Brokerages Set Consolidated Edison Inc (NYSE:ED) Target Price at $105.09

Shares of Consolidated Edison Inc (NYSE:ED) have received an average recommendation of “Hold” from the twelve analysts that are covering the company, Marketbeat.com reports. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the company. The average 12 month price target among brokerages that have updated their coverage on the stock in the last year is $105.09.

ED has been the subject of a number of recent research reports. Morgan Stanley reduced their price target on Consolidated Edison from $93.00 to $92.00 and set an “underweight” rating for the company in a research report on Wednesday, June 18th. Mizuho raised Consolidated Edison from a “neutral” rating to an “outperform” rating and increased their price objective for the company from $105.00 to $107.00 in a report on Monday, June 30th. Barclays increased their price objective on Consolidated Edison from $100.00 to $101.00 and gave the company an “underweight” rating in a report on Monday, May 5th. Wells Fargo & Company increased their price objective on Consolidated Edison from $103.00 to $114.00 and gave the company an “equal weight” rating in a report on Friday, May 2nd. Finally, Citigroup increased their price objective on Consolidated Edison from $116.00 to $120.00 and gave the company a “buy” rating in a report on Wednesday, April 9th.

Institutional Investors Weigh In On Consolidated Edison

A number of large investors have recently added to or reduced their stakes in ED. Norges Bank bought a new stake in Consolidated Edison in the 4th quarter valued at $399,824,000. ATLAS Infrastructure Partners UK Ltd. bought a new stake in Consolidated Edison in the 1st quarter valued at $254,205,000. Deutsche Bank AG raised its stake in Consolidated Edison by 130.6% in the 1st quarter. Deutsche Bank AG now owns 3,926,814 shares of the utilities provider’s stock valued at $434,266,000 after acquiring an additional 2,223,959 shares during the period. JPMorgan Chase & Co. raised its stake in Consolidated Edison by 106.9% in the 1st quarter. JPMorgan Chase & Co. now owns 2,790,876 shares of the utilities provider’s stock valued at $308,643,000 after acquiring an additional 1,441,785 shares during the period. Finally, Nuveen LLC bought a new stake in Consolidated Edison in the 1st quarter valued at $146,073,000. Institutional investors own 66.29% of the company’s stock.

Consolidated Edison Trading Up 0.4%

NYSE:ED opened at $102.69 on Monday. Consolidated Edison has a twelve month low of $87.28 and a twelve month high of $114.87. The company has a quick ratio of 1.19, a current ratio of 1.28 and a debt-to-equity ratio of 1.04. The business has a 50 day moving average price of $101.54 and a two-hundred day moving average price of $102.47. The company has a market cap of $37.00 billion, a P/E ratio of 18.98, a price-to-earnings-growth ratio of 3.26 and a beta of 0.26.

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). Consolidated Edison had a return on equity of 8.61% and a net margin of 11.98%. The firm had revenue of $4.80 billion for the quarter, compared to analyst estimates of $4.21 billion. During the same period last year, the company earned $2.15 EPS. As a group, analysts expect that Consolidated Edison will post 5.62 EPS for the current fiscal year.

Consolidated Edison Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Wednesday, August 13th will be paid a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a yield of 3.31%. The ex-dividend date is Wednesday, August 13th. Consolidated Edison’s dividend payout ratio (DPR) is presently 62.85%.

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.