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

Consolidated Edison (NYSE:ED) had its target price boosted by Barclays from $98.00 to $104.00 in a research note published on Monday, Benzinga reports. Barclays currently has an underweight rating on the utilities provider’s stock.

Several other equities analysts have also commented on ED. UBS Group upped their target price on Consolidated Edison from $105.00 to $106.00 and gave the company a “neutral” rating in a research note on Friday, September 20th. Bank of America upped their price objective on shares of Consolidated Edison from $97.00 to $109.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Guggenheim raised their target price 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. Morgan Stanley upped their price target on shares of Consolidated Edison from $82.00 to $87.00 and gave the stock an “underweight” rating in a research report on Wednesday, September 25th. Finally, Scotiabank lifted their price target on shares of Consolidated Edison from $85.00 to $90.00 and gave the company a “sector underperform” rating in a report on Tuesday, August 20th. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $98.73.

Consolidated Edison Price Performance

NYSE:ED opened at $107.00 on Monday. Consolidated Edison has a 12-month low of $85.85 and a 12-month high of $107.75. The firm has a market cap of $37.00 billion, a price-to-earnings ratio of 20.54, a price-to-earnings-growth ratio of 3.46 and a beta of 0.36. The company’s 50-day moving average is $103.10 and its two-hundred day moving average is $96.98. 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) 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. The firm had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.08 billion. Consolidated Edison had a net margin of 12.03% and a return on equity of 8.67%. During the same quarter last year, the business earned $0.61 earnings per share. Research analysts expect that Consolidated Edison will post 5.3 EPS for the current year.

Consolidated Edison Dividend Announcement

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

Institutional Investors Weigh In On Consolidated Edison

Hedge funds have recently modified their holdings of the stock. Beacon Capital Management LLC boosted its holdings in 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 acquiring an additional 300 shares during the period. Pathway Financial Advisers LLC acquired a new position in shares of Consolidated Edison during the first quarter worth $33,000. TruNorth Capital Management LLC purchased a new position in shares of Consolidated Edison in the second quarter valued at $33,000. Versant Capital Management Inc grew its holdings in Consolidated Edison by 380.2% during the 2nd 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 in the last quarter. Finally, Future Financial Wealth Managment LLC purchased a new stake in Consolidated Edison during the 1st quarter worth $48,000. 66.29% of the stock is currently owned by hedge funds and other institutional investors.

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.