Consolidated Edison (NYSE:ED) Trading Down 1.9%

Consolidated Edison, Inc. (NYSE:ED) dropped 1.9% on Thursday . The company traded as low as $98.64 and last traded at $98.93. Approximately 557,184 shares traded hands during trading, a decline of 70% from the average daily volume of 1,875,234 shares. The stock had previously closed at $100.86.

Analyst Upgrades and Downgrades

Several equities research analysts have commented on ED shares. Mizuho boosted their target price on Consolidated Edison from $93.00 to $95.00 and gave the stock a “neutral” rating in a report on Tuesday, May 28th. Morgan Stanley cut their price objective on shares of Consolidated Edison from $80.00 to $76.00 and set an “underweight” rating on the stock in a research report on Monday, June 24th. UBS Group lifted their target price on shares of Consolidated Edison from $92.00 to $96.00 and gave the stock a “neutral” rating in a report on Friday, July 19th. Guggenheim increased their price target on shares of Consolidated Edison from $88.00 to $91.00 and gave the company a “neutral” rating in a report on Friday, August 2nd. Finally, Wells Fargo & Company boosted their price objective on shares of Consolidated Edison from $97.00 to $105.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Consolidated Edison has an average rating of “Hold” and a consensus target price of $91.81.

Consolidated Edison Trading Up 0.9 %

The stock’s 50-day simple moving average is $93.92 and its two-hundred day simple moving average is $92.20. 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 firm has a market capitalization of $34.62 billion, a P/E ratio of 19.21, a price-to-earnings-growth ratio of 2.56 and a beta of 0.34.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings data on Thursday, August 1st. The utilities provider reported $0.59 EPS for the quarter, beating the consensus estimate of $0.57 by $0.02. Consolidated Edison had a return on equity of 8.70% and a net margin of 12.03%. The business had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.08 billion. During the same period in the previous year, the business earned $0.61 earnings per share. Equities research analysts expect that Consolidated Edison, Inc. will post 5.31 EPS for the current year.

Consolidated Edison Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Wednesday, August 14th will be issued a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a dividend yield of 3.32%. The ex-dividend date of this dividend is Wednesday, August 14th. Consolidated Edison’s dividend payout ratio (DPR) is presently 63.72%.

Institutional Trading of Consolidated Edison

A number of large investors have recently added to or reduced their stakes in the company. Beacon Capital Management LLC increased 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 worth $28,000 after buying an additional 300 shares during the last quarter. Tidemark LLC purchased a new stake in Consolidated Edison during the fourth quarter valued at approximately $29,000. Raleigh Capital Management Inc. bought a new stake in shares of Consolidated Edison in the 4th quarter valued at approximately $29,000. Atlantic Edge Private Wealth Management LLC purchased a new position in shares of Consolidated Edison in the 4th quarter worth approximately $33,000. Finally, Pathway Financial Advisers LLC bought a new position in shares of Consolidated Edison during the 1st quarter valued at approximately $33,000. Institutional investors own 66.29% of the company’s stock.

About Consolidated Edison

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.