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

Consolidated Edison, Inc. (NYSE:ED) reached a new 52-week high during trading on Monday . The company traded as high as $107.97 and last traded at $106.55, with a volume of 809232 shares traded. The stock had previously closed at $103.64.

Analyst Ratings Changes

Several analysts have commented on the stock. Morgan Stanley dropped their target price on shares of Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating on the stock in a report on Friday, November 22nd. Barclays raised their price objective on shares of Consolidated Edison from $92.00 to $95.00 and gave the stock an “underweight” rating in a report on Monday, February 24th. Evercore ISI lowered shares of Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 21st. Scotiabank lifted their price target 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. Finally, UBS Group upped their price objective on Consolidated Edison from $105.00 to $110.00 and gave the stock a “neutral” rating in a research report on Tuesday, February 25th. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and an average target price of $101.50.

Consolidated Edison Stock Down 1.1 %

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’s 50-day moving average price is $95.04 and its 200 day moving average price is $98.07. The company has a market capitalization of $35.60 billion, a price-to-earnings ratio of 19.56, a PEG 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 for the quarter, beating analysts’ consensus estimates of $0.97 by $0.01. The business had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $3.63 billion. Consolidated Edison had a net margin of 11.93% and a return on equity of 8.62%. On average, sell-side analysts forecast that Consolidated Edison, Inc. will post 5.62 EPS for the current fiscal year.

Consolidated Edison Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Wednesday, February 19th will be issued a dividend of $0.85 per share. This is a boost from Consolidated Edison’s previous quarterly dividend of $0.83. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.31%. The ex-dividend date of this dividend is Wednesday, February 19th. Consolidated Edison’s dividend payout ratio (DPR) is currently 64.89%.

Institutional Investors Weigh In On Consolidated Edison

Institutional investors and hedge funds have recently made changes to their positions in the business. Wilmington Savings Fund Society FSB bought a new stake in shares of Consolidated Edison in the 3rd quarter worth $776,000. JPMorgan Chase & Co. grew its holdings in shares of Consolidated Edison by 4.0% in the third quarter. JPMorgan Chase & Co. now owns 2,145,128 shares of the utilities provider’s stock valued at $223,373,000 after acquiring an additional 82,985 shares in the last quarter. Hennessy Advisors Inc. increased its position in shares of Consolidated Edison by 2.8% during the fourth quarter. Hennessy Advisors Inc. now owns 143,136 shares of the utilities provider’s stock valued at $12,772,000 after acquiring an additional 3,900 shares during the last quarter. Gateway Investment Advisers LLC lifted its holdings in Consolidated Edison by 102.7% during the fourth quarter. Gateway Investment Advisers LLC now owns 430,279 shares of the utilities provider’s stock worth $38,394,000 after acquiring an additional 217,981 shares during the period. Finally, Jones Financial Companies Lllp increased its position in shares of Consolidated Edison by 81.4% during the 4th quarter. Jones Financial Companies Lllp now owns 9,921 shares of the utilities provider’s stock valued at $885,000 after purchasing an additional 4,451 shares during the last quarter. Institutional investors and hedge funds 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.