Consolidated Edison, Inc. (ED) Receives Consensus Recommendation of “Hold” from Brokerages
Consolidated Edison, Inc. (NYSE:ED) has earned a consensus recommendation of “Hold” from the fourteen brokerages that are presently covering the firm, Marketbeat.com reports. Five research analysts have rated the stock with a sell recommendation, five have assigned a hold recommendation and four have issued a buy recommendation on the company. The average 1 year price objective among analysts that have issued ratings on the stock in the last year is $80.32.
ED has been the topic of several recent research reports. Zacks Investment Research lowered Consolidated Edison from a “buy” rating to a “hold” rating in a report on Tuesday, October 3rd. Jefferies Group restated a “hold” rating and set a $83.50 target price on shares of Consolidated Edison in a report on Thursday, August 31st. KeyCorp restated a “hold” rating on shares of Consolidated Edison in a report on Friday, October 20th. Morgan Stanley raised their target price on Consolidated Edison from $78.00 to $80.00 and gave the company an “underweight” rating in a report on Friday, September 8th. Finally, Bank of America started coverage on Consolidated Edison in a research report on Tuesday, October 24th. They issued a “buy” rating and a $92.00 price target on the stock.
Several large investors have recently modified their holdings of ED. Teacher Retirement System of Texas boosted its holdings in Consolidated Edison by 0.6% during the second quarter. Teacher Retirement System of Texas now owns 3,186 shares of the utilities provider’s stock valued at $257,000 after purchasing an additional 18 shares in the last quarter. Dupont Capital Management Corp bought a new position in shares of Consolidated Edison in the second quarter valued at approximately $191,000. Alps Advisors Inc. raised its stake in shares of Consolidated Edison by 17.3% in the second quarter. Alps Advisors Inc. now owns 6,566 shares of the utilities provider’s stock valued at $531,000 after acquiring an additional 967 shares during the last quarter. Blair William & Co. IL raised its stake in shares of Consolidated Edison by 133.9% in the second quarter. Blair William & Co. IL now owns 23,149 shares of the utilities provider’s stock valued at $1,871,000 after acquiring an additional 13,250 shares during the last quarter. Finally, BB&T Securities LLC raised its stake in shares of Consolidated Edison by 2.5% in the second quarter. BB&T Securities LLC now owns 40,216 shares of the utilities provider’s stock valued at $3,250,000 after acquiring an additional 999 shares during the last quarter. 55.50% of the stock is currently owned by institutional investors.
Consolidated Edison (NYSE:ED) last posted its earnings results on Thursday, November 2nd. The utilities provider reported $1.47 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.54 by ($0.07). Consolidated Edison had a net margin of 10.42% and a return on equity of 8.42%. The company had revenue of $3.21 billion for the quarter, compared to the consensus estimate of $3.14 billion. During the same quarter last year, the business earned $1.51 earnings per share. analysts forecast that Consolidated Edison will post 4.09 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, December 15th. Stockholders of record on Wednesday, November 15th were given a $0.69 dividend. This represents a $2.76 annualized dividend and a dividend yield of 3.25%. The ex-dividend date was Tuesday, November 14th. Consolidated Edison’s dividend payout ratio is currently 69.00%.
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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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