Analysts Set Consolidated Edison, Inc. (NYSE:ED) PT at $89.58

Shares of Consolidated Edison, Inc. (NYSE:ED) have received a consensus rating of “Hold” from the twelve research firms that are currently covering the stock, Marketbeat Ratings reports. Three investment analysts have rated the stock with a sell rating, seven have issued a hold rating, one has issued a buy rating and one has issued a strong buy rating on the company. The average twelve-month price objective among brokers that have covered the stock in the last year is $89.27.

A number of analysts have recently weighed in on the company. Wells Fargo & Company raised their target price on Consolidated Edison from $93.00 to $97.00 and gave the company an “equal weight” rating in a research note on Friday, May 3rd. Scotiabank lowered their price objective on shares of Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating for the company in a research report on Monday, April 22nd. Argus upgraded shares of Consolidated Edison to a “strong-buy” rating in a research report on Friday, June 7th. Morgan Stanley decreased their price target on shares of Consolidated Edison from $80.00 to $76.00 and set an “underweight” rating on the stock in a research note on Monday, June 24th. Finally, Barclays raised their price target on shares of Consolidated Edison from $89.00 to $97.00 and gave the company an “equal weight” rating in a report on Tuesday, May 7th.

Hedge Funds Weigh In On Consolidated Edison

Several institutional investors have recently modified their holdings of the stock. Financial Gravity Asset Management Inc. increased its stake in Consolidated Edison by 215.6% in the third quarter. Financial Gravity Asset Management Inc. now owns 284 shares of the utilities provider’s stock valued at $25,000 after purchasing an additional 194 shares in the last quarter. Beacon Capital Management LLC increased its position in shares of Consolidated Edison by 2,307.7% in the 1st quarter. Beacon Capital Management LLC now owns 313 shares of the utilities provider’s stock valued at $28,000 after buying an additional 300 shares in the last quarter. Turtle Creek Wealth Advisors LLC acquired a new stake in Consolidated Edison during the 4th quarter worth $29,000. Raleigh Capital Management Inc. acquired a new stake in Consolidated Edison during the 4th quarter worth $29,000. Finally, Tidemark LLC bought a new position in Consolidated Edison during the fourth quarter worth about $29,000. 66.29% of the stock is currently owned by institutional investors and hedge funds.

Consolidated Edison Stock Performance

NYSE:ED opened at $89.42 on Friday. The firm has a market capitalization of $30.92 billion, a PE ratio of 17.16, a price-to-earnings-growth ratio of 2.28 and a beta of 0.35. The company has a quick ratio of 0.92, a current ratio of 0.99 and a debt-to-equity ratio of 1.01. Consolidated Edison has a 12-month low of $80.46 and a 12-month high of $98.85. The firm has a 50-day moving average price of $93.56 and a 200 day moving average price of $91.13.

Consolidated Edison (NYSE:ED) last released its quarterly earnings data on Thursday, May 2nd. The utilities provider reported $2.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.89 by $0.26. The firm had revenue of $4.28 billion during the quarter, compared to analyst estimates of $4.40 billion. Consolidated Edison had a return on equity of 8.79% and a net margin of 12.43%. The business’s revenue for the quarter was down 2.8% compared to the same quarter last year. During the same period in the prior year, the company posted $1.83 earnings per share. Research analysts anticipate that Consolidated Edison will post 5.33 earnings per share for the current fiscal year.

Consolidated Edison Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 14th. Investors of record on Wednesday, May 15th were issued a $0.83 dividend. The ex-dividend date of this dividend was Tuesday, May 14th. This represents a $3.32 dividend on an annualized basis and a yield of 3.71%. Consolidated Edison’s dividend payout ratio is presently 63.72%.

About Consolidated Edison

Consolidated Edison, Inc, through its subsidiaries, engages in the regulated electric, gas, and steam delivery businesses in the United States. It offers electric services to approximately 3.7 million customers in New York City and Westchester County; gas to approximately 1.1 million customers in Manhattan, the Bronx, parts of Queens, and Westchester County; and steam to approximately 1,530 customers in parts of Manhattan.