Consolidated Edison (NYSE:ED) had its price objective cut by Morgan Stanley from $81.00 to $77.00 in a research note issued to investors on Friday. They currently have a sell rating on the utilities provider’s stock.
Several other research analysts have also recently weighed in on the stock. Zacks Investment Research upgraded shares of Consolidated Edison from a hold rating to a buy rating and set a $90.00 price objective for the company in a research report on Wednesday, September 12th. Barclays began coverage on shares of Consolidated Edison in a research report on Tuesday, July 10th. They issued an equal weight rating and a $81.00 price objective for the company. ValuEngine upgraded shares of Consolidated Edison from a sell rating to a hold rating in a research report on Tuesday, June 26th. Wells Fargo & Co boosted their price objective on shares of Consolidated Edison from $81.00 to $83.00 and gave the stock a market perform rating in a research report on Monday, September 17th. Finally, Howard Weil began coverage on shares of Consolidated Edison in a research report on Tuesday, July 24th. They issued a sector underperform rating for the company. Five equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the stock. Consolidated Edison currently has an average rating of Hold and an average price target of $77.90.
Shares of ED opened at $77.89 on Friday. The company has a market capitalization of $24.23 billion and a PE ratio of 18.33. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.57 and a current ratio of 0.63. Consolidated Edison has a one year low of $71.12 and a one year high of $89.70.
Consolidated Edison (NYSE:ED) last announced its earnings results on Thursday, August 2nd. The utilities provider reported $0.61 EPS for the quarter, topping the consensus estimate of $0.57 by $0.04. The business had revenue of $2.70 billion for the quarter, compared to the consensus estimate of $2.64 billion. Consolidated Edison had a return on equity of 8.52% and a net margin of 12.90%. During the same period in the previous year, the business earned $0.58 EPS. sell-side analysts expect that Consolidated Edison will post 4.27 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Monday, September 17th. Shareholders of record on Wednesday, August 15th were given a dividend of $0.715 per share. This represents a $2.86 annualized dividend and a dividend yield of 3.67%. The ex-dividend date was Tuesday, August 14th. Consolidated Edison’s payout ratio is 69.93%.
Several institutional investors have recently modified their holdings of the business. Royal London Asset Management Ltd. bought a new stake in shares of Consolidated Edison during the 2nd quarter valued at $10,097,000. HM Payson & Co. bought a new stake in shares of Consolidated Edison during the 2nd quarter valued at $200,000. Schroder Investment Management Group raised its position in shares of Consolidated Edison by 31.1% during the 2nd quarter. Schroder Investment Management Group now owns 35,245 shares of the utilities provider’s stock valued at $2,747,000 after acquiring an additional 8,361 shares during the last quarter. Mount Yale Investment Advisors LLC raised its position in shares of Consolidated Edison by 29.3% during the 2nd quarter. Mount Yale Investment Advisors LLC now owns 3,400 shares of the utilities provider’s stock valued at $265,000 after acquiring an additional 771 shares during the last quarter. Finally, Laurel Wealth Advisors Inc. raised its position in shares of Consolidated Edison by 1.3% during the 2nd quarter. Laurel Wealth Advisors Inc. now owns 51,327 shares of the utilities provider’s stock valued at $4,002,000 after acquiring an additional 662 shares during the last quarter. Institutional investors own 58.57% 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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