Consolidated Edison, Inc. (NYSE:ED) Receives $87.75 Average Price Target from Brokerages

Shares of Consolidated Edison, Inc. (NYSE:ED) have been assigned an average rating of “Reduce” from the twelve research firms that are presently covering the firm, Marketbeat.com reports. Four analysts have rated the stock with a sell rating, seven have issued a hold rating and one has assigned a buy rating to the company. The average twelve-month target price among brokers that have issued ratings on the stock in the last year is $88.46.

A number of research analysts recently issued reports on ED shares. Wells Fargo & Company increased their price objective on Consolidated Edison from $93.00 to $97.00 and gave the stock an “equal weight” rating in a report on Friday, May 3rd. UBS Group decreased their price target on shares of Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating for the company in a research note on Friday, February 16th. 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. Barclays lifted their price target on shares of Consolidated Edison from $89.00 to $97.00 and gave the company an “equal weight” rating in a research note on Tuesday. Finally, Scotiabank decreased their price objective 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.

Consolidated Edison Price Performance

ED opened at $97.55 on Friday. The stock has a market cap of $33.74 billion, a P/E ratio of 18.72, a P/E/G ratio of 8.99 and a beta of 0.34. Consolidated Edison has a 12 month low of $80.46 and a 12 month high of $100.08. The company has a quick ratio of 0.92, a current ratio of 0.99 and a debt-to-equity ratio of 1.01. The company has a fifty day simple moving average of $90.62 and a 200 day simple moving average of $90.28.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings data on Thursday, May 2nd. The utilities provider reported $2.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.89 by $0.26. Consolidated Edison had a return on equity of 8.79% and a net margin of 12.43%. The business had revenue of $4.28 billion during the quarter, compared to analyst estimates of $4.40 billion. During the same period in the previous year, the firm earned $1.83 EPS. Consolidated Edison’s quarterly revenue was down 2.8% compared to the same quarter last year. On average, research analysts expect that Consolidated Edison will post 5.31 EPS for the current year.

Consolidated Edison Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Wednesday, May 15th will be issued a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.40%. The ex-dividend date of this dividend is Tuesday, May 14th. Consolidated Edison’s payout ratio is presently 63.72%.

Hedge Funds Weigh In On Consolidated Edison

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Financial Gravity Asset Management Inc. boosted its holdings in shares of Consolidated Edison by 215.6% during the 3rd quarter. Financial Gravity Asset Management Inc. now owns 284 shares of the utilities provider’s stock worth $25,000 after buying an additional 194 shares during the period. Turtle Creek Wealth Advisors LLC acquired a new stake in Consolidated Edison during the fourth quarter worth approximately $29,000. Raleigh Capital Management Inc. bought a new stake in shares of Consolidated Edison during the fourth quarter worth approximately $29,000. Tidemark LLC acquired a new position in shares of Consolidated Edison in the fourth quarter valued at approximately $29,000. Finally, Bruce G. Allen Investments LLC bought a new position in shares of Consolidated Edison during the fourth quarter worth approximately $31,000. 66.29% of the stock is owned by institutional investors.

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.