Guggenheim Boosts Consolidated Edison (NYSE:ED) Price Target to $103.00

Consolidated Edison (NYSE:ED) had its price objective boosted by Guggenheim from $96.00 to $103.00 in a research note published on Friday morning,Benzinga reports. They currently have a neutral rating on the utilities provider’s stock.

ED has been the subject of a number of other reports. UBS Group raised their target price on Consolidated Edison from $110.00 to $113.00 and gave the stock a “neutral” rating in a research report on Friday, March 21st. Morgan Stanley set a $94.00 price objective on Consolidated Edison and gave the stock an “overweight” rating in a report on Wednesday, April 23rd. Evercore ISI lowered shares of Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 21st. Scotiabank lifted their target price on shares of Consolidated Edison from $100.00 to $101.00 and gave the stock a “sector perform” rating in a research note on Monday, February 24th. Finally, Barclays upped their price target on shares of Consolidated Edison from $95.00 to $100.00 and gave the company an “underweight” rating in a research note on Tuesday, April 22nd. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, three have given a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $105.70.

Consolidated Edison Price Performance

Shares of NYSE:ED opened at $110.07 on Friday. The company has a market capitalization of $39.65 billion, a P/E ratio of 21.01, a price-to-earnings-growth ratio of 3.05 and a beta of 0.27. The company’s 50-day moving average is $107.80 and its 200 day moving average is $99.76. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.93 and a current ratio of 1.01. Consolidated Edison has a fifty-two week low of $87.28 and a fifty-two week high of $114.87.

Consolidated Edison (NYSE:ED) last released its earnings results on Thursday, May 1st. The utilities provider reported $2.25 earnings per share for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.05). Consolidated Edison had a net margin of 11.93% and a return on equity of 8.62%. The company had revenue of $4.80 billion during the quarter, compared to analysts’ expectations of $4.21 billion. During the same quarter in the previous year, the firm earned $2.15 earnings per share. On average, equities research analysts forecast that Consolidated Edison will post 5.62 earnings per share for the current year.

Consolidated Edison Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Monday, June 16th. Stockholders of record on Wednesday, May 14th will be issued a $0.85 dividend. The ex-dividend date is Wednesday, May 14th. This represents a $3.40 annualized dividend and a dividend yield of 3.09%. Consolidated Edison’s payout ratio is currently 64.89%.

Institutional Investors Weigh In On Consolidated Edison

Large investors have recently added to or reduced their stakes in the business. Norges Bank bought a new stake in shares of Consolidated Edison during the 4th quarter valued at about $399,824,000. GAMMA Investing LLC raised its stake in Consolidated Edison by 15,937.5% in the first quarter. GAMMA Investing LLC now owns 1,022,073 shares of the utilities provider’s stock valued at $113,031,000 after purchasing an additional 1,015,700 shares in the last quarter. ExodusPoint Capital Management LP lifted its position in Consolidated Edison by 412.0% during the fourth quarter. ExodusPoint Capital Management LP now owns 1,093,402 shares of the utilities provider’s stock valued at $97,564,000 after purchasing an additional 879,866 shares during the last quarter. Invesco Ltd. grew its stake in Consolidated Edison by 27.9% in the 4th quarter. Invesco Ltd. now owns 3,721,730 shares of the utilities provider’s stock worth $332,090,000 after buying an additional 812,885 shares in the last quarter. Finally, Marshall Wace LLP increased its holdings in shares of Consolidated Edison by 232.3% in the 4th quarter. Marshall Wace LLP now owns 1,053,339 shares of the utilities provider’s stock worth $93,989,000 after buying an additional 736,348 shares during the last quarter. 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.