Consolidated Edison (NYSE:ED) Upgraded at Evercore ISI

Evercore ISI upgraded shares of Consolidated Edison (NYSE:ED) from a hold rating to a strong-buy rating in a report issued on Friday morning,Zacks.com reports.

Other research analysts also recently issued reports about the stock. Citigroup raised shares of Consolidated Edison from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $103.00 to $116.00 in a research note on Tuesday, October 15th. Barclays dropped their target price on shares of Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating for the company in a report on Friday. Guggenheim raised their target price on Consolidated Edison from $88.00 to $91.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd. Bank of America upped their price target on Consolidated Edison from $97.00 to $109.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Finally, Morgan Stanley lifted their price objective on Consolidated Edison from $82.00 to $87.00 and gave the stock an “underweight” rating in a research report on Wednesday, September 25th. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and two have assigned a strong buy rating to the company. Based on data from MarketBeat.com, Consolidated Edison presently has a consensus rating of “Hold” and an average price target of $98.35.

Consolidated Edison Price Performance

ED opened at $98.48 on Friday. The stock has a market capitalization of $34.11 billion, a P/E ratio of 18.55, a PEG ratio of 3.31 and a beta of 0.36. The company has a current ratio of 1.04, a quick ratio of 0.97 and a debt-to-equity ratio of 1.08. Consolidated Edison has a 12-month low of $85.85 and a 12-month high of $107.75. The stock has a 50-day moving average price of $103.29 and a 200-day moving average price of $97.99.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, November 7th. The utilities provider reported $1.68 earnings per share for the quarter, topping the consensus estimate of $1.56 by $0.12. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.75%. The business had revenue of $4.09 billion during the quarter, compared to the consensus estimate of $4.02 billion. Equities analysts predict that Consolidated Edison will post 5.33 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Wednesday, November 13th will be given a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.37%. The ex-dividend date is Wednesday, November 13th. Consolidated Edison’s dividend payout ratio is presently 62.52%.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the business. Capital Performance Advisors LLP bought a new position in shares of Consolidated Edison during the third quarter valued at $27,000. Ashton Thomas Securities LLC purchased a new stake in Consolidated Edison during the 3rd quarter valued at about $30,000. Beacon Capital Management LLC increased its stake 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 purchasing an additional 300 shares in the last quarter. Pathway Financial Advisers LLC bought a new position in shares of Consolidated Edison in the first quarter worth approximately $33,000. Finally, TruNorth Capital Management LLC purchased a new stake in shares of Consolidated Edison during the second quarter valued at approximately $33,000. 66.29% of the stock is owned by hedge funds and other institutional investors.

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.