Consolidated Edison Inc (NYSE:ED) Given Average Rating of “Reduce” by Brokerages

Shares of Consolidated Edison Inc (NYSE:ED) have been given an average recommendation of “Reduce” by the fifteen brokerages that are covering the firm, MarketBeat.com reports. Six analysts have rated the stock with a sell recommendation, seven have given a hold recommendation and two have given a buy recommendation to the company. The average 12-month price target among analysts that have issued a report on the stock in the last year is $108.0667.

Several analysts have commented on ED shares. Morgan Stanley restated an “underweight” rating on shares of Consolidated Edison in a report on Wednesday, June 24th. Mizuho reiterated a “neutral” rating and set a $105.00 price objective on shares of Consolidated Edison in a report on Tuesday, June 2nd. Barclays decreased their target price on shares of Consolidated Edison from $110.00 to $107.00 and set an “underweight” rating on the stock in a research report on Monday, May 11th. Argus set a $112.00 target price on shares of Consolidated Edison in a report on Tuesday, June 23rd. Finally, Weiss Ratings raised shares of Consolidated Edison from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, April 24th.

Consolidated Edison Stock Performance

Consolidated Edison stock opened at $111.24 on Monday. The stock has a fifty day moving average price of $108.12 and a 200 day moving average price of $108.21. Consolidated Edison has a 52 week low of $94.96 and a 52 week high of $116.23. The firm has a market capitalization of $41.00 billion, a P/E ratio of 18.73, a PEG ratio of 2.82 and a beta of 0.27. The company has a current ratio of 1.19, a quick ratio of 1.09 and a debt-to-equity ratio of 1.00.

Consolidated Edison Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, June 15th. Shareholders of record on Wednesday, May 13th were issued a $0.8875 dividend. This represents a $3.55 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date was Wednesday, May 13th. Consolidated Edison’s dividend payout ratio (DPR) is 59.76%.

Institutional Trading of Consolidated Edison

A number of institutional investors and hedge funds have recently made changes to their positions in the company. Ballast Inc. raised its position in shares of Consolidated Edison by 23.5% in the 2nd quarter. Ballast Inc. now owns 20,525 shares of the utilities provider’s stock worth $2,271,000 after buying an additional 3,909 shares during the period. Wedge Capital Management L L P NC acquired a new position in Consolidated Edison in the second quarter valued at $14,762,000. Tema ETFs LLC grew its position in Consolidated Edison by 21.5% during the second quarter. Tema ETFs LLC now owns 7,704 shares of the utilities provider’s stock valued at $852,000 after acquiring an additional 1,365 shares during the period. Fiduciary Financial Group LLC grew its position in Consolidated Edison by 9.4% during the second quarter. Fiduciary Financial Group LLC now owns 3,476 shares of the utilities provider’s stock valued at $385,000 after acquiring an additional 298 shares during the period. Finally, G&S Capital LLC increased its stake in Consolidated Edison by 3.8% during the second quarter. G&S Capital LLC now owns 9,817 shares of the utilities provider’s stock worth $1,086,000 after acquiring an additional 359 shares during the last quarter. 66.29% of the stock is currently owned by institutional investors and hedge funds.

About Consolidated Edison

Consolidated Edison, Inc, commonly known as Con Edison, is an investor-owned energy company that primarily delivers electricity, natural gas and steam to customers in the New York metropolitan area. Its regulated utility operations include the distribution and transmission of electric power, the distribution of natural gas, and the operation of one of the largest district steam systems in the United States, serving commercial, institutional and residential customers in New York City and nearby counties.

The company operates through regulated utility subsidiaries that serve urban and suburban service territories, together with non-utility businesses that develop, own and manage energy infrastructure and clean energy projects.