Consolidated Edison (NYSE:ED) Stock Rating Lowered by Evercore ISI

Evercore ISI downgraded shares of Consolidated Edison (NYSE:ED) from a strong-buy rating to a hold rating in a research note issued to investors on Tuesday,Zacks.com reports.

Other analysts have also recently issued reports about the company. Barclays lowered their price target on Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating on the stock in a research report on Friday, November 8th. Morgan Stanley cut their price target on shares of Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating for the company in a report on Friday, November 22nd. Jefferies Financial Group initiated coverage on shares of Consolidated Edison in a research note on Wednesday, October 9th. They set a “hold” rating and a $108.00 price objective on the stock. Scotiabank raised Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and boosted their target price for the stock from $90.00 to $100.00 in a report on Thursday, December 12th. Finally, Citigroup raised Consolidated Edison from a “neutral” rating to a “buy” rating and raised their price target for the company from $103.00 to $116.00 in a report on Tuesday, October 15th. Two 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 company’s stock. Based on data from MarketBeat.com, Consolidated Edison currently has an average rating of “Hold” and an average price target of $100.64.

Consolidated Edison Trading Down 0.0 %

Shares of Consolidated Edison stock opened at $90.75 on Tuesday. Consolidated Edison has a 52-week low of $85.85 and a 52-week high of $107.75. The firm has a market capitalization of $31.44 billion, a PE ratio of 17.09, a price-to-earnings-growth ratio of 2.97 and a beta of 0.38. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.01 and a quick ratio of 0.93. The company’s fifty day moving average price is $93.08 and its two-hundred day moving average price is $97.98.

Consolidated Edison (NYSE:ED) last posted its earnings results on Thursday, November 7th. The utilities provider reported $1.68 earnings per share for the quarter, beating analysts’ consensus estimates of $1.56 by $0.12. The business had revenue of $4.09 billion for the quarter, compared to analysts’ expectations of $4.02 billion. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. On average, analysts expect that Consolidated Edison will post 5.35 EPS for the current year.

Consolidated Edison Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Wednesday, February 19th will be paid a $0.85 dividend. This represents a $3.40 annualized dividend and a dividend yield of 3.75%. The ex-dividend date is Wednesday, February 19th. This is a positive change from Consolidated Edison’s previous quarterly dividend of $0.83. Consolidated Edison’s dividend payout ratio (DPR) is 62.52%.

Hedge Funds Weigh In On Consolidated Edison

Several large investors have recently bought and sold shares of the business. Benjamin F. Edwards & Company Inc. lifted its stake in shares of Consolidated Edison by 13.0% in the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 868 shares of the utilities provider’s stock valued at $78,000 after purchasing an additional 100 shares during the period. TD Private Client Wealth LLC lifted its stake in Consolidated Edison by 4.7% in the third quarter. TD Private Client Wealth LLC now owns 2,334 shares of the utilities provider’s stock valued at $243,000 after buying an additional 104 shares during the period. D.A. Davidson & CO. boosted its holdings in Consolidated Edison by 1.1% during the third quarter. D.A. Davidson & CO. now owns 11,142 shares of the utilities provider’s stock worth $1,160,000 after buying an additional 124 shares during the last quarter. Townsquare Capital LLC grew its position in shares of Consolidated Edison by 2.4% during the 3rd quarter. Townsquare Capital LLC now owns 5,574 shares of the utilities provider’s stock worth $580,000 after buying an additional 130 shares during the period. Finally, Brookstone Capital Management increased its stake in shares of Consolidated Edison by 0.6% in the 3rd quarter. Brookstone Capital Management now owns 24,173 shares of the utilities provider’s stock valued at $2,517,000 after acquiring an additional 136 shares during the last quarter. 66.29% of the stock is currently owned by institutional investors and hedge funds.

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.