Consolidated Edison Inc. (ED) PT Lowered to $77.00 at Barclays PLC
Consolidated Edison Inc. (NYSE:ED) had its price objective dropped by research analysts at Barclays PLC from $80.00 to $77.00 in a report released on Wednesday. The firm currently has an “equal weight” rating on the stock. Barclays PLC’s target price would indicate a potential upside of 0.60% from the company’s previous close.
Other analysts have also issued reports about the company. Jefferies Group raised Consolidated Edison from a “hold” rating to a “buy” rating and set a $82.00 target price on the stock in a research report on Wednesday, September 14th. Vetr raised Consolidated Edison from a “hold” rating to a “buy” rating and set a $77.14 target price on the stock in a research report on Wednesday, September 14th. BMO Capital Markets started coverage on Consolidated Edison in a report on Wednesday, June 22nd. They issued a “hold” rating and a $79.00 price objective for the company. Zacks Investment Research raised Consolidated Edison from a “sell” rating to a “hold” rating in a report on Tuesday, June 14th. Finally, Citigroup Inc. started coverage on Consolidated Edison in a report on Friday, August 12th. They issued a “neutral” rating and a $76.00 price objective for the company. They noted that the move was a valuation call. Four analysts have rated the stock with a sell rating, five have given a hold rating and two have issued a buy rating to the stock. Consolidated Edison currently has an average rating of “Hold” and an average target price of $75.06.
Consolidated Edison (NYSE:ED) opened at 76.54 on Wednesday. The stock’s 50 day moving average price is $76.29 and its 200 day moving average price is $76.10. Consolidated Edison has a 52-week low of $60.30 and a 52-week high of $81.88. The firm has a market capitalization of $23.30 billion and a PE ratio of 19.83.
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Consolidated Edison (NYSE:ED) last announced its 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 return on equity of 8.88% and a net margin of 9.47%. During the same period in the previous year, the business earned $0.78 EPS. Analysts expect 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. Shareholders of record on Wednesday, August 17th were paid a $0.67 dividend. The ex-dividend date was Monday, August 15th. This represents a $2.68 dividend on an annualized basis and a yield of 3.50%. Consolidated Edison’s payout ratio is currently 69.25%.
Institutional investors have recently modified their holdings of the company. Renaissance Technologies LLC increased its position in shares of Consolidated Edison by 66.8% in the first quarter. Renaissance Technologies LLC now owns 825,300 shares of the company’s stock valued at $63,234,000 after buying an additional 330,600 shares in the last quarter. Royal Bank of Canada increased its position in shares of Consolidated Edison by 45.6% in the first quarter. Royal Bank of Canada now owns 761,325 shares of the company’s stock valued at $58,333,000 after buying an additional 238,503 shares in the last quarter. Norges Bank acquired a new position in shares of Consolidated Edison during the fourth quarter valued at about $118,109,000. Ngam Advisors L.P. increased its position in shares of Consolidated Edison by 27.5% in the first quarter. Ngam Advisors L.P. now owns 15,709 shares of the company’s stock valued at $1,204,000 after buying an additional 3,389 shares in the last quarter. Finally, Nuveen Asset Management LLC increased its position in shares of Consolidated Edison by 25.1% in the first quarter. Nuveen Asset Management LLC now owns 31,973 shares of the company’s stock valued at $2,450,000 after buying an additional 6,416 shares in the last quarter. Institutional investors and hedge funds 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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