Analysts Set Consolidated Edison, Inc. (NYSE:ED) Price Target at $89.58

Shares of Consolidated Edison, Inc. (NYSE:ED) have been given an average recommendation of “Hold” by the twelve ratings firms that are presently covering the stock, Marketbeat.com reports. Three research analysts have rated the stock with a sell rating, seven have assigned a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $89.27.

Several research firms have recently commented on ED. Wells Fargo & Company upped their price objective on shares of Consolidated Edison from $93.00 to $97.00 and gave the company an “equal weight” rating in a report on Friday, May 3rd. Barclays boosted their price objective on Consolidated Edison from $89.00 to $97.00 and gave the company an “equal weight” rating in a research report on Tuesday, May 7th. Scotiabank cut their price target on shares of Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating for the company in a report on Monday, April 22nd. Morgan Stanley cut their target price on shares of Consolidated Edison from $80.00 to $76.00 and set an “underweight” rating for the company in a research note on Monday. Finally, Argus raised shares of Consolidated Edison to a “strong-buy” rating in a research note on Friday, June 7th.

Hedge Funds Weigh In On Consolidated Edison

A number of hedge funds have recently modified their holdings of the business. Financial Gravity Asset Management Inc. increased its position in shares of Consolidated Edison by 215.6% during the third quarter. Financial Gravity Asset Management Inc. now owns 284 shares of the utilities provider’s stock valued at $25,000 after acquiring an additional 194 shares during the last quarter. Beacon Capital Management LLC raised its holdings in shares of Consolidated Edison by 2,307.7% in the 1st quarter. Beacon Capital Management LLC now owns 313 shares of the utilities provider’s stock valued at $28,000 after buying an additional 300 shares during the period. Turtle Creek Wealth Advisors LLC acquired a new position in Consolidated Edison in the 4th quarter valued at about $29,000. Tidemark LLC purchased a new stake in Consolidated Edison during the fourth quarter worth about $29,000. Finally, Raleigh Capital Management Inc. acquired a new stake in shares of Consolidated Edison during the fourth quarter worth about $29,000. 66.29% of the stock is currently owned by hedge funds and other institutional investors.

Consolidated Edison Price Performance

Shares of ED opened at $89.68 on Friday. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.99 and a quick ratio of 0.92. The company’s fifty day moving average price is $93.63 and its 200-day moving average price is $91.16. Consolidated Edison has a 1-year low of $80.46 and a 1-year high of $98.85. The firm has a market capitalization of $31.01 billion, a PE ratio of 17.21, a price-to-earnings-growth ratio of 2.27 and a beta of 0.35.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, May 2nd. The utilities provider reported $2.15 earnings per share for the quarter, beating the consensus estimate of $1.89 by $0.26. Consolidated Edison had a return on equity of 8.79% and a net margin of 12.43%. The business had revenue of $4.28 billion for the quarter, compared to the consensus estimate of $4.40 billion. During the same quarter in the previous year, the business earned $1.83 EPS. The company’s quarterly revenue was down 2.8% compared to the same quarter last year. On average, equities research analysts predict that Consolidated Edison will post 5.33 EPS for the current year.

Consolidated Edison Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, June 14th. Shareholders of record on Wednesday, May 15th were paid a dividend of $0.83 per share. The ex-dividend date of this dividend was Tuesday, May 14th. This represents a $3.32 annualized dividend and a yield of 3.70%. Consolidated Edison’s dividend payout ratio (DPR) is 63.72%.

Consolidated Edison Company Profile

Consolidated Edison, Inc, through its subsidiaries, engages in the regulated electric, gas, and steam delivery businesses in the United States. It offers electric services to approximately 3.7 million customers in New York City and Westchester County; gas to approximately 1.1 million customers in Manhattan, the Bronx, parts of Queens, and Westchester County; and steam to approximately 1,530 customers in parts of Manhattan.