Consolidated Edison Inc (ED) Given Consensus Recommendation of “Hold” by Analysts
Shares of Consolidated Edison Inc (NYSE:ED) have been assigned a consensus recommendation of “Hold” from the fourteen ratings firms that are presently covering the firm, Marketbeat reports. Five investment analysts have rated the stock with a sell recommendation, seven have given a hold recommendation and two have assigned a buy recommendation to the company. The average 1-year price objective among analysts that have issued a report on the stock in the last year is $77.95.
A number of research firms have recently commented on ED. Zacks Investment Research cut shares of Consolidated Edison from a “buy” rating to a “hold” rating in a research report on Tuesday, October 3rd. Jefferies Group LLC reissued a “hold” rating and set a $83.50 target price on shares of Consolidated Edison in a research report on Thursday, August 31st. KeyCorp reissued a “hold” rating on shares of Consolidated Edison in a research report on Friday, October 20th. Morgan Stanley boosted their target price on shares of Consolidated Edison from $78.00 to $80.00 and gave the stock an “underweight” rating in a research report on Friday, September 8th. Finally, Bank of America Corporation began coverage on shares of Consolidated Edison in a research report on Tuesday, October 24th. They set a “buy” rating and a $92.00 target price on the stock.
In related news, CEO Joseph P. Oates sold 1,908 shares of the company’s stock in a transaction on Wednesday, August 23rd. The shares were sold at an average price of $83.87, for a total value of $160,023.96. Following the sale, the chief executive officer now directly owns 24,017 shares of the company’s stock, valued at $2,014,305.79. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders purchased 79 shares of company stock worth $6,602 over the last ninety days. 0.20% of the stock is currently owned by corporate insiders.
Institutional investors and hedge funds have recently bought and sold shares of the stock. FMR LLC increased its stake in Consolidated Edison by 10.8% during the first quarter. FMR LLC now owns 246,856 shares of the utilities provider’s stock valued at $19,171,000 after purchasing an additional 24,052 shares during the last quarter. Geode Capital Management LLC increased its stake in Consolidated Edison by 7.1% during the first quarter. Geode Capital Management LLC now owns 3,071,862 shares of the utilities provider’s stock valued at $238,233,000 after purchasing an additional 204,869 shares during the last quarter. Parallel Advisors LLC increased its stake in Consolidated Edison by 24.6% during the first quarter. Parallel Advisors LLC now owns 4,807 shares of the utilities provider’s stock valued at $379,000 after purchasing an additional 950 shares during the last quarter. Dimensional Fund Advisors LP increased its stake in Consolidated Edison by 2.6% during the first quarter. Dimensional Fund Advisors LP now owns 604,894 shares of the utilities provider’s stock valued at $46,977,000 after purchasing an additional 15,382 shares during the last quarter. Finally, UBS Group AG increased its stake in Consolidated Edison by 22.3% during the first quarter. UBS Group AG now owns 366,112 shares of the utilities provider’s stock valued at $28,432,000 after purchasing an additional 66,653 shares during the last quarter. 55.32% of the stock is currently owned by hedge funds and other institutional investors.
Consolidated Edison (NYSE:ED) traded down 0.0493% during midday trading on Wednesday, reaching $86.0076. 565,230 shares of the company’s stock were exchanged. Consolidated Edison has a 52 week low of $68.76 and a 52 week high of $86.33. The stock’s 50 day moving average is $83.24 and its 200 day moving average is $82.33. The firm has a market capitalization of $26.29 billion, a P/E ratio of 20.8100 and a beta of 0.09.
Consolidated Edison (NYSE:ED) last announced its quarterly earnings results on Thursday, August 3rd. The utilities provider reported $0.58 earnings per share for the quarter, missing analysts’ consensus estimates of $0.61 by ($0.03). The business had revenue of $2.63 billion for the quarter, compared to analyst estimates of $2.79 billion. Consolidated Edison had a net margin of 10.57% and a return on equity of 8.59%. During the same period last year, the firm earned $0.60 earnings per share. On average, analysts expect that Consolidated Edison will post $4.08 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Wednesday, November 15th will be issued a $0.69 dividend. The ex-dividend date is Tuesday, November 14th. This represents a $2.76 annualized dividend and a yield of 3.21%. Consolidated Edison’s dividend payout ratio is presently 66.67%.
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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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