Consolidated Edison (NYSE:ED) Upgraded at Scotiabank

Scotiabank upgraded shares of Consolidated Edison (NYSE:ED) from a sector underperform rating to a sector perform rating in a research report sent to investors on Thursday, MarketBeat.com reports. Scotiabank currently has $100.00 price objective on the utilities provider’s stock, up from their previous price objective of $90.00.

A number of other equities analysts have also weighed in on the company. Jefferies Financial Group started coverage on Consolidated Edison in a research note on Wednesday, October 9th. They issued a “hold” rating and a $108.00 target price on the stock. Evercore ISI raised shares of Consolidated Edison from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 8th. Barclays dropped their target price on shares of Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating for the company in a research report on Friday, November 8th. Citigroup raised shares of Consolidated Edison from a “neutral” rating to a “buy” rating and increased their price target for the stock from $103.00 to $116.00 in a report on Tuesday, October 15th. Finally, UBS Group lifted their price objective on shares of Consolidated Edison from $105.00 to $106.00 and gave the stock a “neutral” rating in a report on Friday, September 20th. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, two have issued a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Consolidated Edison presently has an average rating of “Hold” and an average price target of $99.96.

Consolidated Edison Trading Up 0.1 %

Shares of Consolidated Edison stock opened at $92.69 on Thursday. The company’s 50-day moving average price is $100.02 and its 200-day moving average price is $98.18. The company has a market cap of $32.11 billion, a price-to-earnings ratio of 17.46, a PEG ratio of 3.11 and a beta of 0.36. Consolidated Edison has a 12-month low of $85.85 and a 12-month high of $107.75. The company has a current ratio of 1.01, a quick ratio of 0.93 and a debt-to-equity ratio of 1.07.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings results on Thursday, November 7th. The utilities provider reported $1.68 EPS for the quarter, beating the consensus estimate of $1.56 by $0.12. The firm had revenue of $4.09 billion during the quarter, compared to the consensus estimate of $4.02 billion. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. On average, equities analysts expect that Consolidated Edison will post 5.34 earnings per share for the current fiscal year.

Consolidated Edison Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Wednesday, November 13th will be paid a dividend of $0.83 per share. The ex-dividend date of this dividend is Wednesday, November 13th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.58%. Consolidated Edison’s dividend payout ratio (DPR) is currently 62.52%.

Institutional Investors Weigh In On Consolidated Edison

Hedge funds and other institutional investors have recently modified their holdings of the stock. Pathway Financial Advisers LLC increased its stake in Consolidated Edison by 10,302.6% in the 3rd quarter. Pathway Financial Advisers LLC now owns 24,446 shares of the utilities provider’s stock worth $2,546,000 after purchasing an additional 24,211 shares during the period. National Pension Service grew its holdings in shares of Consolidated Edison by 7.0% in the third quarter. National Pension Service now owns 468,572 shares of the utilities provider’s stock worth $48,792,000 after purchasing an additional 30,838 shares during the last quarter. Quantinno Capital Management LP raised its holdings in Consolidated Edison by 42.6% during the 3rd quarter. Quantinno Capital Management LP now owns 43,941 shares of the utilities provider’s stock valued at $4,576,000 after buying an additional 13,124 shares during the last quarter. Brophy Wealth Management LLC purchased a new stake in Consolidated Edison during the 3rd quarter valued at $521,000. Finally, Parallel Advisors LLC grew its holdings in Consolidated Edison by 12.1% in the 2nd quarter. Parallel Advisors LLC now owns 8,032 shares of the utilities provider’s stock worth $718,000 after acquiring an additional 869 shares during the last quarter. Institutional investors own 66.29% of the company’s stock.

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.