Consolidated Edison, Inc. (NYSE:ED) Receives $98.35 Consensus Price Target from Brokerages

Consolidated Edison, Inc. (NYSE:ED) has been given an average rating of “Hold” by the sixteen brokerages that are presently covering the firm, Marketbeat reports. Four investment analysts have rated the stock with a sell recommendation, eight have issued a hold recommendation, two have given a buy recommendation and two have issued a strong buy recommendation on the company. The average 12-month target price among analysts that have issued ratings on the stock in the last year is $98.19.

Several equities analysts have commented on the stock. Scotiabank lifted their target price on shares of Consolidated Edison from $85.00 to $90.00 and gave the stock a “sector underperform” rating in a research report on Tuesday, August 20th. Jefferies Financial Group began coverage on Consolidated Edison in a research report on Wednesday, October 9th. They issued a “hold” rating and a $108.00 price objective on the stock. Bank of America raised their target price on Consolidated Edison from $97.00 to $109.00 and gave the company a “buy” rating in a research report on Monday, August 5th. UBS Group boosted their price target on shares of Consolidated Edison from $105.00 to $106.00 and gave the stock a “neutral” rating in a report on Friday, September 20th. Finally, Barclays decreased their price objective on shares of Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating for the company in a report on Friday, November 8th.

Consolidated Edison Trading Down 0.3 %

Shares of Consolidated Edison stock opened at $98.36 on Wednesday. The company has a market capitalization of $34.07 billion, a P/E ratio of 18.52, a price-to-earnings-growth ratio of 3.32 and a beta of 0.36. The stock has a fifty day simple moving average of $102.01 and a 200 day simple moving average of $98.09. 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 1.01, a quick ratio of 0.93 and a debt-to-equity ratio of 1.07.

Consolidated Edison (NYSE:ED) last announced its earnings results on Thursday, November 7th. The utilities provider reported $1.68 EPS for the quarter, beating the consensus estimate of $1.56 by $0.12. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. The company had revenue of $4.09 billion during the quarter, compared to the consensus estimate of $4.02 billion. On average, sell-side analysts anticipate that Consolidated Edison will post 5.33 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Wednesday, November 13th will be issued a $0.83 dividend. The ex-dividend date is Wednesday, November 13th. This represents a $3.32 dividend on an annualized basis and a yield of 3.38%. Consolidated Edison’s dividend payout ratio is currently 62.52%.

Institutional Trading of Consolidated Edison

Several institutional investors and hedge funds have recently modified their holdings of the company. Edgestream Partners L.P. raised its stake in Consolidated Edison by 148.2% during the first quarter. Edgestream Partners L.P. now owns 6,005 shares of the utilities provider’s stock valued at $545,000 after purchasing an additional 3,586 shares in the last quarter. Covestor Ltd lifted its holdings in shares of Consolidated Edison by 20.5% in the 1st quarter. Covestor Ltd now owns 983 shares of the utilities provider’s stock valued at $89,000 after acquiring an additional 167 shares during the last quarter. O Shaughnessy Asset Management LLC grew its position in Consolidated Edison by 21.0% in the first quarter. O Shaughnessy Asset Management LLC now owns 61,919 shares of the utilities provider’s stock worth $5,623,000 after acquiring an additional 10,763 shares in the last quarter. Clearbridge Investments LLC increased its stake in Consolidated Edison by 2.1% during the first quarter. Clearbridge Investments LLC now owns 28,761 shares of the utilities provider’s stock worth $2,612,000 after acquiring an additional 595 shares during the last quarter. Finally, UniSuper Management Pty Ltd raised its position in Consolidated Edison by 355.2% during the first quarter. UniSuper Management Pty Ltd now owns 14,684 shares of the utilities provider’s stock valued at $1,333,000 after purchasing an additional 11,458 shares during the period. 66.29% of the stock is currently owned by 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.