Consolidated Edison (NYSE:ED) had its target price cut by Bank of America from $87.00 to $83.00 in a research note published on Friday, Marketbeat.com reports. They currently have a buy rating on the utilities provider’s stock.
A number of other analysts also recently commented on ED. Barclays initiated coverage on shares of Consolidated Edison in a report on Tuesday, July 10th. They set an equal weight rating and a $81.00 price objective on the stock. Morgan Stanley boosted their price objective on shares of Consolidated Edison from $71.00 to $77.00 and gave the stock an underweight rating in a report on Monday, July 16th. Howard Weil initiated coverage on shares of Consolidated Edison in a report on Tuesday, July 24th. They set a sector underperform rating on the stock. Scotiabank initiated coverage on shares of Consolidated Edison in a report on Tuesday, July 24th. They set a sell rating and a $32.00 price objective on the stock. Finally, Zacks Investment Research raised shares of Consolidated Edison from a hold rating to a buy rating and set a $89.00 price objective on the stock in a report on Tuesday, August 7th. Four analysts have rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the stock. The company currently has a consensus rating of Hold and a consensus price target of $77.60.
ED stock traded down $1.09 during trading on Friday, reaching $74.54. 3,467,989 shares of the company were exchanged, compared to its average volume of 2,099,306. The company has a market cap of $23.19 billion and a P/E ratio of 17.18. Consolidated Edison has a 52-week low of $71.12 and a 52-week high of $89.70. The company has a current ratio of 0.63, a quick ratio of 0.57 and a debt-to-equity ratio of 0.97.
Consolidated Edison (NYSE:ED) last released its quarterly earnings data on Thursday, November 1st. The utilities provider reported $1.57 EPS for the quarter, topping analysts’ consensus estimates of $1.46 by $0.11. The firm had revenue of $3.33 billion for the quarter, compared to the consensus estimate of $3.17 billion. Consolidated Edison had a net margin of 12.60% and a return on equity of 8.68%. During the same quarter in the previous year, the firm earned $1.47 earnings per share. On average, equities research analysts expect that Consolidated Edison will post 4.27 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which will be paid on Monday, December 17th. Shareholders of record on Wednesday, November 14th will be given a dividend of $0.715 per share. This represents a $2.86 dividend on an annualized basis and a yield of 3.84%. The ex-dividend date is Tuesday, November 13th. Consolidated Edison’s payout ratio is currently 69.93%.
A number of institutional investors and hedge funds have recently made changes to their positions in ED. BlackRock Inc. raised its position in Consolidated Edison by 7.0% during the second quarter. BlackRock Inc. now owns 27,689,373 shares of the utilities provider’s stock worth $2,159,218,000 after acquiring an additional 1,815,861 shares during the last quarter. Assenagon Asset Management S.A. raised its position in Consolidated Edison by 2,609.5% during the second quarter. Assenagon Asset Management S.A. now owns 577,357 shares of the utilities provider’s stock worth $45,022,000 after acquiring an additional 556,048 shares during the last quarter. FMR LLC raised its position in Consolidated Edison by 248.6% during the second quarter. FMR LLC now owns 580,731 shares of the utilities provider’s stock worth $45,286,000 after acquiring an additional 414,146 shares during the last quarter. Bank of Nova Scotia raised its position in Consolidated Edison by 384.9% during the second quarter. Bank of Nova Scotia now owns 371,373 shares of the utilities provider’s stock worth $28,959,000 after acquiring an additional 294,781 shares during the last quarter. Finally, Unigestion Holding SA acquired a new position in Consolidated Edison during the second quarter worth about $21,198,000. Institutional investors own 58.72% of the company’s stock.
About Consolidated Edison
Consolidated Edison, Inc, through its subsidiaries, engages in regulated electric, gas, and steam delivery businesses in the United States. The company offers electric services to approximately 3.4 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 1,600 customers in parts of Manhattan.
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