Consolidated Edison, Inc. (NYSE:ED) Given Consensus Rating of “Hold” by Brokerages

Consolidated Edison, Inc. (NYSE:ED) has been assigned an average rating of “Hold” from the twelve ratings firms that are covering the firm, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. The average 12-month target price among brokerages that have issued a report on the stock in the last year is $102.40.

ED has been the subject of a number of recent research reports. Evercore ISI lowered shares of Consolidated Edison from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 21st. Scotiabank lifted their price objective on shares of Consolidated Edison from $100.00 to $101.00 and gave the stock a “sector perform” rating in a research note on Monday, February 24th. Mizuho upped their target price on shares of Consolidated Edison from $92.00 to $95.00 and gave the company a “neutral” rating in a research report on Monday, February 3rd. UBS Group lifted their price target on Consolidated Edison from $110.00 to $113.00 and gave the stock a “neutral” rating in a research report on Friday. Finally, Morgan Stanley upped their price objective on Consolidated Edison from $85.00 to $91.00 and gave the company an “underweight” rating in a research report on Thursday, March 20th.

Hedge Funds Weigh In On Consolidated Edison

Hedge funds have recently bought and sold shares of the business. Norges Bank purchased a new position in shares of Consolidated Edison during the fourth quarter worth approximately $399,824,000. Point72 Asset Management L.P. increased its holdings in Consolidated Edison by 1,766.0% during the 3rd quarter. Point72 Asset Management L.P. now owns 988,961 shares of the utilities provider’s stock worth $102,980,000 after purchasing an additional 935,962 shares during the period. ExodusPoint Capital Management LP raised its position in Consolidated Edison by 412.0% during the 4th quarter. ExodusPoint Capital Management LP now owns 1,093,402 shares of the utilities provider’s stock valued at $97,564,000 after purchasing an additional 879,866 shares in the last quarter. Invesco Ltd. lifted its holdings in shares of Consolidated Edison by 27.9% in the 4th quarter. Invesco Ltd. now owns 3,721,730 shares of the utilities provider’s stock worth $332,090,000 after buying an additional 812,885 shares during the period. Finally, Marshall Wace LLP lifted its holdings in shares of Consolidated Edison by 232.3% in the 4th quarter. Marshall Wace LLP now owns 1,053,339 shares of the utilities provider’s stock worth $93,989,000 after buying an additional 736,348 shares during the period. Institutional investors own 66.29% of the company’s stock.

Consolidated Edison Stock Down 0.9 %

ED opened at $106.87 on Tuesday. The company has a market capitalization of $37.06 billion, a PE ratio of 20.40, a price-to-earnings-growth ratio of 3.05 and a beta of 0.30. The firm has a 50-day simple moving average of $98.28 and a two-hundred day simple moving average of $98.38. 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 52 week low of $87.16 and a 52 week high of $109.36.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings results on Thursday, February 20th. The utilities provider reported $0.98 EPS for the quarter, beating analysts’ consensus estimates of $0.97 by $0.01. The company had revenue of $3.67 billion during the quarter, compared to analyst estimates of $3.63 billion. Consolidated Edison had a return on equity of 8.62% and a net margin of 11.93%. Analysts forecast that Consolidated Edison will post 5.62 earnings per share for the current fiscal year.

Consolidated Edison Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Wednesday, February 19th were paid a dividend of $0.85 per share. This is a positive change from Consolidated Edison’s previous quarterly dividend of $0.83. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.18%. The ex-dividend date of this dividend was Wednesday, February 19th. Consolidated Edison’s dividend payout ratio (DPR) is currently 64.89%.

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.