Consolidated Edison (NYSE:ED) Stock Rating Upgraded by Argus

Argus upgraded shares of Consolidated Edison (NYSE:EDFree Report) to a strong-buy rating in a report published on Friday, Zacks.com reports.

Several other research analysts have also recently weighed in on ED. Morgan Stanley boosted their price objective on Consolidated Edison from $73.00 to $80.00 and gave the stock an underweight rating in a research report on Tuesday, May 28th. Royal Bank of Canada reduced their price target on shares of Consolidated Edison from $94.00 to $93.00 and set a sector perform rating for the company in a research report on Friday, February 16th. Scotiabank dropped their target price on shares of Consolidated Edison from $91.00 to $85.00 and set a sector underperform rating on the stock in a research note on Monday, April 22nd. Wells Fargo & Company raised their price target on shares of Consolidated Edison from $93.00 to $97.00 and gave the stock an equal weight rating in a research note on Friday, May 3rd. Finally, Barclays increased their price objective on Consolidated Edison from $89.00 to $97.00 and gave the company an equal weight rating in a report on Tuesday, May 7th. Three analysts have rated the stock with a sell rating, eight have issued a hold rating, one has assigned a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Consolidated Edison currently has a consensus rating of Hold and an average price target of $89.58.

Check Out Our Latest Research Report on ED

Consolidated Edison Stock Performance

Shares of Consolidated Edison stock opened at $92.32 on Friday. The company has a market cap of $31.93 billion, a PE ratio of 17.72, a price-to-earnings-growth ratio of 2.32 and a beta of 0.35. The company has a quick ratio of 0.92, a current ratio of 0.99 and a debt-to-equity ratio of 1.01. Consolidated Edison has a 52 week low of $80.46 and a 52 week high of $98.85. The business has a 50 day moving average price of $93.39 and a 200-day moving average price of $91.21.

Consolidated Edison (NYSE:EDGet Free Report) last posted its earnings results on Thursday, May 2nd. The utilities provider reported $2.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.89 by $0.26. Consolidated Edison had a net margin of 12.43% and a return on equity of 8.79%. The firm had revenue of $4.28 billion during the quarter, compared to analyst estimates of $4.40 billion. During the same quarter in the prior year, the business posted $1.83 EPS. The business’s revenue was down 2.8% compared to the same quarter last year. Equities analysts anticipate that Consolidated Edison will post 5.34 earnings per share for the current fiscal year.

Consolidated Edison Announces Dividend

The company also recently disclosed 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. The ex-dividend date is Tuesday, May 14th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.60%. Consolidated Edison’s dividend payout ratio is 63.72%.

Hedge Funds Weigh In On Consolidated Edison

Institutional investors and hedge funds have recently made changes to their positions in the business. Jump Financial LLC bought a new stake in Consolidated Edison in the third quarter valued at approximately $343,000. D.A. Davidson & CO. raised its holdings in Consolidated Edison by 3.9% during the 3rd quarter. D.A. Davidson & CO. now owns 7,057 shares of the utilities provider’s stock valued at $604,000 after buying an additional 263 shares during the last quarter. HighTower Advisors LLC grew its holdings in Consolidated Edison by 0.6% in the 3rd quarter. HighTower Advisors LLC now owns 179,420 shares of the utilities provider’s stock worth $15,358,000 after acquiring an additional 1,045 shares during the last quarter. Blair William & Co. IL boosted its holdings in shares of Consolidated Edison by 7.8% during the third quarter. Blair William & Co. IL now owns 30,695 shares of the utilities provider’s stock worth $2,625,000 after purchasing an additional 2,220 shares during the period. Finally, Skandinaviska Enskilda Banken AB publ grew its stake in shares of Consolidated Edison by 1.5% in the third quarter. Skandinaviska Enskilda Banken AB publ now owns 63,041 shares of the utilities provider’s stock worth $5,392,000 after purchasing an additional 942 shares during the last quarter. Institutional investors own 66.29% 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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