Zacks Investment Research upgraded shares of Consolidated Edison Inc (NYSE:ED) from a hold rating to a buy rating in a research note issued to investors on Tuesday morning. Zacks Investment Research currently has $98.00 price objective on the utilities provider’s stock.
According to Zacks, “Consolidated Edison reported mixed results in the third quarter of 2017. While its bottom line missed the Zacks Consensus Estimate for earnings, its top line exceeded the corresponding consensus mark. However, on a year-over-year basis, results were disappointing on both fronts. Consolidated Edison has a favorable rate decisions history by regulatory authorities, which will likely encourage it to invest more in infrastructure improvements. The company is also making notable progress in generating renewable energy. Moreover, the company outperformed its broader industry over a year. However, the company faces interest rate risk owing to variable rate debt and to new debt financing needed to fund capital requirements.”
Other equities analysts have also issued reports about the company. ValuEngine raised Consolidated Edison from a hold rating to a buy rating in a report on Friday, November 10th. Bank of America Corporation initiated coverage on Consolidated Edison in a report on Tuesday, October 24th. They issued a buy rating and a $92.00 price target for the company. BidaskClub raised Consolidated Edison from a hold rating to a buy rating in a report on Tuesday, August 22nd. Jefferies Group LLC reaffirmed a hold rating and issued a $83.50 price target on shares of Consolidated Edison in a report on Thursday, August 31st. Finally, KeyCorp reaffirmed a hold rating on shares of Consolidated Edison in a report on Friday, October 20th. Five investment analysts have rated the stock with a sell rating, five have issued a hold rating and four have issued a buy rating to the company’s stock. Consolidated Edison presently has an average rating of Hold and an average price target of $80.32.
Shares of Consolidated Edison (NYSE:ED) opened at $86.53 on Tuesday. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.79 and a quick ratio of 0.70. Consolidated Edison has a 52-week low of $68.85 and a 52-week high of $89.58. The stock has a market capitalization of $27,090.00, a price-to-earnings ratio of 22.18, a price-to-earnings-growth ratio of 7.25 and a beta of 0.10.
Consolidated Edison (NYSE:ED) last released its earnings results on Thursday, November 2nd. The utilities provider reported $1.47 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.54 by ($0.07). Consolidated Edison had a return on equity of 8.42% and a net margin of 10.42%. The firm had revenue of $3.21 billion during the quarter, compared to analysts’ expectations of $3.14 billion. During the same period in the prior year, the business earned $1.51 earnings per share. equities analysts predict that Consolidated Edison will post 4.09 EPS for the current fiscal year.
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The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Wednesday, November 15th will be paid a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a yield of 3.19%. The ex-dividend date is Tuesday, November 14th. Consolidated Edison’s dividend payout ratio is 69.17%.
In related news, CEO Joseph P. Oates sold 1,908 shares of Consolidated Edison stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $83.87, for a total transaction of $160,023.96. Following the completion of the sale, the chief executive officer now owns 24,017 shares of the company’s stock, valued at $2,014,305.79. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders have purchased 183 shares of company stock valued at $15,248 in the last three months. 0.20% of the stock is owned by corporate insiders.
A number of large investors have recently bought and sold shares of ED. Fiera Capital Corp lifted its stake in Consolidated Edison by 0.3% during the second quarter. Fiera Capital Corp now owns 4,895 shares of the utilities provider’s stock worth $395,000 after purchasing an additional 13 shares during the last quarter. Sabal Trust CO lifted its stake in Consolidated Edison by 0.6% during the second quarter. Sabal Trust CO now owns 2,715 shares of the utilities provider’s stock worth $219,000 after purchasing an additional 15 shares during the last quarter. Teacher Retirement System of Texas lifted its stake in Consolidated Edison by 0.6% during the second quarter. Teacher Retirement System of Texas now owns 3,186 shares of the utilities provider’s stock worth $257,000 after purchasing an additional 18 shares during the last quarter. Financial Architects Inc lifted its stake in Consolidated Edison by 0.6% during the second quarter. Financial Architects Inc now owns 3,378 shares of the utilities provider’s stock worth $273,000 after purchasing an additional 19 shares during the last quarter. Finally, United Asset Strategies Inc. lifted its stake in Consolidated Edison by 0.3% during the second quarter. United Asset Strategies Inc. now owns 6,749 shares of the utilities provider’s stock worth $545,000 after purchasing an additional 21 shares during the last quarter. 55.30% of the stock is owned by institutional investors.
About Consolidated Edison
Consolidated Edison, Inc (Con Edison) is a holding company. The Company operates through its subsidiaries, which include Consolidated Edison Company of New York, Inc (CECONY), Orange and Rockland Utilities, Inc (O&R), Con Edison Clean Energy Businesses, Inc (the Clean Energy Businesses) and Con Edison Transmission, Inc (Con Edison Transmission).
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