Consolidated Edison (NYSE:ED) PT Raised to $97.00

Consolidated Edison (NYSE:ED) had its price objective upped by Wells Fargo & Company from $93.00 to $97.00 in a research note published on Friday morning, Benzinga reports. They currently have an equal weight rating on the utilities provider’s stock.

Other equities analysts have also recently issued research reports about the company. Scotiabank dropped their target price on Consolidated Edison from $91.00 to $85.00 and set a sector underperform rating for the company in a report on Monday, April 22nd. Royal Bank of Canada cut their price objective 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. UBS Group lowered their target price on shares of Consolidated Edison from $99.00 to $94.00 and set a neutral rating for the company in a report on Friday, February 16th. KeyCorp upgraded shares of Consolidated Edison from an underweight rating to a sector weight rating in a report on Thursday, January 4th. Finally, Barclays raised their price objective on shares of Consolidated Edison from $86.00 to $87.00 and gave the stock an equal weight rating in a research note on Thursday, March 14th. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, Consolidated Edison has an average rating of Hold and a consensus price target of $87.75.

Consolidated Edison Trading Up 0.6 %

ED stock opened at $96.13 on Friday. The firm has a fifty day moving average price of $90.41 and a 200 day moving average price of $90.21. Consolidated Edison has a fifty-two week low of $80.46 and a fifty-two week high of $100.32. The firm has a market cap of $33.24 billion, a PE ratio of 18.45, a price-to-earnings-growth ratio of 8.99 and a beta of 0.34. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.92 and a current ratio of 0.99.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings data on Thursday, May 2nd. The utilities provider reported $2.15 EPS for the quarter, topping analysts’ consensus estimates of $1.89 by $0.26. The business had revenue of $4.28 billion during the quarter, compared to analysts’ expectations of $4.40 billion. Consolidated Edison had a net margin of 12.43% and a return on equity of 8.79%. The business’s revenue was down 2.8% on a year-over-year basis. During the same period last year, the company posted $1.83 EPS. Sell-side analysts anticipate that Consolidated Edison will post 5.31 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Wednesday, May 15th will be issued a $0.83 dividend. This represents a $3.32 annualized dividend and a dividend yield of 3.45%. The ex-dividend date of this dividend is Tuesday, May 14th. Consolidated Edison’s dividend payout ratio is 63.72%.

Hedge Funds Weigh In On Consolidated Edison

Several institutional investors have recently made changes to their positions in ED. Financial Gravity Asset Management Inc. increased its position in Consolidated Edison by 215.6% during the 3rd quarter. Financial Gravity Asset Management Inc. now owns 284 shares of the utilities provider’s stock valued at $25,000 after purchasing an additional 194 shares during the period. Turtle Creek Wealth Advisors LLC bought a new position in Consolidated Edison in the fourth quarter worth approximately $29,000. Raleigh Capital Management Inc. purchased a new stake in Consolidated Edison during the fourth quarter worth $29,000. Tidemark LLC bought a new stake in Consolidated Edison during the 4th quarter valued at $29,000. Finally, Bruce G. Allen Investments LLC purchased a new position in shares of Consolidated Edison in the 4th quarter valued at $31,000. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Consolidated Edison Company Profile

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.