Consolidated Edison (NYSE:ED) Price Target Increased to $97.00 by Analysts at Barclays

Consolidated Edison (NYSE:ED) had its price objective upped by Barclays from $89.00 to $97.00 in a report published on Tuesday, Benzinga reports. They currently have an equal weight rating on the utilities provider’s stock.

Other analysts also recently issued reports about the company. Wells Fargo & Company upped their target price on Consolidated Edison from $93.00 to $97.00 and gave the company an equal weight rating in a research report on Friday, May 3rd. Scotiabank dropped their target price on shares of Consolidated Edison from $91.00 to $85.00 and set a sector underperform rating for the company in a research report on Monday, April 22nd. Royal Bank of Canada cut their price target on shares of Consolidated Edison from $94.00 to $93.00 and set a sector perform rating for the company in a report on Friday, February 16th. Finally, UBS Group decreased their price objective on shares of Consolidated Edison from $99.00 to $94.00 and set a neutral rating on the stock in a research note on Friday, February 16th. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating to the stock. According to MarketBeat, the company currently has an average rating of Hold and a consensus price target of $88.46.

Consolidated Edison Stock Up 1.4 %

ED opened at $97.49 on Tuesday. The stock has a fifty day moving average of $90.62 and a 200-day moving average of $90.28. The company has a market capitalization of $33.71 billion, a P/E ratio of 18.71, a P/E/G ratio of 8.99 and a beta of 0.34. Consolidated Edison has a fifty-two week low of $80.46 and a fifty-two week high of $100.32. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.92 and a current ratio of 0.99.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings data on Thursday, May 2nd. The utilities provider reported $2.15 earnings per share for the quarter, topping the consensus estimate of $1.89 by $0.26. Consolidated Edison had a net margin of 12.43% and a return on equity of 8.79%. The business had revenue of $4.28 billion during the quarter, compared to analysts’ expectations of $4.40 billion. During the same quarter in the previous year, the company earned $1.83 EPS. The business’s revenue was down 2.8% on a year-over-year basis. On average, equities analysts expect that Consolidated Edison will post 5.31 EPS for the current year.

Consolidated Edison Announces Dividend

The company also recently declared 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 3.41%. The ex-dividend date of this dividend is Tuesday, May 14th. Consolidated Edison’s dividend payout ratio (DPR) is currently 63.72%.

Hedge Funds Weigh In On Consolidated Edison

Several institutional investors and hedge funds have recently added to or reduced their stakes in ED. Legal & General Group Plc raised its position in Consolidated Edison by 0.5% during the 3rd quarter. Legal & General Group Plc now owns 6,201,026 shares of the utilities provider’s stock worth $530,373,000 after purchasing an additional 27,850 shares during the last quarter. Northern Trust Corp lifted its stake in shares of Consolidated Edison by 8.2% in the third quarter. Northern Trust Corp now owns 4,484,026 shares of the utilities provider’s stock worth $383,519,000 after acquiring an additional 340,239 shares during the period. Morgan Stanley boosted its holdings in Consolidated Edison by 1.8% in the third quarter. Morgan Stanley now owns 4,221,543 shares of the utilities provider’s stock valued at $361,069,000 after acquiring an additional 72,915 shares during the last quarter. Invesco Ltd. boosted its holdings in Consolidated Edison by 4.5% in the third quarter. Invesco Ltd. now owns 2,976,921 shares of the utilities provider’s stock valued at $254,616,000 after acquiring an additional 129,519 shares during the last quarter. Finally, Norges Bank acquired a new stake in Consolidated Edison during the 4th quarter valued at approximately $243,511,000. 66.29% of the stock is currently owned by institutional investors and hedge funds.

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.