Consolidated Edison (NYSE:ED) Price Target Raised to $103.00 at Guggenheim

Consolidated Edison (NYSE:ED) had its target price increased by Guggenheim from $96.00 to $103.00 in a research report released on Friday,Benzinga reports. The firm currently has a neutral rating on the utilities provider’s stock.

A number of other brokerages have also recently issued reports on ED. Mizuho raised their price objective on shares of Consolidated Edison from $92.00 to $95.00 and gave the company a “neutral” rating in a research note on Monday, February 3rd. Citigroup upped their target price on Consolidated Edison from $116.00 to $120.00 and gave the stock a “buy” rating in a report on Wednesday, April 9th. Barclays raised their price objective on Consolidated Edison from $95.00 to $100.00 and gave the company an “underweight” rating in a research report on Tuesday, April 22nd. Scotiabank lifted their target price on Consolidated Edison from $100.00 to $101.00 and gave the stock a “sector perform” rating in a report on Monday, February 24th. Finally, Evercore ISI cut Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 21st. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $105.70.

Consolidated Edison Stock Performance

ED stock opened at $110.07 on Friday. The company has a market capitalization of $39.65 billion, a P/E ratio of 21.01, a PEG ratio of 3.05 and a beta of 0.27. The company has a quick ratio of 0.93, a current ratio of 1.01 and a debt-to-equity ratio of 1.07. Consolidated Edison has a fifty-two week low of $87.28 and a fifty-two week high of $114.87. The company has a 50-day simple moving average of $107.80 and a 200 day simple moving average of $99.85.

Consolidated Edison (NYSE:ED) last released its quarterly earnings results on Thursday, May 1st. The utilities provider reported $2.25 earnings per share for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.05). The business had revenue of $4.80 billion for the quarter, compared to the consensus estimate of $4.21 billion. Consolidated Edison had a net margin of 11.93% and a return on equity of 8.62%. During the same quarter in the prior year, the business posted $2.15 EPS. Sell-side analysts predict that Consolidated Edison will post 5.62 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 16th. Shareholders of record on Wednesday, May 14th will be issued a dividend of $0.85 per share. This represents a $3.40 annualized dividend and a dividend yield of 3.09%. The ex-dividend date is Wednesday, May 14th. Consolidated Edison’s dividend payout ratio (DPR) is presently 64.89%.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the business. Barclays PLC lifted its holdings in Consolidated Edison by 30.1% during the third quarter. Barclays PLC now owns 1,231,924 shares of the utilities provider’s stock worth $128,279,000 after buying an additional 285,115 shares during the period. World Investment Advisors LLC purchased a new stake in shares of Consolidated Edison in the 3rd quarter valued at $453,000. Wilmington Savings Fund Society FSB acquired a new position in shares of Consolidated Edison in the 3rd quarter valued at about $776,000. Tidal Investments LLC grew its position in Consolidated Edison by 4.5% during the third quarter. Tidal Investments LLC now owns 6,437 shares of the utilities provider’s stock valued at $670,000 after buying an additional 276 shares during the period. Finally, Synovus Financial Corp increased its stake in shares of Consolidated Edison by 6.2% in the 3rd quarter. Synovus Financial Corp now owns 17,804 shares of the utilities provider’s stock valued at $1,854,000 after purchasing an additional 1,033 shares in the last quarter. Institutional investors own 66.29% of the company’s stock.

About Consolidated Edison

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 3.7 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.