Consolidated Edison Inc. (NYSE:ED) had its price target cut by Barclays PLC from $80.00 to $77.00 in a research report report published on Wednesday. They currently have an equal weight rating on the stock.
Several other brokerages have also recently weighed in on ED. Evercore ISI cut shares of Consolidated Edison from a hold rating to a sell rating and increased their price target for the company from $69.50 to $72.50 in a research report on Wednesday, July 6th. Vetr raised shares of Consolidated Edison from a strong sell rating to a sell rating and set a $70.50 price target for the company in a research report on Tuesday, July 12th. Jefferies Group reissued a hold rating on shares of Consolidated Edison in a research report on Monday, August 1st. Citigroup Inc. began coverage on shares of Consolidated Edison in a research report on Friday, August 12th. They set a neutral rating and a $76.00 price target for the company. They noted that the move was a valuation call. Finally, Mizuho increased their price target on shares of Consolidated Edison from $72.00 to $75.00 and gave the company a neutral rating in a research report on Monday, August 8th. Five research analysts have rated the stock with a sell rating, four have issued a hold rating and two have assigned a buy rating to the company. The stock presently has an average rating of Hold and an average target price of $74.51.
Shares of Consolidated Edison (NYSE:ED) opened at 78.68 on Wednesday. Consolidated Edison has a 52-week low of $60.30 and a 52-week high of $81.88. The company has a market capitalization of $23.95 billion and a P/E ratio of 20.39. The stock’s 50 day moving average is $76.23 and its 200 day moving average is $76.18.
Consolidated Edison (NYSE:ED) last released its earnings results on Thursday, August 4th. The company reported $0.60 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.69 by $0.09. Consolidated Edison had a net margin of 9.47% and a return on equity of 8.88%. During the same quarter in the prior year, the business posted $0.78 EPS. Equities analysts expect that Consolidated Edison will post $3.97 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Wednesday, August 17th were given a dividend of $0.67 per share. The ex-dividend date was Monday, August 15th. This represents a $2.68 dividend on an annualized basis and a yield of 3.41%. Consolidated Edison’s dividend payout ratio (DPR) is currently 69.25%.
Hedge funds and other institutional investors have recently modified their holdings of the stock. Tortoise Investment Management LLC raised its stake in Consolidated Edison by 380.2% in the second quarter. Tortoise Investment Management LLC now owns 1,263 shares of the company’s stock worth $102,000 after buying an additional 1,000 shares in the last quarter. Baker Ellis Asset Management LLC purchased a new stake in Consolidated Edison during the second quarter worth $105,000. Coconut Grove Bank raised its stake in Consolidated Edison by 51.7% in the second quarter. Coconut Grove Bank now owns 1,312 shares of the company’s stock worth $105,000 after buying an additional 447 shares in the last quarter. TCI Wealth Advisors Inc. raised its stake in Consolidated Edison by 62.5% in the second quarter. TCI Wealth Advisors Inc. now owns 1,347 shares of the company’s stock worth $108,000 after buying an additional 518 shares in the last quarter. Finally, Jackson Grant Investment Advisers Inc. raised its stake in Consolidated Edison by 68.0% in the second quarter. Jackson Grant Investment Advisers Inc. now owns 1,050 shares of the company’s stock worth $119,000 after buying an additional 425 shares in the last quarter. 54.76% of the stock is owned by institutional investors.
About Consolidated Edison
Consolidated Edison, Inc (Con Edison) is a holding company. The Company operates through its subsidiaries, which include Consolidated Edison Company of New York, Inc (CECONY), Orange and Rockland Utilities, Inc (O&R) and Con Edison Transmission, Inc It owns competitive energy businesses. The Company also owns Con Edison Transmission, Inc (Con Edison Transmission), which invests in electric and gas transmission projects through its subsidiaries, Consolidated Edison Transmission, LLC (CET Electric) and Con Edison Gas Midstream, LLC (CET Gas).
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