Zacks Investment Research lowered shares of Consolidated Edison Inc (NYSE:ED) from a buy rating to a hold rating in a report published on Tuesday.
According to Zacks, “Consolidated Edison has a history of favorable rate decisions by regulatory authorities, which will likely encourage it to invest more in infrastructure improvements. A stable financial position backed by a strong cash generation capacity enables the company to follow a disciplined capital spending program. The company is also making notable progress in generating renewable energy. Moreover, the company outperformed its broader industry in the past one year. However, disruption in wholesale energy markets may affect its ability to meet customers’ energy needs and thereby adversely affect its performance. The company is also subject to penalties for non-compliance of regulations imposed by federal, state as well as local authorities in relation to environmental issues.”
Several other research firms have also recently issued reports on ED. Morgan Stanley upped their price target on shares of Consolidated Edison from $78.00 to $80.00 and gave the company an underweight rating in a report on Friday, September 8th. 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, BidaskClub cut shares of Consolidated Edison from a strong-buy rating to a buy rating in a report on Saturday, June 24th. Four investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have issued a buy rating to the stock. Consolidated Edison has an average rating of Hold and an average target price of $77.63.
Shares of Consolidated Edison (ED) opened at 81.59 on Tuesday. The firm has a market capitalization of $24.94 billion, a price-to-earnings ratio of 19.74 and a beta of 0.09. The company’s 50-day moving average is $83.85 and its 200 day moving average is $81.13. Consolidated Edison has a 52 week low of $68.76 and a 52 week high of $86.16.
Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, August 3rd. The utilities provider reported $0.58 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.61 by ($0.03). The company had revenue of $2.63 billion during the quarter, compared to analyst estimates of $2.79 billion. Consolidated Edison had a net margin of 10.57% and a return on equity of 8.59%. During the same period in the prior year, the company earned $0.60 earnings per share. Analysts anticipate that Consolidated Edison will post $4.09 EPS for the current fiscal year.
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The firm also recently announced a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Wednesday, August 16th were issued a dividend of $0.69 per share. The ex-dividend date was Monday, August 14th. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.38%. Consolidated Edison’s dividend payout ratio (DPR) is 66.67%.
In other Consolidated Edison news, CEO Joseph P. Oates sold 1,908 shares of the stock in a transaction on Wednesday, August 23rd. The shares were sold at an average price of $83.87, for a total transaction of $160,023.96. Following the sale, the chief executive officer now directly owns 24,017 shares of the company’s stock, valued at $2,014,305.79. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders have acquired 471 shares of company stock worth $39,202 over the last three months. 0.20% of the stock is owned by corporate insiders.
Several large investors have recently modified their holdings of ED. Armbruster Capital Management Inc. raised its holdings in shares of Consolidated Edison by 127.3% during the second quarter. Armbruster Capital Management Inc. now owns 1,250 shares of the utilities provider’s stock worth $101,000 after purchasing an additional 700 shares during the period. Stuart Chaussee & Associates Inc. raised its holdings in shares of Consolidated Edison by 138.3% during the first quarter. Stuart Chaussee & Associates Inc. now owns 1,370 shares of the utilities provider’s stock worth $106,000 after purchasing an additional 795 shares during the period. WFG Advisors LP raised its holdings in shares of Consolidated Edison by 19.6% during the second quarter. WFG Advisors LP now owns 1,308 shares of the utilities provider’s stock worth $106,000 after purchasing an additional 214 shares during the period. Oakworth Capital Inc. raised its holdings in shares of Consolidated Edison by 10.5% during the second quarter. Oakworth Capital Inc. now owns 1,447 shares of the utilities provider’s stock worth $117,000 after purchasing an additional 137 shares during the period. Finally, Enterprise Financial Services Corp raised its holdings in shares of Consolidated Edison by 6.0% during the second quarter. Enterprise Financial Services Corp now owns 1,648 shares of the utilities provider’s stock worth $133,000 after purchasing an additional 93 shares during the period. 55.06% of the stock is currently 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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