Zacks Investment Research upgraded shares of Consolidated Edison Inc (NYSE:ED) from a hold rating to a buy rating in a research note published on Monday, September 11th. They currently have $95.00 price objective on the utilities provider’s stock.
According to Zacks, “Consolidated Edison has a history of favorable rate decisions by regulatory authorities, which will likely encourage it to invest more in infrastructure improvements. A stable financial position backed by a strong cash generation capacity enables the company to follow a disciplined capital spending program. The company is also making notable progress in generating renewable energy. Moreover, the company outperformed its broader industry in the past one year. However, disruption in wholesale energy markets may affect its ability to meet customers’ energy needs and thereby adversely affect its performance. Again, stringent utility regulations and interruption in operation of its generating units could be detrimental to growth.”
Several other analysts have also recently weighed in on the stock. Morgan Stanley raised their target price on shares of Consolidated Edison from $78.00 to $80.00 and gave the company an underweight rating in a report on Friday, September 8th. Jefferies Group LLC reissued a hold rating and set a $83.50 price objective on shares of Consolidated Edison in a report on Thursday, August 31st. BidaskClub upgraded shares of Consolidated Edison from a hold rating to a buy rating in a research report on Tuesday, August 22nd. UBS AG boosted 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 15th. Finally, BMO Capital Markets reaffirmed a hold rating and set a $80.00 price target on shares of Consolidated Edison in a research note on Monday, May 15th. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating and one has issued a buy rating to the stock. The stock currently has a consensus rating of Hold and a consensus target price of $77.88.
Consolidated Edison (NYSE:ED) opened at 83.41 on Monday. Consolidated Edison has a 1-year low of $68.76 and a 1-year high of $86.16. The stock has a market capitalization of $25.50 billion, a price-to-earnings ratio of 20.18 and a beta of 0.09. The company has a 50-day moving average of $83.85 and a 200-day moving average of $81.13.
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 Zacks’ consensus estimate of $0.61 by ($0.03). The firm had revenue of $2.63 billion during the quarter, compared to analysts’ expectations of $2.79 billion. Consolidated Edison had a net margin of 10.57% and a return on equity of 8.59%. During the same period in the prior year, the company posted $0.60 EPS. Analysts anticipate that Consolidated Edison will post $4.09 earnings per share for the current fiscal year.
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The business also recently announced a quarterly dividend, which was paid on Friday, September 15th. Shareholders of record on Wednesday, August 16th were given a $0.69 dividend. This represents a $2.76 annualized dividend and a yield of 3.31%. The ex-dividend date was Monday, August 14th. Consolidated Edison’s dividend payout ratio is presently 66.67%.
In other Consolidated Edison news, CEO Joseph P. Oates sold 1,908 shares of the stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $83.87, for a total value of $160,023.96. Following the sale, the chief executive officer now directly owns 24,017 shares of the company’s stock, valued at $2,014,305.79. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders acquired 471 shares of company stock worth $39,202 over the last ninety days. 0.20% of the stock is owned by corporate insiders.
Several large investors have recently added to or reduced their stakes in the company. Tyers Asset Management LLC boosted its stake in Consolidated Edison by 0.4% during the first quarter. Tyers Asset Management LLC now owns 34,736 shares of the utilities provider’s stock valued at $2,698,000 after buying an additional 144 shares in the last quarter. LSV Asset Management boosted its stake in Consolidated Edison by 3.1% during the first quarter. LSV Asset Management now owns 838,200 shares of the utilities provider’s stock valued at $65,094,000 after buying an additional 25,500 shares in the last quarter. Elkhorn Investments LLC acquired a new position in shares of Consolidated Edison in the 1st quarter valued at $1,111,000. First Trust Advisors LP boosted its position in shares of Consolidated Edison by 22.9% in the 1st quarter. First Trust Advisors LP now owns 1,368,168 shares of the utilities provider’s stock valued at $106,252,000 after purchasing an additional 255,250 shares during the period. Finally, HPM Partners LLC acquired a new position in shares of Consolidated Edison in the 1st quarter valued at $345,000. 55.06% of the stock is owned by institutional investors.
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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