Brokerages Set Consolidated Edison, Inc. (NYSE:ED) Target Price at $87.89

Consolidated Edison, Inc. (NYSE:EDGet Free Report) has been given a consensus recommendation of “Reduce” by the thirteen analysts that are presently covering the firm, Marketbeat reports. Four investment analysts have rated the stock with a sell recommendation, seven have assigned a hold recommendation and two have given a buy recommendation to the company. The average 12 month price objective among brokerages that have covered the stock in the last year is $87.89.

Several analysts have recently commented on the stock. LADENBURG THALM/SH SH assumed coverage on shares of Consolidated Edison in a research note on Wednesday, January 3rd. They issued a “neutral” rating and a $92.50 target price for the company. Barclays lowered their price objective on shares of Consolidated Edison from $88.00 to $86.00 and set an “equal weight” rating for the company in a research report on Monday, January 22nd. JPMorgan Chase & Co. lifted their target price on Consolidated Edison from $84.00 to $87.00 and gave the stock an “underweight” rating in a research report on Wednesday, November 29th. UBS Group reduced their target price on Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating on the stock in a report on Friday, February 16th. Finally, Royal Bank of Canada dropped their price target on shares of Consolidated Edison from $94.00 to $93.00 and set a “sector perform” rating on the stock in a research report on Friday, February 16th.

Read Our Latest Research Report on ED

Consolidated Edison Trading Up 0.3 %

ED stock opened at $88.94 on Friday. The business’s 50-day moving average is $89.49 and its 200 day moving average is $89.50. Consolidated Edison has a 12-month low of $80.46 and a 12-month high of $100.92. The company has a current ratio of 1.01, a quick ratio of 0.94 and a debt-to-equity ratio of 1.04. The stock has a market cap of $30.73 billion, a price-to-earnings ratio of 12.39, a PEG ratio of 8.44 and a beta of 0.35.

Consolidated Edison (NYSE:EDGet Free Report) last released its quarterly earnings data on Thursday, February 15th. The utilities provider reported $1.00 EPS for the quarter, beating 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 firm had revenue of $3.44 billion for the quarter, compared to analysts’ expectations of $3.70 billion. During the same period in the prior year, the firm posted $0.81 earnings per share. The firm’s quarterly revenue was down 14.6% on a year-over-year basis. On average, sell-side analysts anticipate that Consolidated Edison will post 5.3 EPS for the current fiscal year.

Consolidated Edison Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Wednesday, February 14th were issued a $0.83 dividend. This is a boost from Consolidated Edison’s previous quarterly dividend of $0.81. The ex-dividend date of this dividend was Tuesday, February 13th. This represents a $3.32 annualized dividend and a yield of 3.73%. Consolidated Edison’s dividend payout ratio (DPR) is currently 46.24%.

Hedge Funds Weigh In On Consolidated Edison

Several hedge funds have recently added to or reduced their stakes in ED. Financial Gravity Asset Management Inc. lifted its stake in Consolidated Edison by 215.6% in the third quarter. Financial Gravity Asset Management Inc. now owns 284 shares of the utilities provider’s stock valued at $25,000 after acquiring an additional 194 shares during the last quarter. Main Street Group LTD bought a new stake in Consolidated Edison during the fourth quarter valued at $25,000. Level Financial Advisors Inc. bought a new stake in shares of Consolidated Edison during the third quarter valued at approximately $26,000. Retirement Group LLC boosted its holdings in Consolidated Edison by 74.8% during the 4th quarter. Retirement Group LLC now owns 271 shares of the utilities provider’s stock worth $26,000 after acquiring an additional 116 shares during the last quarter. Finally, Missouri Trust & Investment Co bought a new position in Consolidated Edison during the second quarter valued at about $27,000. Institutional investors and hedge funds own 64.53% of the company’s stock.

Consolidated Edison Company Profile

(Get Free Report

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.

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Analyst Recommendations for Consolidated Edison (NYSE:ED)

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