Analysts Set Consolidated Edison, Inc. (NYSE:ED) PT at $89.27

Shares of Consolidated Edison, Inc. (NYSE:ED) have been assigned an average recommendation of “Reduce” from the twelve analysts that are covering the stock, Marketbeat.com reports. Four investment analysts have rated the stock with a sell rating, six have given a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. The average 12-month target price among brokerages that have updated their coverage on the stock in the last year is $89.04.

Several brokerages recently commented on ED. Barclays downgraded shares of Consolidated Edison from an “equal weight” rating to an “underweight” rating and decreased their target price for the stock from $97.00 to $92.00 in a research note on Monday. Wells Fargo & Company upped their price objective on shares of Consolidated Edison from $93.00 to $97.00 and gave the company an “equal weight” rating in a research note on Friday, May 3rd. Mizuho increased their target price on shares of Consolidated Edison from $93.00 to $95.00 and gave the stock a “neutral” rating in a report on Tuesday, May 28th. Argus raised Consolidated Edison to a “strong-buy” rating in a research report on Friday, June 7th. Finally, Morgan Stanley cut their price objective on Consolidated Edison from $80.00 to $76.00 and set an “underweight” rating on the stock in a research report on Monday, June 24th.

Consolidated Edison Trading Up 0.6 %

Shares of Consolidated Edison stock opened at $94.64 on Thursday. The company has a 50 day simple moving average of $92.14 and a two-hundred day simple moving average of $91.13. The firm has a market cap of $32.73 billion, a PE ratio of 18.17, a PEG ratio of 2.39 and a beta of 0.34. Consolidated Edison has a 1 year low of $80.46 and a 1 year high of $98.85. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.99 and a quick ratio of 0.92.

Consolidated Edison (NYSE:ED) last released its quarterly earnings results on Thursday, May 2nd. The utilities provider reported $2.15 earnings per share for the quarter, beating analysts’ consensus estimates of $1.89 by $0.26. The business had revenue of $4.28 billion for the quarter, compared to the consensus estimate of $4.40 billion. Consolidated Edison had a return on equity of 8.79% and a net margin of 12.43%. The company’s revenue for the quarter was down 2.8% on a year-over-year basis. During the same quarter last year, the business posted $1.83 earnings per share. Analysts expect that Consolidated Edison will post 5.33 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Wednesday, August 14th will be paid a $0.83 dividend. The ex-dividend date of this dividend is Wednesday, August 14th. This represents a $3.32 annualized dividend and a yield of 3.51%. Consolidated Edison’s payout ratio is 63.72%.

Institutional Trading of Consolidated Edison

Hedge funds have recently modified their holdings of the business. Beacon Capital Management LLC lifted its position in Consolidated Edison by 2,307.7% during the 1st quarter. Beacon Capital Management LLC now owns 313 shares of the utilities provider’s stock valued at $28,000 after acquiring an additional 300 shares during the period. Turtle Creek Wealth Advisors LLC bought a new position in shares of Consolidated Edison during the fourth quarter valued at approximately $29,000. Tidemark LLC bought a new position in shares of Consolidated Edison during the fourth quarter valued at approximately $29,000. Raleigh Capital Management Inc. purchased a new position in shares of Consolidated Edison during the fourth quarter valued at approximately $29,000. Finally, Bruce G. Allen Investments LLC bought a new stake in shares of Consolidated Edison in the 4th quarter worth approximately $31,000. Institutional investors own 66.29% of the company’s stock.

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.