Zacks Investment Research upgraded shares of Consolidated Edison (NYSE:ED) from a hold rating to a buy rating in a research report report published on Thursday. They currently have $89.00 price target 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. It continues to follow a systematic capital investment plan for infrastructure development and the expansion of renewable assets. The company is also making notable progress in generating renewable energy. Moreover, the company outperformed the broader industry in past one year. However, the company faces interest rate risk owing to variable rate debt and to new debt financing, needed to fund capital requirements.”
Several other equities research analysts also recently commented on the stock. KeyCorp reissued a hold rating on shares of Consolidated Edison in a research report on Friday, October 20th. Bank of America started coverage on shares of Consolidated Edison in a research report on Tuesday, October 24th. They set a buy rating and a $92.00 target price for the company. Guggenheim reissued a hold rating and set a $88.00 target price on shares of Consolidated Edison in a research report on Wednesday, January 3rd. ValuEngine raised shares of Consolidated Edison from a hold rating to a buy rating in a research report on Friday, November 10th. Finally, JPMorgan Chase & Co. assumed coverage on shares of Consolidated Edison in a research report on Friday, January 12th. They issued an underweight rating and a $78.00 price objective for the company. Six equities research analysts have rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the stock. The company currently has a consensus rating of Hold and an average target price of $80.29.
Consolidated Edison (ED) traded down $0.01 during trading hours on Thursday, hitting $78.27. 2,584,121 shares of the stock traded hands, compared to its average volume of 1,710,000. The company has a current ratio of 0.79, a quick ratio of 0.70 and a debt-to-equity ratio of 0.97. The company has a market capitalization of $24,270.00, a P/E ratio of 19.62, a PEG ratio of 9.28 and a beta of 0.10. Consolidated Edison has a one year low of $72.13 and a one year high of $89.70.
Consolidated Edison (NYSE:ED) last posted its earnings results on Thursday, November 2nd. The utilities provider reported $1.47 EPS for the quarter, missing the consensus estimate of $1.54 by ($0.07). The business had revenue of $3.21 billion for the quarter, compared to the consensus estimate 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 in the previous year, the firm earned $1.51 earnings per share. equities research analysts predict that Consolidated Edison will post 4.1 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 15th. Shareholders of record on Wednesday, February 14th will be given a $0.715 dividend. This represents a $2.86 dividend on an annualized basis and a yield of 3.65%. This is an increase from Consolidated Edison’s previous quarterly dividend of $0.69. The ex-dividend date of this dividend is Tuesday, February 13th. Consolidated Edison’s dividend payout ratio is presently 69.17%.
Hedge funds have recently modified their holdings of the business. Private Advisor Group LLC grew its position in Consolidated Edison by 16.2% in the 3rd quarter. Private Advisor Group LLC now owns 39,980 shares of the utilities provider’s stock worth $3,257,000 after purchasing an additional 5,567 shares in the last quarter. Parametric Portfolio Associates LLC grew its position in Consolidated Edison by 5.6% in the 3rd quarter. Parametric Portfolio Associates LLC now owns 1,109,470 shares of the utilities provider’s stock worth $89,512,000 after purchasing an additional 59,098 shares in the last quarter. Vanguard Group Inc. grew its position in Consolidated Edison by 2.4% in the 2nd 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. Lazard Asset Management LLC boosted its stake in Consolidated Edison by 129.8% in the second quarter. Lazard Asset Management LLC now owns 380,193 shares of the utilities provider’s stock valued at $30,726,000 after acquiring an additional 214,717 shares during the last quarter. Finally, Janus Henderson Group PLC boosted its stake in Consolidated Edison by 25.3% in the third quarter. Janus Henderson Group PLC now owns 2,883,134 shares of the utilities provider’s stock valued at $232,610,000 after acquiring an additional 582,457 shares during the last quarter. 55.50% of the stock is owned by institutional investors and hedge funds.
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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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