Consolidated Edison Inc (ED) Upgraded by BidaskClub to Hold

BidaskClub upgraded shares of Consolidated Edison Inc (NYSE:ED) from a sell rating to a hold rating in a research report sent to investors on Monday, July 24th.

Several other research firms also recently weighed in on ED. UBS AG lifted their target price on shares of Consolidated Edison from $72.00 to $75.00 and gave the stock a sell rating in a research report on Monday, May 8th. Morgan Stanley raised their price target on shares of Consolidated Edison from $77.00 to $78.00 and gave the stock an underweight rating in a report on Monday, May 8th. Zacks Investment Research upgraded shares of Consolidated Edison from a hold rating to a buy rating and set a $89.00 price target for the company in a report on Thursday, May 18th. Deutsche Bank AG cut shares of Consolidated Edison from a hold rating to a sell rating and set a $74.00 price target for the company. in a report on Monday, May 8th. Finally, Barclays PLC restated an equal weight rating and set a $82.00 price target (up from $76.00) on shares of Consolidated Edison in a report on Sunday, April 23rd. Five analysts have rated the stock with a sell rating and nine have given a hold rating to the company. The stock currently has a consensus rating of Hold and a consensus target price of $76.96.

Shares of Consolidated Edison (NYSE:ED) opened at 83.53 on Monday. The firm’s 50-day moving average price is $82.08 and its 200-day moving average price is $79.65. The stock has a market cap of $25.53 billion, a price-to-earnings ratio of 20.21 and a beta of 0.08. Consolidated Edison has a 12-month low of $68.76 and a 12-month high of $85.13.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings data on Thursday, August 3rd. The utilities provider reported $0.58 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.61 by $0.03. The business had revenue of $2.63 billion during the quarter, compared to analyst estimates of $2.79 billion. Consolidated Edison had a return on equity of 8.59% and a net margin of 10.57%. During the same period in the prior year, the firm earned $0.60 EPS. On average, analysts forecast that Consolidated Edison will post $4.09 EPS for the current fiscal year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Shareholders of record on Wednesday, August 16th will be issued a $0.69 dividend. This represents a $2.76 annualized dividend and a yield of 3.30%. The ex-dividend date of this dividend is Monday, August 14th. Consolidated Edison’s dividend payout ratio (DPR) is presently 66.67%.

Several large investors have recently bought and sold shares of the company. BlackRock Inc. increased its position in shares of Consolidated Edison by 1,771.1% in the first quarter. BlackRock Inc. now owns 24,104,499 shares of the utilities provider’s stock valued at $1,871,955,000 after buying an additional 22,816,233 shares during the period. Janus Henderson Group PLC increased its position in shares of Consolidated Edison by 6,358.2% in the second quarter. Janus Henderson Group PLC now owns 2,300,677 shares of the utilities provider’s stock valued at $185,940,000 after buying an additional 2,265,053 shares during the period. Bank of New York Mellon Corp increased its position in shares of Consolidated Edison by 34.1% in the first quarter. Bank of New York Mellon Corp now owns 3,478,494 shares of the utilities provider’s stock valued at $270,138,000 after buying an additional 884,788 shares during the period. Vanguard Group Inc. increased its position in shares of Consolidated Edison by 3.5% in the first quarter. Vanguard Group Inc. now owns 21,304,464 shares of the utilities provider’s stock valued at $1,654,504,000 after buying an additional 725,857 shares during the period. Finally, Renaissance Technologies LLC increased its position in shares of Consolidated Edison by 145.9% in the first quarter. Renaissance Technologies LLC now owns 1,178,300 shares of the utilities provider’s stock valued at $91,507,000 after buying an additional 699,200 shares during the period. 54.90% of the stock is currently owned by institutional investors and hedge funds.

Consolidated Edison Company Profile

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).