Consolidated Edison Upgraded to “Neutral” by UBS AG (ED)
Consolidated Edison (NYSE:ED) was upgraded by UBS AG from a “sell” rating to a “neutral” rating in a research note issued on Wednesday, TheFlyOnTheWall.com reports.
Consolidated Edison (NYSE:ED) traded up 0.85% on Wednesday, hitting $58.35. The stock had a trading volume of 3,040,942 shares. Consolidated Edison has a 1-year low of $53.63 and a 1-year high of $64.03. The stock has a 50-day moving average of $57.51 and a 200-day moving average of $59.12. The company has a market cap of $17.089 billion and a price-to-earnings ratio of 16.87.
Consolidated Edison (NYSE:ED) last released its earnings data 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 4.22%. The ex-dividend date is Friday, November 8th.
A number of other firms have also recently commented on ED. 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. Separately, 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. Finally, analysts at Barclays cut their price target on shares of Consolidated Edison from $63.00 to $62.00 in a research note to investors on Tuesday, August 6th. Nine analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The company has an average rating of “Hold” and an average target price of $60.22.
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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