Consolidated Edison, Inc. (ED) to Issue Quarterly Dividend of $0.83 on December 16th

by · The Cerbat Gem

Consolidated Edison, Inc. (NYSE:ED – Get Free Report) declared a quarterly dividend on Thursday, October 17th, RTT News reports. Investors of record on Wednesday, November 13th will be given a dividend of 0.83 per share by the utilities provider on Monday, December 16th. This represents a $3.32 annualized dividend and a yield of 3.11%.

Consolidated Edison has increased its dividend by an average of 1.9% per year over the last three years and has increased its dividend annually for the last 51 consecutive years. Consolidated Edison has a dividend payout ratio of 59.1% meaning its dividend is sufficiently covered by earnings. Research analysts expect Consolidated Edison to earn $5.61 per share next year, which means the company should continue to be able to cover its $3.32 annual dividend with an expected future payout ratio of 59.2%.

Consolidated Edison Stock Performance

Shares of ED opened at $106.73 on Friday. The company has a 50-day moving average of $102.80 and a two-hundred day moving average of $96.60. The stock has a market cap of $36.91 billion, a P/E ratio of 20.49, a PEG ratio of 3.46 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 $106.77.

Consolidated Edison (NYSE:ED – Get Free Report) last announced its earnings results on Thursday, August 1st. The utilities provider reported $0.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.02. Consolidated Edison had a net margin of 12.03% and a return on equity of 8.67%. The firm had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.08 billion. During the same quarter last year, the business earned $0.61 earnings per share. As a group, research analysts predict that Consolidated Edison will post 5.3 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on ED. Scotiabank boosted their price objective on shares of Consolidated Edison from $85.00 to $90.00 and gave the company a “sector underperform” rating in a research note on Tuesday, August 20th. Guggenheim raised their price target on shares of Consolidated Edison from $88.00 to $91.00 and gave the stock a “neutral” rating in a research report on Friday, August 2nd. UBS Group boosted their price objective on shares of Consolidated Edison from $105.00 to $106.00 and gave the company a “neutral” rating in a research report on Friday, September 20th. Bank of America increased their price objective on shares of Consolidated Edison from $97.00 to $109.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Finally, Jefferies Financial Group began coverage on Consolidated Edison in a research report on Wednesday, October 9th. They set a “hold” rating and a $108.00 price target for the company. Four analysts have rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $98.27.

Read Our Latest Report on Consolidated Edison

About Consolidated Edison

(Get Free Report)

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.

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