Consolidated Edison (NYSE:ED) Price Target Raised to $104.00

by · The Markets Daily

Consolidated Edison (NYSE:ED – Free Report) had its price target increased by Barclays from $98.00 to $104.00 in a research report released on Monday, Benzinga reports. They currently have an underweight rating on the utilities provider’s stock.

Several other analysts also recently commented on the company. Citigroup raised Consolidated Edison from a “neutral” rating to a “buy” rating and upped their price objective for the company from $103.00 to $116.00 in a research note on Tuesday, October 15th. Bank of America upped 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. Guggenheim lifted their price objective on shares of Consolidated Edison from $88.00 to $91.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. UBS Group upped their price objective on shares of Consolidated Edison from $105.00 to $106.00 and gave the stock a “neutral” rating in a research report on Friday, September 20th. Finally, Jefferies Financial Group began coverage on shares of Consolidated Edison in a research note on Wednesday, October 9th. They issued a “hold” rating and a $108.00 target price for the company. Four analysts have rated the stock with a sell rating, eight have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company. According to MarketBeat.com, Consolidated Edison currently has an average rating of “Hold” and an average target price of $98.73.

Read Our Latest Stock Report on Consolidated Edison

Consolidated Edison Stock Performance

Shares of ED opened at $107.00 on Monday. The company’s 50 day simple moving average is $103.10 and its 200-day simple moving average is $96.98. The firm has a market cap of $37.00 billion, a PE ratio of 20.54, a price-to-earnings-growth ratio of 3.46 and a beta of 0.36. Consolidated Edison has a 12-month low of $85.85 and a 12-month high of $107.75. 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 (NYSE:ED – Get Free Report) last issued its quarterly earnings data on Thursday, August 1st. The utilities provider reported $0.59 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.02. Consolidated Edison had a net margin of 12.03% and a return on equity of 8.67%. The company had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.08 billion. During the same period last year, the firm posted $0.61 EPS. As a group, equities analysts predict that Consolidated Edison will post 5.3 EPS for the current year.

Consolidated Edison Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Wednesday, November 13th will be issued a $0.83 dividend. The ex-dividend date of this dividend is Wednesday, November 13th. This represents a $3.32 dividend on an annualized basis and a yield of 3.10%. Consolidated Edison’s dividend payout ratio (DPR) is presently 63.72%.

Institutional Investors Weigh In On Consolidated Edison

Institutional investors and hedge funds have recently modified their holdings of the company. Beacon Capital Management LLC boosted its position in shares of Consolidated Edison by 2,307.7% in the 1st quarter. Beacon Capital Management LLC now owns 313 shares of the utilities provider’s stock worth $28,000 after buying an additional 300 shares in the last quarter. Pathway Financial Advisers LLC acquired a new position in Consolidated Edison during the first quarter worth about $33,000. TruNorth Capital Management LLC purchased a new stake in shares of Consolidated Edison in the second quarter valued at about $33,000. Versant Capital Management Inc grew its position in shares of Consolidated Edison by 380.2% in the second quarter. Versant Capital Management Inc now owns 413 shares of the utilities provider’s stock valued at $37,000 after purchasing an additional 327 shares during the last quarter. Finally, Future Financial Wealth Managment LLC acquired a new stake in shares of Consolidated Edison in the first quarter valued at approximately $48,000. Institutional investors and hedge funds own 66.29% of the company’s stock.

Consolidated Edison Company Profile

(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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