Consolidated Edison, Inc. (NYSE:ED) Receives $91.81 Consensus PT from Brokerages

Shares of Consolidated Edison, Inc. (NYSE:ED) have been assigned a consensus rating of “Reduce” from the thirteen research firms that are presently covering the stock, Marketbeat reports. Four research analysts have rated the stock with a sell rating, seven have issued a hold rating, one has given a buy rating and one has issued a strong buy rating on the company. The average 1-year price objective among brokerages that have updated their coverage on the stock in the last year is $91.81.

A number of research analysts recently commented on ED shares. Argus upgraded Consolidated Edison to a “strong-buy” rating in a research report on Friday, June 7th. Morgan Stanley dropped 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 report on Monday, June 24th. UBS Group lifted their price objective on shares of Consolidated Edison from $92.00 to $96.00 and gave the company a “neutral” rating in a research note on Friday, July 19th. Wells Fargo & Company upped their target price on Consolidated Edison from $97.00 to $105.00 and gave the stock an “equal weight” rating in a research note on Friday, August 2nd. Finally, Bank of America lifted their price target on Consolidated Edison from $97.00 to $109.00 and gave the company a “buy” rating in a research note on Monday, August 5th.

Institutional Trading of Consolidated Edison

A number of large investors have recently bought and sold shares of the business. Beacon Capital Management LLC lifted its position in shares of 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 acquiring an additional 300 shares during the period. Tidemark LLC acquired a new stake in shares of Consolidated Edison in the 4th quarter valued at about $29,000. Raleigh Capital Management Inc. bought a new stake in Consolidated Edison in the 4th quarter valued at about $29,000. Atlantic Edge Private Wealth Management LLC acquired a new position in Consolidated Edison during the 4th quarter worth approximately $33,000. Finally, Pathway Financial Advisers LLC bought a new position in Consolidated Edison in the first quarter worth approximately $33,000. 66.29% of the stock is currently owned by institutional investors and hedge funds.

Consolidated Edison Stock Performance

NYSE ED opened at $100.10 on Monday. Consolidated Edison has a 12-month low of $80.46 and a 12-month high of $105.99. The firm has a 50-day moving average price of $93.92 and a two-hundred day moving average price of $92.22. The company has a market capitalization of $34.62 billion, a P/E ratio of 19.21, a P/E/G ratio of 2.56 and a beta of 0.34. The company has a quick ratio of 0.92, a current ratio of 0.99 and a debt-to-equity ratio of 1.01.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings results on Thursday, August 1st. The utilities provider reported $0.59 earnings per share (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 during the quarter, compared to analysts’ expectations of $3.08 billion. During the same period in the previous year, the company posted $0.61 earnings per share. Analysts anticipate that Consolidated Edison will post 5.31 earnings per share for the current year.

Consolidated Edison Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Wednesday, August 14th will be paid a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a yield of 3.32%. The ex-dividend date is Wednesday, August 14th. Consolidated Edison’s dividend payout ratio is presently 63.72%.

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.