Consolidated Edison (NYSE:ED) Price Target Cut to $85.00 by Analysts at Scotiabank

Consolidated Edison (NYSE:ED) had its target price decreased by Scotiabank from $91.00 to $85.00 in a research report released on Monday morning, Benzinga reports. Scotiabank currently has a sector underperform rating on the utilities provider’s stock.

A number of other analysts have also recently commented on the company. LADENBURG THALM/SH SH started coverage on Consolidated Edison in a research report on Wednesday, January 3rd. They set a neutral rating and a $92.50 price target for the company. Royal Bank of Canada reduced their price objective on Consolidated Edison from $94.00 to $93.00 and set a sector perform rating for the company in a research note on Friday, February 16th. Barclays lifted their price objective on Consolidated Edison from $86.00 to $87.00 and gave the company an equal weight rating in a research note on Thursday, March 14th. KeyCorp upgraded Consolidated Edison from an underweight rating to a sector weight rating in a research note on Thursday, January 4th. Finally, UBS Group reduced their price objective on Consolidated Edison from $99.00 to $94.00 and set a neutral rating for the company in a research note on Friday, February 16th. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the stock presently has a consensus rating of Hold and a consensus target price of $87.54.

Consolidated Edison Stock Performance

Shares of ED opened at $92.73 on Monday. The stock has a 50-day moving average of $89.03 and a two-hundred day moving average of $89.76. Consolidated Edison has a one year low of $80.46 and a one year high of $100.92. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.94 and a current ratio of 1.01. The stock has a market cap of $32.04 billion, a P/E ratio of 12.92, a P/E/G ratio of 8.65 and a beta of 0.35.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings results on Thursday, February 15th. The utilities provider reported $1.00 EPS for the quarter, topping analysts’ consensus estimates of $0.98 by $0.02. Consolidated Edison had a return on equity of 8.41% and a net margin of 17.19%. The company had revenue of $3.44 billion during the quarter, compared to analysts’ expectations of $3.70 billion. During the same quarter in the previous year, the firm posted $0.81 EPS. The firm’s revenue was down 14.6% compared to the same quarter last year. As a group, research analysts predict that Consolidated Edison will post 5.3 EPS for the current year.

Consolidated Edison Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Wednesday, May 15th will be paid a $0.83 dividend. The ex-dividend date of this dividend is Tuesday, May 14th. This represents a $3.32 annualized dividend and a dividend yield of 3.58%. Consolidated Edison’s dividend payout ratio is presently 46.24%.

Hedge Funds Weigh In On Consolidated Edison

Several institutional investors and hedge funds have recently modified their holdings of ED. Financial Gravity Asset Management Inc. increased its stake in Consolidated Edison by 215.6% during the 3rd quarter. Financial Gravity Asset Management Inc. now owns 284 shares of the utilities provider’s stock worth $25,000 after buying an additional 194 shares in the last quarter. Level Financial Advisors Inc. purchased a new stake in Consolidated Edison during the 3rd quarter worth approximately $26,000. Turtle Creek Wealth Advisors LLC purchased a new stake in Consolidated Edison during the 4th quarter worth approximately $29,000. Tidemark LLC purchased a new stake in Consolidated Edison during the 4th quarter worth approximately $29,000. Finally, Raleigh Capital Management Inc. purchased a new stake in Consolidated Edison during the 4th quarter worth approximately $29,000. Hedge funds and other institutional investors own 66.29% of the company’s stock.

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.