Consolidated Edison (NYSE:ED) Upgraded at Argus

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

A number of other research analysts have also recently issued reports on ED. Mizuho boosted their target price on Consolidated Edison from $93.00 to $95.00 and gave the company a neutral rating in a research note on Tuesday, May 28th. Royal Bank of Canada reduced their price objective on 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. Morgan Stanley upped 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. Wells Fargo & Company upped their price objective on Consolidated Edison from $93.00 to $97.00 and gave the stock an equal weight rating in a research report on Friday, May 3rd. Finally, Scotiabank reduced their price objective on Consolidated Edison from $91.00 to $85.00 and set a sector underperform rating for the company in a research report on Monday, April 22nd. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of Hold and a consensus price target of $89.58.

Check Out Our Latest Analysis on ED

Consolidated Edison Trading Up 0.8 %

NYSE ED opened at $92.32 on Friday. The stock has a 50-day simple moving average of $93.39 and a 200 day simple moving average of $91.21. The company has a market capitalization of $31.93 billion, a PE ratio of 17.72, a P/E/G ratio of 2.32 and a beta of 0.35. The company has a current ratio of 0.99, a quick ratio of 0.92 and a debt-to-equity ratio of 1.01. Consolidated Edison has a 12 month low of $80.46 and a 12 month high of $98.85.

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

Consolidated Edison Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Wednesday, May 15th will be paid 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 (DPR) is currently 63.72%.

Hedge Funds Weigh In On Consolidated Edison

A number of institutional investors and hedge funds have recently bought and sold shares of ED. Diversified Trust Co boosted its position in shares of Consolidated Edison by 140.8% during the 4th quarter. Diversified Trust Co now owns 36,950 shares of the utilities provider’s stock valued at $3,361,000 after purchasing an additional 21,604 shares in the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. boosted its position in shares of Consolidated Edison by 3.2% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 418,244 shares of the utilities provider’s stock valued at $38,897,000 after purchasing an additional 12,953 shares in the last quarter. Corient Private Wealth LLC boosted its position in shares of Consolidated Edison by 4.6% during the 4th quarter. Corient Private Wealth LLC now owns 175,416 shares of the utilities provider’s stock valued at $15,958,000 after purchasing an additional 7,725 shares in the last quarter. abrdn plc boosted its position in shares of Consolidated Edison by 30.2% during the 4th quarter. abrdn plc now owns 311,894 shares of the utilities provider’s stock valued at $28,373,000 after purchasing an additional 72,273 shares in the last quarter. Finally, UBS Group AG boosted its holdings in Consolidated Edison by 14.7% in the fourth quarter. UBS Group AG now owns 488,483 shares of the utilities provider’s stock worth $44,437,000 after acquiring an additional 62,519 shares in the last quarter. Institutional investors and hedge funds own 66.29% of the company’s stock.

About Consolidated Edison

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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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