 46.03%. At the time of publishing, the major EMA’s are bearish in Consolidated Edison, Inc. (NYSE: ED) and MACD shows a bearish cross on the charts and RSI is at 34 taking resistance from 14 SMA.
Moreover, the stock ratings for Consolidated Edison stock are negative, and sell was recommended by 16 analysts who have evaluated it in the last three months. The 1-year price forecasts for ED stock by 14 analysts range from $75 to $103, with a high potential for growth.
ED Stock Price Technical Analysis in 1-D Timeframe
Consolidated Edison, Inc. (NYSE: ED) stock has been consolidating between $65 and $85 from March 2020 to December 2021. Then it built support at $80 in January 2022 and rose to $102, but entered another consolidation range. The stock is still consolidating at the current price of $86.63. The stock moves on every earnings and dividend, but cannot break either side.
ED stock could drop more if it goes below the current levels and falls under $85, which may lead to a target of $80 or a further breakdown that might end the consolidation range. On the contrary, if Consolidated Edison, Inc.’s stock can change the trend and gain strong buying power, it could go up over $95, triggering a rally over $102 or higher, which can help in breaking out of this range too.
Summary
Consolidated Edison stock is bearish on the charts and by analysts. It has been in a consolidation range for a long time and moves on earnings and dividends. It could fall more if it breaks below $85 or rises more if it breaks above $95. The technical indicators and charts reveal bearish signs in the ED stock.
Technical Levels
Support levels: $85 and $80
Resistance levels: $95 and $102
Disclaimer
In this article, the views and opinions stated by the author, or any people named are for informational purposes only, and they don’t establish the investment, financial, or any other advice. Trading or investing in cryptocurrency assets comes with a risk of financial loss.
Source: https://www.thecoinrepublic.com/2023/09/28/ed-stock-forecast-will-it-nyse-ed-break-consolidation-range/