Scotiabank Raises Consolidated Edison (NYSE:ED) Price Target to $90.00

Consolidated Edison (NYSE:ED) had its price objective boosted by Scotiabank from $85.00 to $90.00 in a research report sent to investors on Tuesday morning, Benzinga reports. They currently have a sector underperform rating on the utilities provider’s stock.

A number of other research firms also recently commented on ED. Barclays increased their price objective on shares of Consolidated Edison from $92.00 to $98.00 and gave the company an underweight rating in a research note on Monday, August 5th. Bank of America lifted their price target on Consolidated Edison from $97.00 to $109.00 and gave the stock a buy rating in a research note on Monday, August 5th. Wells Fargo & Company upped their price objective on Consolidated Edison from $97.00 to $105.00 and gave the company an equal weight rating in a research note on Friday, August 2nd. Morgan Stanley decreased their target price on Consolidated Edison from $80.00 to $76.00 and set an underweight rating for the company in a research report on Monday, June 24th. Finally, Mizuho upped their price target on Consolidated Edison from $93.00 to $95.00 and gave the company a neutral rating in a research report on Tuesday, May 28th. Four equities 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. According to data from MarketBeat, the stock has an average rating of Hold and a consensus target price of $92.19.

Consolidated Edison Stock Up 0.2 %

Shares of Consolidated Edison stock opened at $100.67 on Tuesday. Consolidated Edison has a 1-year low of $80.46 and a 1-year high of $105.99. The company has a market capitalization of $34.82 billion, a PE ratio of 19.32, a P/E/G ratio of 2.56 and a beta of 0.34. 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 business has a 50-day moving average of $94.64 and a 200-day moving average of $92.45.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings data on Thursday, August 1st. The utilities provider reported $0.59 earnings per share for the quarter, beating analysts’ consensus estimates of $0.57 by $0.02. Consolidated Edison had a return on equity of 8.70% and a net margin of 12.03%. The firm had revenue of $3.22 billion during the quarter, compared to analyst estimates of $3.08 billion. During the same quarter last year, the firm earned $0.61 EPS. As a group, equities analysts forecast that Consolidated Edison will post 5.31 EPS for the current fiscal year.

Consolidated Edison Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Wednesday, August 14th will be paid a $0.83 dividend. The ex-dividend date is Wednesday, August 14th. This represents a $3.32 annualized dividend and a dividend yield of 3.30%. Consolidated Edison’s payout ratio is 63.72%.

Hedge Funds Weigh In On Consolidated Edison

Several large investors have recently bought and sold shares of the stock. Beacon Capital Management LLC boosted its stake in Consolidated Edison by 2,307.7% during the 1st quarter. Beacon Capital Management LLC now owns 313 shares of the utilities provider’s stock valued at $28,000 after purchasing an additional 300 shares in the last quarter. Tidemark LLC acquired a new position in Consolidated Edison during the fourth quarter worth about $29,000. Raleigh Capital Management Inc. bought a new stake in Consolidated Edison in the fourth quarter worth about $29,000. Atlantic Edge Private Wealth Management LLC acquired a new stake in Consolidated Edison in the 4th quarter valued at about $33,000. Finally, Pathway Financial Advisers LLC bought a new position in shares of Consolidated Edison during the 1st quarter valued at about $33,000. Institutional investors and hedge funds own 66.29% of the company’s stock.

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.