Consolidated Edison Inc. (ED) Price Target Lowered to $77.00 at Barclays PLC
Consolidated Edison Inc. (NYSE:ED) had its target price reduced by research analysts at Barclays PLC from $80.00 to $77.00 in a note issued to investors on Wednesday, StockTargetPrices.com reports. The brokerage presently has an “equal weight” rating on the stock. Barclays PLC’s target price would suggest a potential upside of 0.60% from the company’s previous close.
A number of other equities research analysts also recently issued reports on the stock. Vetr raised shares of Consolidated Edison from a “hold” rating to a “buy” rating and set a $77.14 price target on the stock in a research note on Wednesday, September 14th. Jefferies Group raised shares of Consolidated Edison from a “hold” rating to a “buy” rating and set a $82.00 target price on the stock in a research note on Wednesday, September 14th. Goldman Sachs Group Inc. reduced their target price on shares of Consolidated Edison from $72.00 to $70.00 and set a “sell” rating on the stock in a research note on Wednesday, September 14th. Citigroup Inc. began coverage on shares of Consolidated Edison in a research note on Friday, August 12th. They issued a “neutral” rating and a $76.00 target price on the stock. They noted that the move was a valuation call. Finally, Mizuho increased their target price on shares of Consolidated Edison from $72.00 to $75.00 and gave the company a “neutral” rating in a research note on Monday, August 8th. Four investment analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $75.06.
Shares of Consolidated Edison (NYSE:ED) opened at 76.54 on Wednesday. The stock’s 50 day moving average is $76.29 and its 200-day moving average is $76.10. The company has a market cap of $23.30 billion and a price-to-earnings ratio of 19.83. Consolidated Edison has a 52 week low of $60.30 and a 52 week high of $81.88.
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Consolidated Edison (NYSE:ED) last released its quarterly earnings results on Thursday, August 4th. The company reported $0.60 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.69 by $0.09. Consolidated Edison had a net margin of 9.47% and a return on equity of 8.88%. During the same quarter in the previous year, the company posted $0.78 EPS. On average, equities analysts anticipate that Consolidated Edison will post $3.97 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Wednesday, August 17th were issued a dividend of $0.67 per share. This represents a $2.68 annualized dividend and a yield of 3.50%. The ex-dividend date of this dividend was Monday, August 15th. Consolidated Edison’s payout ratio is 69.25%.
Hedge funds and other institutional investors have recently modified their holdings of the company. Advisory Services Network LLC boosted its position in shares of Consolidated Edison by 0.4% in the second quarter. Advisory Services Network LLC now owns 2,479 shares of the company’s stock valued at $199,000 after buying an additional 9 shares during the last quarter. Round Table Services LLC boosted its stake in Consolidated Edison by 0.4% in the second quarter. Round Table Services LLC now owns 3,814 shares of the company’s stock worth $307,000 after buying an additional 14 shares in the last quarter. Carnegie Capital Asset Management LLC boosted its stake in Consolidated Edison by 0.3% in the second quarter. Carnegie Capital Asset Management LLC now owns 4,916 shares of the company’s stock worth $391,000 after buying an additional 16 shares in the last quarter. D Orazio & Associates Inc. boosted its stake in Consolidated Edison by 0.8% in the second quarter. D Orazio & Associates Inc. now owns 3,381 shares of the company’s stock worth $272,000 after buying an additional 27 shares in the last quarter. Finally, Wright Investors Service Inc. boosted its stake in Consolidated Edison by 1.1% in the second quarter. Wright Investors Service Inc. now owns 3,602 shares of the company’s stock worth $290,000 after buying an additional 38 shares in the last quarter. Institutional investors own 54.76% of the company’s stock.
About Consolidated Edison
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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