Consolidated Edison Rating Reiterated by Zacks (ED)
Consolidated Edison (NYSE:ED)‘s stock had its “neutral” rating reaffirmed by Zacks in a research note issued on Wednesday, AnalystRatingsNetwork.com reports. They currently have a $61.00 price objective on the stock. Zacks‘ target price would indicate a potential upside of 5.43% from the stock’s previous close.
Zacks‘ analyst wrote, “We maintain our Neutral recommendation on Consolidated Edison Inc. The company’s second quarter earnings missed the Zacks Consensus Estimate. However, the company managed to beat the top-line expectation. The weak numbers mainly reflect changes in the rate plans of the company’s utility subsidiaries. Its performance can be hurt by factors such as weather, increase in certain operations and maintenance expenses, depreciation and property taxes. Going forward, the company’s robust portfolio of regulated utility assets provides a steady earnings base and significant growth prospects for the long run. However, we remain concerned about lower demand for electricity, earnings dilutive issuances and regulatory risks.”
Other equities research analysts have also recently issued reports about the stock. Analysts at UBS AG upgraded shares of Consolidated Edison from a “sell” rating to a “neutral” rating in a research note to investors on Wednesday. Separately, analysts at Goldman Sachs Group Inc. upgraded shares of Consolidated Edison from a “sell” rating to a “neutral” rating in a research note to investors on Wednesday, September 18th. They now have a $57.00 price target on the stock, up previously from $55.00. Finally, analysts at Jefferies Group downgraded shares of Consolidated Edison from a “buy” rating to a “hold” rating in a research note to investors on Wednesday, September 11th. They now have a $58.00 price target on the stock, down previously from $67.00. Nine equities research analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock presently has an average rating of “Hold” and a consensus target price of $60.22.
Shares of Consolidated Edison (NYSE:ED) traded up 1.18% on Wednesday, hitting $58.54. 2,147,888 shares of the company’s stock traded hands. Consolidated Edison has a 52 week low of $53.63 and a 52 week high of $64.03. The stock’s 50-day moving average is $57.51 and its 200-day moving average is $59.12. The company has a market cap of $17.145 billion and a P/E ratio of 16.87.
Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, August 1st. The company reported $0.59 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.57 by $0.02. The company had revenue of $2.82 billion for the quarter, compared to the consensus estimate of $2.85 billion. During the same quarter last year, the company posted $0.73 earnings per share. Consolidated Edison’s revenue was up 1.7% compared to the same quarter last year. Analysts expect that Consolidated Edison will post $3.74 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Sunday, December 15th. Shareholders of record on Wednesday, November 13th will be paid a dividend of $0.62 per share. This represents a $2.46 annualized dividend and a dividend yield of 4.25%. The ex-dividend date is Friday, November 8th.
Consolidated Edison, Inc (NYSE:ED) is a holding company, which owns Consolidated Edison Company of New York, Inc (CECONY), which delivers electricity, natural gas and steam to customers in New York City and Westchester County; Orange and Rockland Utilities, Inc (O&R) (together with CECONY referred to as the Utilities), which delivers electricity and natural gas to customers primarily located in southeastern New York, and northern New Jersey and northeastern Pennsylvania, and competitive energy businesses, which provide retail and wholesale electricity supply and energy services.
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