Consolidated Edison (NYSE:ED) Hits New 1-Year High at $98.55

Consolidated Edison, Inc. (NYSE:ED) shares reached a new 52-week high during trading on Thursday . The company traded as high as $98.55 and last traded at $97.73, with a volume of 56212 shares. The stock had previously closed at $97.52.

Analyst Upgrades and Downgrades

A number of analysts have recently commented on the company. UBS Group lifted their target price on Consolidated Edison from $92.00 to $96.00 and gave the stock a “neutral” rating in a research report on Friday, July 19th. Morgan Stanley lowered their price target on Consolidated Edison from $80.00 to $76.00 and set an “underweight” rating on the stock in a report on Monday, June 24th. Argus raised Consolidated Edison to a “strong-buy” rating in a report on Friday, June 7th. Mizuho raised their price target on Consolidated Edison from $93.00 to $95.00 and gave the stock a “neutral” rating in a report on Tuesday, May 28th. Finally, Scotiabank lowered their price target on Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating on the stock in a report on Monday, April 22nd. Four 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 to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $89.04.

Consolidated Edison Price Performance

The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.92 and a current ratio of 0.99. The stock has a market capitalization of $33.76 billion, a price-to-earnings ratio of 18.72, a P/E/G ratio of 2.50 and a beta of 0.34. The company has a 50-day moving average of $92.09 and a 200-day moving average of $91.30.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings results on Thursday, May 2nd. The utilities provider reported $2.15 earnings per share for the quarter, beating the consensus estimate of $1.89 by $0.26. The company had revenue of $4.28 billion during the quarter, compared to the consensus estimate of $4.40 billion. Consolidated Edison had a return on equity of 8.79% and a net margin of 12.43%. Consolidated Edison’s revenue was down 2.8% on a year-over-year basis. During the same period in the previous year, the firm posted $1.83 EPS. As a group, equities research analysts expect that Consolidated Edison, Inc. will post 5.32 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Wednesday, August 14th will be issued a $0.83 dividend. The ex-dividend date is Wednesday, August 14th. This represents a $3.32 annualized dividend and a yield of 3.40%. Consolidated Edison’s dividend payout ratio (DPR) is presently 63.72%.

Institutional Inflows and Outflows

Institutional investors have recently bought and sold shares of the business. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in Consolidated Edison by 3.2% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 418,244 shares of the utilities provider’s stock valued at $38,897,000 after acquiring an additional 12,953 shares during the last quarter. Corient Private Wealth LLC grew its stake in shares of Consolidated Edison by 4.6% during the 4th quarter. Corient Private Wealth LLC now owns 175,416 shares of the utilities provider’s stock valued at $15,958,000 after buying an additional 7,725 shares during the period. abrdn plc grew its stake in shares of Consolidated Edison by 30.2% during the 4th quarter. abrdn plc now owns 311,894 shares of the utilities provider’s stock valued at $28,373,000 after buying an additional 72,273 shares during the period. UBS Group AG grew its stake in shares of Consolidated Edison by 14.7% during the 4th quarter. UBS Group AG now owns 488,483 shares of the utilities provider’s stock valued at $44,437,000 after buying an additional 62,519 shares during the period. Finally, Massmutual Trust Co. FSB ADV grew its stake in shares of Consolidated Edison by 2,486.2% during the 1st quarter. Massmutual Trust Co. FSB ADV now owns 21,776 shares of the utilities provider’s stock valued at $1,977,000 after buying an additional 20,934 shares during the period. 66.29% of the stock is currently owned by institutional investors and hedge funds.

Consolidated Edison Company Profile

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.