Consolidated Edison (NYSE:ED) Sets New 12-Month High – Here’s Why

Consolidated Edison, Inc. (NYSE:ED) reached a new 52-week high during trading on Friday . The company traded as high as $109.44 and last traded at $109.28, with a volume of 596391 shares trading hands. The stock had previously closed at $107.89.

Wall Street Analyst Weigh In

ED has been the subject of a number of research analyst reports. Mizuho upped their target price on Consolidated Edison from $92.00 to $95.00 and gave the stock a “neutral” rating in a research report on Monday, February 3rd. Scotiabank raised their target price on Consolidated Edison from $100.00 to $101.00 and gave the company a “sector perform” rating in a research note on Monday, February 24th. Evercore ISI lowered Consolidated Edison from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 21st. UBS Group upped their price target on shares of Consolidated Edison from $110.00 to $113.00 and gave the company a “neutral” rating in a report on Friday, March 21st. Finally, Morgan Stanley lifted their price objective on shares of Consolidated Edison from $85.00 to $91.00 and gave the stock an “underweight” rating in a research note on Thursday, March 20th. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average target price of $102.40.

Consolidated Edison Trading Up 0.9 %

The company’s 50-day moving average is $99.26 and its 200 day moving average is $98.53. The company has a current ratio of 1.01, a quick ratio of 0.93 and a debt-to-equity ratio of 1.07. The firm has a market cap of $37.73 billion, a PE ratio of 20.77, a P/E/G ratio of 3.05 and a beta of 0.30.

Consolidated Edison (NYSE:ED) last released its earnings results on Thursday, February 20th. The utilities provider reported $0.98 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.97 by $0.01. Consolidated Edison had a return on equity of 8.62% and a net margin of 11.93%. The company had revenue of $3.67 billion during the quarter, compared to analyst estimates of $3.63 billion. As a group, sell-side analysts predict that Consolidated Edison, Inc. will post 5.62 EPS for the current year.

Consolidated Edison Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Wednesday, February 19th were issued a $0.85 dividend. This is an increase from Consolidated Edison’s previous quarterly dividend of $0.83. The ex-dividend date of this dividend was Wednesday, February 19th. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.12%. Consolidated Edison’s dividend payout ratio is currently 64.89%.

Institutional Trading of Consolidated Edison

Several institutional investors have recently made changes to their positions in the stock. Norges Bank purchased a new stake in Consolidated Edison in the 4th quarter worth approximately $399,824,000. Point72 Asset Management L.P. raised its holdings in shares of Consolidated Edison by 1,766.0% during the third quarter. Point72 Asset Management L.P. now owns 988,961 shares of the utilities provider’s stock worth $102,980,000 after acquiring an additional 935,962 shares in the last quarter. ExodusPoint Capital Management LP raised its holdings in shares of Consolidated Edison by 412.0% during the fourth quarter. ExodusPoint Capital Management LP now owns 1,093,402 shares of the utilities provider’s stock worth $97,564,000 after acquiring an additional 879,866 shares in the last quarter. Invesco Ltd. boosted its position in Consolidated Edison by 27.9% during the fourth quarter. Invesco Ltd. now owns 3,721,730 shares of the utilities provider’s stock valued at $332,090,000 after purchasing an additional 812,885 shares during the last quarter. Finally, Marshall Wace LLP grew its stake in Consolidated Edison by 232.3% in the fourth quarter. Marshall Wace LLP now owns 1,053,339 shares of the utilities provider’s stock valued at $93,989,000 after purchasing an additional 736,348 shares in the last quarter. 66.29% of the stock is currently owned by institutional investors and hedge funds.

Consolidated Edison Company Profile

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.