Consolidated Edison Inc (NYSE:ED) Receives Average Recommendation of “Hold” from Analysts
Shares of Consolidated Edison Inc (NYSE:ED) have been assigned an average rating of “Hold” from the fifteen brokerages that are covering the company, MarketBeat reports. Seven analysts have rated the stock with a sell rating and eight have issued a hold rating on the company. The average 1 year price target among brokerages that have updated their coverage on the stock in the last year is $75.58.
Several equities research analysts have recently weighed in on the stock. BidaskClub downgraded shares of Consolidated Edison from a “strong-buy” rating to a “buy” rating in a research note on Saturday, June 24th. Jefferies Group LLC downgraded shares of Consolidated Edison from a “buy” rating to a “hold” rating and reduced their target price for the company from $88.00 to $83.50 in a research note on Tuesday, June 13th. Zacks Investment Research downgraded shares of Consolidated Edison from a “buy” rating to a “hold” rating in a research note on Wednesday, June 14th. UBS AG increased their target price on shares of Consolidated Edison from $72.00 to $75.00 and gave the company a “sell” rating in a research note on Monday, May 15th. Finally, BMO Capital Markets reissued a “hold” rating and issued a $80.00 target price on shares of Consolidated Edison in a research note on Monday, May 15th.
In related news, Director Linda S. Sanford purchased 900 shares of the business’s stock in a transaction dated Wednesday, May 17th. The shares were purchased at an average cost of $79.74 per share, for a total transaction of $71,766.00. Following the completion of the acquisition, the director now owns 8,748 shares in the company, valued at approximately $697,565.52. The purchase was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Over the last 90 days, insiders bought 1,240 shares of company stock worth $100,090. Company insiders own 0.20% of the company’s stock.
Hedge funds and other institutional investors have recently bought and sold shares of the company. Quadrature Capital Ltd boosted its position in shares of Consolidated Edison by 72.9% in the fourth quarter. Quadrature Capital Ltd now owns 30,356 shares of the utilities provider’s stock valued at $2,237,000 after buying an additional 12,795 shares during the last quarter. UBS Asset Management Americas Inc. boosted its position in shares of Consolidated Edison by 0.8% in the fourth quarter. UBS Asset Management Americas Inc. now owns 1,379,950 shares of the utilities provider’s stock valued at $101,675,000 after buying an additional 10,379 shares during the last quarter. Teachers Advisors LLC boosted its position in shares of Consolidated Edison by 14.8% in the fourth quarter. Teachers Advisors LLC now owns 649,810 shares of the utilities provider’s stock valued at $47,878,000 after buying an additional 83,824 shares during the last quarter. Kentucky Retirement Systems acquired a new position in shares of Consolidated Edison during the fourth quarter valued at about $1,629,000. Finally, Kentucky Retirement Systems Insurance Trust Fund acquired a new position in shares of Consolidated Edison during the fourth quarter valued at about $727,000. Hedge funds and other institutional investors own 55.90% of the company’s stock.
Shares of Consolidated Edison (ED) traded down 1.00% during midday trading on Monday, reaching $82.10. 647,202 shares of the company’s stock were exchanged. Consolidated Edison has a 12-month low of $68.76 and a 12-month high of $85.13. The stock has a market cap of $25.07 billion, a PE ratio of 18.91 and a beta of 0.08. The stock’s 50 day moving average is $82.45 and its 200-day moving average is $78.29.
Consolidated Edison (NYSE:ED) last announced its earnings results on Thursday, May 4th. The utilities provider reported $1.27 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $1.19 by $0.08. Consolidated Edison had a net margin of 10.90% and a return on equity of 9.05%. The business had revenue of $3.23 billion for the quarter, compared to the consensus estimate of $3.05 billion. During the same quarter in the prior year, the firm posted $1.18 earnings per share. On average, equities analysts expect that Consolidated Edison will post $4.09 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Wednesday, August 16th will be issued a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.33%. The ex-dividend date is Monday, August 14th. Consolidated Edison’s payout ratio is presently 63.59%.
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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), Con Edison Clean Energy Businesses, Inc (the Clean Energy Businesses) and Con Edison Transmission, Inc (Con Edison Transmission).
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