Consolidated Edison, Inc. (NYSE:ED) Receives Average Recommendation of “Hold” from Brokerages

Shares of Consolidated Edison, Inc. (NYSE:ED) have earned a consensus rating of “Hold” from the fifteen analysts that are covering the company, Marketbeat.com reports. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. The average 12 month price objective among brokers that have updated their coverage on the stock in the last year is $98.73.

A number of research firms have recently commented on ED. Morgan Stanley boosted their target price on shares of Consolidated Edison from $82.00 to $87.00 and gave the stock an “underweight” rating in a research report on Wednesday, September 25th. Jefferies Financial Group began coverage on Consolidated Edison in a research note on Wednesday, October 9th. They set a “hold” rating and a $108.00 target price for the company. Bank of America boosted their price target on Consolidated Edison from $97.00 to $109.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. Scotiabank increased their price target on Consolidated Edison from $85.00 to $90.00 and gave the company a “sector underperform” rating in a report on Tuesday, August 20th. Finally, Guggenheim lifted their price objective on Consolidated Edison from $88.00 to $91.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd.

Consolidated Edison Trading Down 1.7 %

Shares of ED stock opened at $100.00 on Friday. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 1.08. Consolidated Edison has a fifty-two week low of $85.85 and a fifty-two week high of $107.75. The firm’s 50 day moving average price is $103.54 and its two-hundred day moving average price is $97.61. The stock has a market cap of $34.62 billion, a price-to-earnings ratio of 19.46, a price-to-earnings-growth ratio of 3.47 and a beta of 0.36.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings data on Thursday, August 1st. The utilities provider reported $0.59 EPS for the quarter, topping analysts’ consensus estimates of $0.57 by $0.02. The company had revenue of $3.22 billion for the quarter, compared to analysts’ expectations of $3.08 billion. Consolidated Edison had a return on equity of 8.67% and a net margin of 12.03%. During the same quarter in the previous year, the firm posted $0.61 earnings per share. On average, analysts anticipate that Consolidated Edison will post 5.31 EPS for the current year.

Consolidated Edison Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Wednesday, November 13th will be issued a dividend of $0.83 per share. The ex-dividend date of this dividend is Wednesday, November 13th. This represents a $3.32 annualized dividend and a yield of 3.32%. Consolidated Edison’s payout ratio is presently 64.59%.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in the company. Clean Energy Transition LLP raised its stake in Consolidated Edison by 227.9% during the 2nd quarter. Clean Energy Transition LLP now owns 897,553 shares of the utilities provider’s stock valued at $80,259,000 after purchasing an additional 623,787 shares during the period. International Assets Investment Management LLC raised its position in Consolidated Edison by 10,262.1% during the third quarter. International Assets Investment Management LLC now owns 553,546 shares of the utilities provider’s stock valued at $57,641,000 after buying an additional 548,204 shares during the period. Acadian Asset Management LLC boosted its position in Consolidated Edison by 302.3% during the 2nd quarter. Acadian Asset Management LLC now owns 709,172 shares of the utilities provider’s stock worth $63,396,000 after acquiring an additional 532,893 shares during the period. Assenagon Asset Management S.A. increased its holdings in shares of Consolidated Edison by 4,020.5% in the 3rd quarter. Assenagon Asset Management S.A. now owns 406,859 shares of the utilities provider’s stock valued at $42,366,000 after purchasing an additional 396,985 shares during the period. Finally, AMF Tjanstepension AB lifted its position in shares of Consolidated Edison by 243.2% in the second quarter. AMF Tjanstepension AB now owns 497,982 shares of the utilities provider’s stock worth $44,564,000 after purchasing an additional 352,903 shares in the last quarter. 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.