Consolidated Edison, Inc. (NYSE:ED) Receives Average Recommendation of “Reduce” from Brokerages
Shares of Consolidated Edison, Inc. (NYSE:ED – Get Free Report) have been assigned an average rating of “Reduce” from the twelve research firms that are presently covering the company, MarketBeat reports. Four equities research analysts have rated the stock with a sell recommendation, six have assigned a hold recommendation and two have issued a buy recommendation on the company. The average 12 month target price among analysts that have covered the stock in the last year is $88.08.
A number of analysts recently issued reports on ED shares. Wells Fargo & Company upgraded shares of Consolidated Edison from an “underweight” rating to an “equal weight” rating and decreased their target price for the stock from $96.00 to $94.00 in a research report on Tuesday, October 17th. Barclays decreased their target price on shares of Consolidated Edison from $88.00 to $85.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 24th. JPMorgan Chase & Co. increased their price target on shares of Consolidated Edison from $84.00 to $87.00 and gave the stock an “underweight” rating in a research note on Wednesday, November 29th. Guggenheim cut their price target on shares of Consolidated Edison from $85.00 to $82.00 in a research note on Monday, October 9th. Finally, Mizuho cut their price target on shares of Consolidated Edison from $95.00 to $88.00 and set a “neutral” rating on the stock in a research note on Tuesday, September 5th.
Get Our Latest Stock Analysis on Consolidated Edison
Consolidated Edison Trading Down 0.9 %
NYSE ED opened at $91.19 on Wednesday. The stock has a market capitalization of $31.48 billion, a P/E ratio of 13.51, a P/E/G ratio of 9.15 and a beta of 0.38. Consolidated Edison has a 52-week low of $80.46 and a 52-week high of $100.92. The firm has a 50-day moving average price of $88.62 and a 200 day moving average price of $90.60. The company has a quick ratio of 0.91, a current ratio of 0.98 and a debt-to-equity ratio of 0.98.
Consolidated Edison (NYSE:ED – Get Free Report) last issued its earnings results on Thursday, November 2nd. The utilities provider reported $1.62 earnings per share for the quarter, topping the consensus estimate of $1.58 by $0.04. Consolidated Edison had a net margin of 15.57% and a return on equity of 8.16%. The company had revenue of $3.87 billion for the quarter, compared to analyst estimates of $3.82 billion. Equities research analysts expect that Consolidated Edison will post 5.01 EPS for the current year.
Consolidated Edison Dividend Announcement
The business also recently disclosed a quarterly dividend, which will be paid on Friday, December 15th. Shareholders of record on Wednesday, November 15th will be issued a dividend of $0.81 per share. This represents a $3.24 annualized dividend and a yield of 3.55%. The ex-dividend date is Tuesday, November 14th. Consolidated Edison’s dividend payout ratio is currently 48.00%.
Institutional Inflows and Outflows
Several hedge funds have recently added to or reduced their stakes in the stock. Financial Gravity Asset Management Inc. boosted its holdings in shares of Consolidated Edison by 215.6% in the 3rd quarter. Financial Gravity Asset Management Inc. now owns 284 shares of the utilities provider’s stock valued at $25,000 after buying an additional 194 shares during the period. Level Financial Advisors Inc. acquired a new position in shares of Consolidated Edison in the 3rd quarter valued at about $26,000. Retirement Group LLC boosted its holdings in shares of Consolidated Edison by 74.8% in the 4th quarter. Retirement Group LLC now owns 271 shares of the utilities provider’s stock valued at $26,000 after buying an additional 116 shares during the period. Missouri Trust & Investment Co acquired a new position in shares of Consolidated Edison in the 2nd quarter valued at about $27,000. Finally, Tyler Stone Wealth Management bought a new stake in Consolidated Edison in the 2nd quarter valued at about $28,000. 64.53% of the stock is owned by institutional investors and hedge funds.
Consolidated Edison Company Profile (Get Free Report
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 3.6 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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