Consolidated Edison, Inc. (NYSE:ED) Receives Average Recommendation of “Reduce” from Analysts

Consolidated Edison, Inc. (NYSE:ED) has earned a consensus recommendation of “Reduce” from the twelve research firms that are presently covering the company, MarketBeat reports. Four analysts have rated the stock with a sell recommendation, seven have assigned a hold recommendation and one has assigned a buy recommendation to the company. The average 12-month price target among brokers that have issued a report on the stock in the last year is $87.75.

ED has been the subject of several research reports. Royal Bank of Canada reduced their target price on Consolidated Edison from $94.00 to $93.00 and set a “sector perform” rating for the company in a research report on Friday, February 16th. Wells Fargo & Company lifted their price objective on Consolidated Edison from $93.00 to $97.00 and gave the company an “equal weight” rating in a report on Friday. Scotiabank cut their price objective on Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating for the company in a report on Monday, April 22nd. Barclays lifted their price objective on Consolidated Edison from $86.00 to $87.00 and gave the company an “equal weight” rating in a report on Thursday, March 14th. Finally, UBS Group cut their price objective on Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating for the company in a report on Friday, February 16th.

Consolidated Edison Trading Up 0.3 %

Shares of ED stock opened at $95.56 on Friday. Consolidated Edison has a 12 month low of $80.46 and a 12 month high of $100.44. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 1.04. The business’s 50 day moving average is $90.06 and its two-hundred day moving average is $90.08. The company has a market cap of $33.02 billion, a PE ratio of 13.31, a price-to-earnings-growth ratio of 8.92 and a beta of 0.34.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings data on Thursday, May 2nd. The utilities provider reported $2.15 earnings per share for the quarter, beating the consensus estimate of $1.89 by $0.26. Consolidated Edison had a return on equity of 8.41% and a net margin of 17.19%. The company had revenue of $4.28 billion during the quarter, compared to analysts’ expectations of $4.40 billion. During the same period in the prior year, the business earned $1.83 earnings per share. Consolidated Edison’s revenue for the quarter was down 2.8% compared to the same quarter last year. Equities analysts predict that Consolidated Edison will post 5.31 EPS for the current year.

Consolidated Edison Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Stockholders of record on Wednesday, May 15th will be issued a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a dividend yield of 3.47%. The ex-dividend date is Tuesday, May 14th. Consolidated Edison’s dividend payout ratio (DPR) is presently 46.24%.

Institutional Investors Weigh In On Consolidated Edison

Several institutional investors have recently bought and sold shares of ED. Dakota Wealth Management bought a new stake in Consolidated Edison in the 3rd quarter valued at approximately $617,000. Raymond James Financial Services Advisors Inc. lifted its stake in Consolidated Edison by 6.5% in the 3rd quarter. Raymond James Financial Services Advisors Inc. now owns 110,604 shares of the utilities provider’s stock valued at $9,460,000 after acquiring an additional 6,715 shares in the last quarter. Stratos Wealth Partners LTD. increased its position in shares of Consolidated Edison by 43.2% during the 3rd quarter. Stratos Wealth Partners LTD. now owns 9,764 shares of the utilities provider’s stock worth $835,000 after purchasing an additional 2,944 shares during the last quarter. Mn Services Vermogensbeheer B.V. increased its position in shares of Consolidated Edison by 2.8% during the 3rd quarter. Mn Services Vermogensbeheer B.V. now owns 169,600 shares of the utilities provider’s stock worth $14,506,000 after purchasing an additional 4,600 shares during the last quarter. Finally, Forsta AP Fonden increased its position in shares of Consolidated Edison by 3.0% during the 3rd quarter. Forsta AP Fonden now owns 135,700 shares of the utilities provider’s stock worth $11,606,000 after purchasing an additional 3,900 shares during the last quarter. Institutional investors own 66.29% of the company’s stock.

Consolidated Edison Company Profile

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.