Consolidated Edison Stock Rating Upgraded by Barclays (ED)
Consolidated Edison (NYSE:ED) was upgraded by equities research analysts at Barclays from an “equal weight” rating to an “overweight” rating in a research note issued to investors on Tuesday, Analyst Ratings Net reports. The firm currently has a $62.00 target price on the stock. Barclays’ price target points to a potential upside of 11.21% from the stock’s previous close.
The analysts wrote, “We are upgrading ED to an Overweight from Equal Weight based on its relative value and above-average yield to the regulated utility group and its 15.8% total return potential: Our price target is $62, and this is predicated on ’15E of $3.90 on a 15.0x regulated group multiple with a 6% large-cap premium that we believe is warranted in light of Con Edison NY’s (CECONY) rate base growth and long-term rate plan settlement that was approved by the NY Public Service Commission last week, retroactive to January 1, 2013.”
Consolidated Edison (NYSE:ED) traded up 0.65% on Tuesday, hitting $56.11. The stock had a trading volume of 2,549,661 shares. Consolidated Edison has a one year low of $52.85 and a one year high of $64.03. The stock has a 50-day moving average of $54.16 and a 200-day moving average of $55.64. The company has a market cap of $16.435 billion and a P/E ratio of 15.44.
Consolidated Edison (NYSE:ED) last issued its quarterly earnings data on Thursday, February 20th. The company reported $0.69 earnings per share for the quarter, beating the analysts’ consensus estimate of $0.66 by $0.03. On average, analysts predict that Consolidated Edison will post $3.74 earnings per share for the current fiscal year.
The company also recently announced a quarterly dividend, which is scheduled for Saturday, March 15th. Shareholders of record on Wednesday, February 12th will be paid a dividend of $0.63 per share. This represents a $2.52 annualized dividend and a dividend yield of 4.52%. The ex-dividend date is Monday, February 10th. This is a positive change from Consolidated Edison’s previous quarterly dividend of $0.62.
Several other analysts have also recently commented on the stock. Analysts at UBS AG cut their EPS estimates on shares of Consolidated Edison in a research note on Monday. They now have a “neutral” rating and a $53.00 price target on the stock. Separately, analysts at Jefferies Group upgraded shares of Consolidated Edison from an “underperform” rating to a “hold” rating in a research note on Monday. They now have a $58.50 price target on the stock, up previously from $45.00. They noted that the move was a valuation call. Finally, analysts at Zacks reiterated a “neutral” rating on shares of Consolidated Edison in a research note on Friday. They now have a $58.00 price target on the stock. Nine research analysts have rated the stock with a hold rating and two have given a buy rating to the company. Consolidated Edison currently has an average rating of “Hold” and an average target price of $58.28.
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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