Consolidated Edison, Inc. (ED) Cut to “Hold” at Zacks Investment Research
Consolidated Edison, Inc. (NYSE:ED) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Wednesday.
According to Zacks, “Consolidated Edison started 2017 on an impressive note. Both its first quarter earnings as well as revenues comfortably surpassed the Zacks Consensus Estimates. Results also improved year over year. Moreover, the company follows a systematic capital investment plan for infrastructure development and reliability projects. In addition, Consolidated Edison focuses on maximizing shareholder value, through both share price appreciation and increased dividend payouts. Evidently, Consolidated Edison's share price outperformed the broader industry price's gain over the last one year. However, disruption in wholesale energy markets could affect the company’s ability to meet its customers’ energy needs and thereby adversely affect its performance. Also Consolidated Edison is overvalued compared to its historical levels in terms of EV/EBITDA ratio, indicating no near term upside can be expected from the stock.”
Other equities analysts have also issued reports about the stock. Barclays PLC set a $76.00 price target on shares of Consolidated Edison and gave the stock a “hold” rating in a research report on Saturday, February 18th. BMO Capital Markets restated a “hold” rating and set a $80.00 price target on shares of Consolidated Edison in a research report on Monday, May 15th. Deutsche Bank AG lowered shares of Consolidated Edison from a “hold” rating to a “sell” rating and set a $74.00 price target on the stock. in a research report on Monday, May 8th. Morgan Stanley boosted their price target on shares of Consolidated Edison from $77.00 to $78.00 and gave the stock an “underweight” rating in a research report on Monday, May 8th. Finally, Jefferies Group LLC lowered their price target on shares of Consolidated Edison from $82.50 to $81.50 and set a “buy” rating on the stock in a research report on Tuesday, February 21st. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating and one has issued a buy rating to the stock. The stock presently has a consensus rating of “Hold” and a consensus price target of $76.50.
Shares of Consolidated Edison (NYSE:ED) traded up 0.166% during mid-day trading on Wednesday, hitting $81.445. 392,946 shares of the stock traded hands. The firm has a 50 day moving average of $79.13 and a 200 day moving average of $75.22. Consolidated Edison has a 12 month low of $68.76 and a 12 month high of $81.88. The company has a market cap of $24.87 billion, a P/E ratio of 18.757 and a beta of 0.02.
Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, May 4th. The utilities provider reported $1.27 earnings per share for the quarter, topping analysts’ consensus estimates of $1.19 by $0.08. The firm had revenue of $3.23 billion for the quarter, compared to analyst estimates of $3.05 billion. Consolidated Edison had a net margin of 10.06% and a return on equity of 8.94%. During the same period in the previous year, the business posted $1.18 earnings per share. Equities analysts anticipate that Consolidated Edison will post $4.09 EPS for the current fiscal year.
The company also recently announced a quarterly dividend, which will be paid on Thursday, June 15th. Shareholders of record on Wednesday, May 17th will be issued a $0.69 dividend. The ex-dividend date is Monday, May 15th. This represents a $2.76 annualized dividend and a yield of 3.39%. Consolidated Edison’s payout ratio is 68.32%.
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In other news, Director Linda S. Sanford bought 900 shares of the firm’s stock in a transaction on Wednesday, May 17th. The shares were bought at an average cost of $79.74 per share, for a total transaction of $71,766.00. Following the acquisition, the director now directly owns 8,748 shares of the company’s stock, valued at approximately $697,565.52. The acquisition was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders acquired a total of 981 shares of company stock worth $78,105 over the last quarter. 0.16% of the stock is currently owned by company insiders.
Large investors have recently added to or reduced their stakes in the stock. Stuart Chaussee & Associates Inc. increased its stake in Consolidated Edison by 138.3% in the first quarter. Stuart Chaussee & Associates Inc. now owns 1,370 shares of the utilities provider’s stock worth $106,000 after buying an additional 795 shares during the period. Tompkins Financial Corp bought a new stake in Consolidated Edison during the first quarter worth about $118,000. Enterprise Financial Services Corp increased its stake in Consolidated Edison by 2.5% in the first quarter. Enterprise Financial Services Corp now owns 1,555 shares of the utilities provider’s stock worth $121,000 after buying an additional 38 shares during the period. Kernodle & Katon Asset Management Group LLC increased its stake in Consolidated Edison by 4.3% in the third quarter. Kernodle & Katon Asset Management Group LLC now owns 1,717 shares of the utilities provider’s stock worth $129,000 after buying an additional 70 shares during the period. Finally, Atwood & Palmer Inc. increased its stake in Consolidated Edison by 195.8% in the first quarter. Atwood & Palmer Inc. now owns 1,813 shares of the utilities provider’s stock worth $141,000 after buying an additional 1,200 shares during the period. 53.92% of the stock is currently owned by institutional investors and hedge funds.
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), Con Edison Clean Energy Businesses, Inc (the Clean Energy Businesses) and Con Edison Transmission, Inc (Con Edison Transmission).
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