Consolidated Edison (ED) Lifted to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Consolidated Edison (NYSE:ED) from a hold rating to a buy rating in a research note issued to investors on Wednesday. Zacks Investment Research currently has $94.00 target price on the utilities provider’s stock.

According to Zacks, “Consolidated Edison has a favorable rate decisions history by regulatory authorities, which will likely encourage it to invest more in infrastructure improvements. The company is also making notable progress in generating renewable energy. Moreover, the company outperformed its broader industry over a year. However, the company faces interest rate risk owing to variable rate debt and to new debt financing needed to fund capital requirements.”

Other analysts also recently issued reports about the company. ValuEngine raised Consolidated Edison from a hold rating to a buy rating in a report on Sunday, December 31st. Bank of America started coverage on Consolidated Edison in a report on Tuesday, October 24th. They set a buy rating and a $92.00 price target for the company. KeyCorp reaffirmed a hold rating on shares of Consolidated Edison in a report on Friday, October 20th. Evercore ISI downgraded Consolidated Edison from an in-line rating to an underperform rating and set a $74.00 price target for the company. in a report on Tuesday, September 26th. Finally, Morgan Stanley lifted their price target on Consolidated Edison from $78.00 to $80.00 and gave the stock an underweight rating in a report on Friday, September 8th. Five equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have issued a buy rating to the company’s stock. Consolidated Edison currently has an average rating of Hold and an average target price of $80.95.

Shares of Consolidated Edison (ED) traded down $0.08 during midday trading on Wednesday, reaching $81.74. The company’s stock had a trading volume of 1,743,354 shares, compared to its average volume of 1,570,000. The stock has a market cap of $25,350.00, a P/E ratio of 20.49, a price-to-earnings-growth ratio of 9.60 and a beta of 0.10. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.79 and a quick ratio of 0.70. Consolidated Edison has a 12 month low of $72.13 and a 12 month high of $89.70.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings results on Thursday, November 2nd. The utilities provider reported $1.47 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $1.54 by ($0.07). The business had revenue of $3.21 billion for the quarter, compared to analysts’ expectations of $3.14 billion. Consolidated Edison had a return on equity of 8.42% and a net margin of 10.42%. During the same period last year, the firm earned $1.51 earnings per share. equities analysts anticipate that Consolidated Edison will post 4.09 earnings per share for the current year.

The company also recently announced a quarterly dividend, which was paid on Friday, December 15th. Stockholders of record on Wednesday, November 15th were given a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.38%. The ex-dividend date was Tuesday, November 14th. Consolidated Edison’s dividend payout ratio (DPR) is currently 69.17%.

Several institutional investors and hedge funds have recently bought and sold shares of ED. Janus Henderson Group PLC increased its position in shares of Consolidated Edison by 6,358.2% during the second quarter. Janus Henderson Group PLC now owns 2,300,677 shares of the utilities provider’s stock worth $185,940,000 after purchasing an additional 2,265,053 shares in the last quarter. APG Asset Management N.V. increased its position in shares of Consolidated Edison by 38.2% during the third quarter. APG Asset Management N.V. now owns 4,055,555 shares of the utilities provider’s stock worth $327,202,000 after purchasing an additional 1,121,200 shares in the last quarter. Vanguard Group Inc. increased its position in shares of Consolidated Edison by 2.4% during the second quarter. Vanguard Group Inc. now owns 21,821,324 shares of the utilities provider’s stock worth $1,763,600,000 after purchasing an additional 516,860 shares in the last quarter. Balyasny Asset Management LLC increased its position in shares of Consolidated Edison by 5,924.7% during the second quarter. Balyasny Asset Management LLC now owns 523,427 shares of the utilities provider’s stock worth $42,303,000 after purchasing an additional 514,739 shares in the last quarter. Finally, BlackRock Inc. increased its position in shares of Consolidated Edison by 1.8% during the second quarter. BlackRock Inc. now owns 24,544,339 shares of the utilities provider’s stock worth $1,983,672,000 after purchasing an additional 439,840 shares in the last quarter. Institutional investors and hedge funds own 55.50% of the company’s stock.

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About Consolidated Edison

Consolidated Edison, Inc (Con Edison) is a holding company. The Company operates through its subsidiaries, which include Consolidated Edison Company of New York, Inc (CECONY), Orange and Rockland Utilities, Inc (O&R), Con Edison Clean Energy Businesses, Inc (the Clean Energy Businesses) and Con Edison Transmission, Inc (Con Edison Transmission).

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