Consolidated Edison, Inc. (NYSE:ED) has been assigned an average recommendation of “Hold” from the eleven brokerages that are currently covering the company, Marketbeat reports. Three research analysts have rated the stock with a sell rating, seven have issued a hold rating and one has given a buy rating to the company. The average 12 month price target among analysts that have issued a report on the stock in the last year is $84.63.
A number of brokerages recently commented on ED. Barclays reaffirmed a “hold” rating and issued a $90.00 price target on shares of Consolidated Edison in a research note on Thursday, June 20th. Credit Suisse Group dropped their price target on Consolidated Edison from $87.00 to $86.00 and set an “underperform” rating for the company in a research note on Thursday, August 8th. ValuEngine lowered Consolidated Edison from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Finally, Morgan Stanley dropped their price target on Consolidated Edison from $93.00 to $91.00 and set an “underweight” rating for the company in a research note on Friday, August 16th.
A number of institutional investors and hedge funds have recently bought and sold shares of the business. FTB Advisors Inc. increased its holdings in shares of Consolidated Edison by 220.2% during the second quarter. FTB Advisors Inc. now owns 285 shares of the utilities provider’s stock valued at $25,000 after acquiring an additional 196 shares in the last quarter. Krane Funds Advisors LLC bought a new position in shares of Consolidated Edison during the second quarter valued at $25,000. Coastal Capital Group Inc. bought a new position in shares of Consolidated Edison during the second quarter valued at $26,000. Interactive Financial Advisors bought a new position in shares of Consolidated Edison during the first quarter valued at $34,000. Finally, Salomon & Ludwin LLC bought a new position in shares of Consolidated Edison during the second quarter valued at $36,000. Institutional investors and hedge funds own 59.75% of the company’s stock.
Consolidated Edison (NYSE:ED) last announced its quarterly earnings results on Thursday, August 1st. The utilities provider reported $0.58 EPS for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.02). Consolidated Edison had a return on equity of 8.04% and a net margin of 10.71%. The business had revenue of $2.74 billion during the quarter, compared to analysts’ expectations of $2.67 billion. During the same period in the previous year, the business earned $0.61 EPS. Equities research analysts anticipate that Consolidated Edison will post 4.34 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Wednesday, August 14th were issued a $0.74 dividend. The ex-dividend date of this dividend was Tuesday, August 13th. This represents a $2.96 dividend on an annualized basis and a yield of 3.14%. Consolidated Edison’s dividend payout ratio (DPR) is 68.52%.
About Consolidated Edison
Consolidated Edison, Inc, through its subsidiaries, engages in regulated electric, gas, and steam delivery businesses in the United States. The company offers electric services to approximately 3.5 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 1,622 customers in parts of Manhattan.
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