Morgan Stanley Analysts Give Consolidated Edison Inc. (ED) a $69.00 Price Target
Consolidated Edison Inc. (NYSE:ED) received a $69.00 target price from stock analysts at Morgan Stanley in a report issued on Wednesday. The firm currently has a a “sell” rating on the stock. Morgan Stanley’s price objective would suggest a potential downside of 9.85% from the stock’s previous close.
Several other analysts have also issued reports on the company. Zacks Investment Research lowered Consolidated Edison from a “hold” rating to a “sell” rating in a research note on Wednesday. Barclays PLC cut their target price on Consolidated Edison from $80.00 to $77.00 and set an “equal weight” rating for the company in a research note on Wednesday. Vetr upgraded Consolidated Edison from a “hold” rating to a “buy” rating and set a $77.14 price objective for the company in a research report on Wednesday, September 14th. Jefferies Group upgraded Consolidated Edison from a “hold” rating to a “buy” rating and set a $82.00 price objective for the company in a research report on Wednesday, September 14th. Finally, Goldman Sachs Group Inc. lowered their price objective on Consolidated Edison from $72.00 to $70.00 and set a “sell” rating for the company in a research report on Wednesday, September 14th. Five analysts have rated the stock with a sell rating, four have given a hold rating and two have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and an average price target of $74.51.
Consolidated Edison (NYSE:ED) traded up 1.20% during mid-day trading on Wednesday, reaching $77.46. 1,230,394 shares of the company traded hands. Consolidated Edison has a 12-month low of $60.30 and a 12-month high of $81.88. The stock has a market capitalization of $23.58 billion and a price-to-earnings ratio of 20.07. The company’s 50-day moving average is $76.29 and its 200-day moving average is $76.10.
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Consolidated Edison (NYSE:ED) last issued its earnings results on Thursday, August 4th. The company reported $0.60 earnings per share (EPS) 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 previous year, the business posted $0.78 earnings per share. Equities analysts predict that Consolidated Edison will post $3.97 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Wednesday, August 17th were issued a $0.67 dividend. The ex-dividend date of this dividend was Monday, August 15th. This represents a $2.68 dividend on an annualized basis and a yield of 3.50%. Consolidated Edison’s dividend payout ratio (DPR) is 69.25%.
A number of institutional investors have recently bought and sold shares of the company. Advisory Services Network LLC increased its position in Consolidated Edison by 0.4% in the second quarter. Advisory Services Network LLC now owns 2,479 shares of the company’s stock worth $199,000 after buying an additional 9 shares during the period. Round Table Services LLC increased its position 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 during the period. Carnegie Capital Asset Management LLC increased its position 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 during the period. D Orazio & Associates Inc. increased its position 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 during the period. Finally, Wright Investors Service Inc. increased its position 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 during the period. Institutional investors and hedge funds 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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