Consolidated Edison Inc. (NYSE:ED) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Wednesday.

According to Zacks, “Consolidated Edison’s operations are subject to federal, state and local regulations, which means that any change these could interrupt the operations of its generating units, thereby affecting its financial performance. Disruption in wholesale energy markets could hurt the company’s ability to meet customer energy needs and thus weigh on its performance. Again, adverse decisions by the commissions in pending regulatory cases may negatively impact the company’s earnings. That said, Consolidated Edison has a history of favorable rate decisions by regulatory authorities, which will likely encourage it to invest more in infrastructure improvement. Moreover, the company follows a systematic capital investment plan for infrastructure development and reliability projects.”

Several other analysts also recently commented on the company. Vetr upgraded Consolidated Edison from a “strong sell” rating to a “sell” rating and set a $75.75 target price for the company in a research note on Monday, July 18th. Jefferies Group raised their target price on Consolidated Edison to $80.00 and gave the company a “hold” rating in a research note on Thursday, July 14th. Evercore ISI downgraded Consolidated Edison from a “hold” rating to a “sell” rating and raised their target price for the company from $69.50 to $72.50 in a research note on Wednesday, July 6th. BMO Capital Markets initiated coverage on Consolidated Edison in a research note on Wednesday, June 22nd. They issued a “hold” rating and a $79.00 target price for the company. Finally, Citigroup Inc. initiated coverage on Consolidated Edison in a research note on Friday, August 12th. They issued a “neutral” rating and a $76.00 target price for the company. They noted that the move was a valuation call. Five research analysts have rated the stock with a sell rating, four have assigned a hold rating and two have issued a buy rating to the stock. The company has a consensus rating of “Hold” and an average price target of $74.51.

Analyst Recommendations for Consolidated Edison (NYSE:ED)

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Consolidated Edison (NYSE:ED) traded up 1.99% during mid-day trading on Wednesday, reaching $78.06. The company’s stock had a trading volume of 2,023,471 shares. Consolidated Edison has a 52-week low of $60.30 and a 52-week high of $81.88. The firm has a 50 day moving average price of $76.29 and a 200 day moving average price of $76.10. The company has a market cap of $23.76 billion and a price-to-earnings ratio of 20.23.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings data on Thursday, August 4th. The company reported $0.60 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.69 by $0.09. Consolidated Edison had a return on equity of 8.88% and a net margin of 9.47%. During the same period in the prior year, the business earned $0.78 earnings per share. Equities research analysts anticipate that Consolidated Edison will post $3.97 earnings per share for the current year.

The business also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Wednesday, August 17th were given a $0.67 dividend. The ex-dividend date was Monday, August 15th. This represents a $2.68 annualized dividend and a yield of 3.43%. Consolidated Edison’s dividend payout ratio (DPR) is presently 69.25%.

A number of hedge funds and other institutional investors have recently made changes to their positions in ED. Tortoise Investment Management LLC raised its position in shares of Consolidated Edison by 380.2% in the second quarter. Tortoise Investment Management LLC now owns 1,263 shares of the company’s stock valued at $102,000 after buying an additional 1,000 shares during the period. Baker Ellis Asset Management LLC bought a new position in shares of Consolidated Edison during the second quarter valued at about $105,000. Coconut Grove Bank raised its position in shares of Consolidated Edison by 51.7% in the second quarter. Coconut Grove Bank now owns 1,312 shares of the company’s stock valued at $105,000 after buying an additional 447 shares during the period. TCI Wealth Advisors Inc. raised its position in shares of Consolidated Edison by 62.5% in the second quarter. TCI Wealth Advisors Inc. now owns 1,347 shares of the company’s stock valued at $108,000 after buying an additional 518 shares during the period. Finally, Jackson Grant Investment Advisers Inc. raised its position in shares of Consolidated Edison by 68.0% in the second quarter. Jackson Grant Investment Advisers Inc. now owns 1,050 shares of the company’s stock valued at $119,000 after buying an additional 425 shares during the period. Institutional investors own 54.76% of the company’s stock.

Consolidated Edison Company Profile

Consolidated Edison, Inc (Con Edison) is a holding company. The Company operates through its subsidiaries, which include Consolidated Edison Company of New York, Inc (CECONY), Orange and Rockland Utilities, Inc (O&R) and Con Edison Transmission, Inc It owns competitive energy businesses. The Company also owns Con Edison Transmission, Inc (Con Edison Transmission), which invests in electric and gas transmission projects through its subsidiaries, Consolidated Edison Transmission, LLC (CET Electric) and Con Edison Gas Midstream, LLC (CET Gas).

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