Consolidated Edison, Inc. (NYSE:ED) has received a consensus recommendation of “Hold” from the thirteen brokerages that are currently covering the company, MarketBeat reports. Five investment analysts have rated the stock with a sell recommendation, six have assigned a hold recommendation and two have given a buy recommendation to the company. The average 1-year price target among brokerages that have issued ratings on the stock in the last year is $90.71.
A number of equities analysts have commented on ED shares. Bank of America boosted their price objective on Consolidated Edison from $92.00 to $94.00 and gave the stock a “neutral” rating in a research note on Friday, December 20th. Barclays lowered Consolidated Edison from an “equal weight” rating to an “underweight” rating and reduced their price objective for the stock from $95.00 to $88.00 in a research note on Wednesday, November 27th. Guggenheim downgraded Consolidated Edison from a “neutral” rating to a “sell” rating in a research report on Tuesday, January 7th. Morgan Stanley dropped their target price on Consolidated Edison from $89.00 to $88.00 and set an “underweight” rating for the company in a research report on Monday, December 16th. Finally, KeyCorp dropped their target price on Consolidated Edison from $100.00 to $92.00 and set an “overweight” rating for the company in a research report on Friday.
NYSE ED traded up $1.07 during trading on Friday, reaching $90.24. 2,538,300 shares of the company’s stock were exchanged, compared to its average volume of 1,738,508. Consolidated Edison has a fifty-two week low of $75.25 and a fifty-two week high of $94.97. The firm has a market capitalization of $29.18 billion, a PE ratio of 20.89, a P/E/G ratio of 9.68 and a beta of 0.04. The company has a current ratio of 0.58, a quick ratio of 0.52 and a debt-to-equity ratio of 1.01. The company’s fifty day simple moving average is $88.33 and its 200-day simple moving average is $89.08.
Consolidated Edison (NYSE:ED) last announced its quarterly earnings data on Monday, November 4th. The utilities provider reported $1.54 EPS for the quarter, missing the Zacks’ consensus estimate of $1.58 by ($0.04). The business had revenue of $3.37 billion for the quarter, compared to analyst estimates of $3.50 billion. Consolidated Edison had a return on equity of 7.92% and a net margin of 10.98%. During the same quarter in the previous year, the business posted $1.57 earnings per share. Equities analysts forecast that Consolidated Edison will post 4.32 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Monday, March 16th. Shareholders of record on Wednesday, February 19th will be issued a $0.765 dividend. This is an increase from Consolidated Edison’s previous quarterly dividend of $0.74. This represents a $3.06 annualized dividend and a dividend yield of 3.39%. Consolidated Edison’s dividend payout ratio is 68.52%.
Several institutional investors have recently made changes to their positions in the business. BlackRock Inc. increased its holdings in shares of Consolidated Edison by 7.5% in the second quarter. BlackRock Inc. now owns 31,370,484 shares of the utilities provider’s stock worth $2,750,563,000 after acquiring an additional 2,198,264 shares in the last quarter. Vanguard Group Inc. boosted its position in shares of Consolidated Edison by 3.0% during the second quarter. Vanguard Group Inc. now owns 26,943,155 shares of the utilities provider’s stock worth $2,362,375,000 after buying an additional 781,260 shares during the period. State Street Corp boosted its position in shares of Consolidated Edison by 1.5% during the third quarter. State Street Corp now owns 21,918,213 shares of the utilities provider’s stock worth $2,070,614,000 after buying an additional 326,946 shares during the period. California Public Employees Retirement System boosted its position in shares of Consolidated Edison by 8.9% during the third quarter. California Public Employees Retirement System now owns 2,636,776 shares of the utilities provider’s stock worth $249,096,000 after buying an additional 216,202 shares during the period. Finally, UBS Asset Management Americas Inc. boosted its position in shares of Consolidated Edison by 9.8% during the second quarter. UBS Asset Management Americas Inc. now owns 2,160,904 shares of the utilities provider’s stock worth $189,468,000 after buying an additional 193,257 shares during the period. Institutional investors own 59.94% of the company’s stock.
About Consolidated Edison
Consolidated Edison, Inc, through its subsidiaries, engages in regulated electric, gas, and steam delivery businesses in the United States. The company offers electric services to approximately 3.5 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 1,622 customers in parts of Manhattan.
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