Zacks Investment Research upgraded shares of Consolidated Edison (NYSE:ED) from a hold rating to a buy rating in a research note released on Tuesday, November 14th. Zacks Investment Research currently has $98.00 price target 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.”
ED has been the topic of several other research reports. Evercore ISI cut shares of Consolidated Edison from an in-line rating to an underperform rating and set a $74.00 target price on the stock. in a research note on Tuesday, September 26th. BidaskClub upgraded shares of Consolidated Edison from a sell rating to a hold rating in a research report on Monday, July 24th. Morgan Stanley raised their price objective on shares of Consolidated Edison from $75.00 to $78.00 and gave the company an underweight rating in a research report on Thursday, August 10th. ValuEngine upgraded shares of Consolidated Edison from a hold rating to a buy rating in a research report on Friday, November 10th. Finally, Bank of America assumed coverage on shares of Consolidated Edison in a research report on Tuesday, October 24th. They set a buy rating and a $92.00 price objective for the company. Five research analysts have rated the stock with a sell rating, five have given a hold rating and four have given a buy rating to the company’s stock. Consolidated Edison currently has a consensus rating of Hold and an average price target of $80.32.
Consolidated Edison (NYSE:ED) last released its quarterly earnings data on Thursday, November 2nd. The utilities provider reported $1.47 earnings per share 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 analyst estimates of $3.14 billion. During the same period last year, the business earned $1.51 EPS. analysts expect that Consolidated Edison will post 4.09 earnings per share for the current fiscal year.
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 given a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a yield of 3.11%. The ex-dividend date is Tuesday, November 14th. Consolidated Edison’s payout ratio is presently 69.17%.
A number of institutional investors and hedge funds have recently modified their holdings of ED. AXA raised its position in shares of Consolidated Edison by 0.4% in the third quarter. AXA now owns 206,730 shares of the utilities provider’s stock valued at $16,679,000 after purchasing an additional 904 shares during the period. Steward Partners Investment Advisory LLC bought a new position in shares of Consolidated Edison in the third quarter valued at approximately $251,000. Smith Shellnut Wilson LLC ADV bought a new position in shares of Consolidated Edison in the third quarter valued at approximately $250,000. Archford Capital Strategies LLC increased its position in Consolidated Edison by 14.7% during the third quarter. Archford Capital Strategies LLC now owns 11,923 shares of the utilities provider’s stock worth $962,000 after acquiring an additional 1,529 shares during the period. Finally, Gyroscope Capital Management Group LLC bought a new position in Consolidated Edison during the third quarter worth $1,251,000. 55.69% of the stock is currently owned by hedge funds and other institutional investors.
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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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