Consolidated Edison (NYSE:ED) Reaches New 52-Week High – Still a Buy?

Consolidated Edison, Inc. (NYSE:ED) hit a new 52-week high during mid-day trading on Tuesday . The company traded as high as $106.41 and last traded at $106.05, with a volume of 721553 shares changing hands. The stock had previously closed at $103.04.

Analysts Set New Price Targets

ED has been the topic of several analyst reports. UBS Group upped their target price on shares of Consolidated Edison from $105.00 to $106.00 and gave the stock a “neutral” rating in a report on Friday, September 20th. Morgan Stanley lifted their target price on shares of Consolidated Edison from $82.00 to $87.00 and gave the company an “underweight” rating in a research note on Wednesday, September 25th. Wells Fargo & Company increased their price target on Consolidated Edison from $97.00 to $105.00 and gave the stock an “equal weight” rating in a research report on Friday, August 2nd. Citigroup upgraded Consolidated Edison from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $103.00 to $116.00 in a research report on Tuesday. Finally, Guggenheim increased their target price on Consolidated Edison from $88.00 to $91.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Four analysts have rated the stock with a sell rating, eight have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $96.46.

Consolidated Edison Price Performance

The firm has a market capitalization of $36.47 billion, a price-to-earnings ratio of 19.79, a price-to-earnings-growth ratio of 3.46 and a beta of 0.36. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 1.08. The company’s fifty day moving average is $102.39 and its two-hundred day moving average is $96.25.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, August 1st. The utilities provider reported $0.59 earnings per share for the quarter, beating analysts’ consensus estimates of $0.57 by $0.02. Consolidated Edison had a return on equity of 8.67% and a net margin of 12.03%. The company had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.08 billion. During the same quarter in the prior year, the business posted $0.61 EPS. Equities research analysts anticipate that Consolidated Edison, Inc. will post 5.3 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Wednesday, August 14th were issued a dividend of $0.83 per share. The ex-dividend date of this dividend was Wednesday, August 14th. This represents a $3.32 annualized dividend and a yield of 3.15%. Consolidated Edison’s dividend payout ratio is presently 63.72%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Beacon Capital Management LLC grew its stake in shares of Consolidated Edison by 2,307.7% in the first quarter. Beacon Capital Management LLC now owns 313 shares of the utilities provider’s stock valued at $28,000 after buying an additional 300 shares in the last quarter. Pathway Financial Advisers LLC acquired a new position in shares of Consolidated Edison during the 1st quarter worth about $33,000. TruNorth Capital Management LLC bought a new stake in shares of Consolidated Edison in the 2nd quarter valued at about $33,000. Quarry LP acquired a new stake in Consolidated Edison in the 4th quarter valued at about $35,000. Finally, Versant Capital Management Inc grew its holdings in Consolidated Edison by 380.2% during the second quarter. Versant Capital Management Inc now owns 413 shares of the utilities provider’s stock worth $37,000 after purchasing an additional 327 shares during the period. 66.29% of the stock is owned by institutional investors and hedge funds.

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.