Consolidated Edison (NYSE:ED) PT Raised to $98.00

Consolidated Edison (NYSE:ED) had its price target raised by UBS Group from $96.00 to $98.00 in a research report report published on Monday, BenzingaRatingsTable reports. The firm currently has a neutral rating on the utilities provider’s stock.

ED has been the subject of several other reports. Morgan Stanley decreased their price target on shares of Consolidated Edison from $90.00 to $89.00 and set an underweight rating for the company in a research report on Thursday, October 17th. ValuEngine lowered shares of Consolidated Edison from a buy rating to a hold rating in a research report on Thursday, August 1st. Credit Suisse Group decreased their price target on shares of Consolidated Edison from $87.00 to $86.00 and set an underperform rating for the company in a research report on Thursday, August 8th. Wells Fargo & Co increased their price target on shares of Consolidated Edison from $94.00 to $95.00 and gave the company a market perform rating in a research report on Monday. Finally, KeyCorp increased their price target on shares of Consolidated Edison from $98.00 to $100.00 and gave the company an overweight rating in a research report on Monday. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the stock. Consolidated Edison currently has an average rating of Hold and a consensus price target of $88.73.

Shares of ED stock traded up $0.25 during mid-day trading on Monday, hitting $92.93. 87,017 shares of the stock traded hands, compared to its average volume of 1,315,218. The stock has a market cap of $30.39 billion, a P/E ratio of 21.50, a P/E/G ratio of 10.53 and a beta of 0.07. The stock’s fifty day moving average is $91.95 and its two-hundred day moving average is $88.06. Consolidated Edison has a 52-week low of $73.29 and a 52-week high of $94.97. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.62 and a quick ratio of 0.56.

Consolidated Edison (NYSE:ED) last released its quarterly earnings results on Thursday, August 1st. The utilities provider reported $0.58 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.60 by ($0.02). The firm had revenue of $2.74 billion for the quarter, compared to analysts’ expectations of $2.67 billion. Consolidated Edison had a net margin of 10.71% and a return on equity of 8.04%. During the same period in the previous year, the company posted $0.61 earnings per share. As a group, equities analysts forecast that Consolidated Edison will post 4.34 EPS for the current fiscal year.

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Wednesday, November 13th will be given a $0.74 dividend. This represents a $2.96 annualized dividend and a dividend yield of 3.19%. The ex-dividend date of this dividend is Tuesday, November 12th. Consolidated Edison’s payout ratio is currently 68.52%.

Several institutional investors have recently made changes to their positions in ED. Clearbridge Investments LLC raised its position in shares of Consolidated Edison by 5.1% in the 1st quarter. Clearbridge Investments LLC now owns 24,844 shares of the utilities provider’s stock valued at $2,107,000 after purchasing an additional 1,211 shares during the last quarter. FMR LLC raised its position in shares of Consolidated Edison by 3.8% in the 1st quarter. FMR LLC now owns 181,081 shares of the utilities provider’s stock valued at $15,357,000 after purchasing an additional 6,640 shares during the last quarter. Amundi Pioneer Asset Management Inc. raised its position in shares of Consolidated Edison by 38.6% in the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 414,970 shares of the utilities provider’s stock valued at $35,193,000 after purchasing an additional 115,592 shares during the last quarter. Rockland Trust Co. raised its position in shares of Consolidated Edison by 0.6% in the 2nd quarter. Rockland Trust Co. now owns 76,633 shares of the utilities provider’s stock valued at $6,719,000 after purchasing an additional 471 shares during the last quarter. Finally, Douglas Lane & Associates LLC raised its position in shares of Consolidated Edison by 4.1% in the 2nd quarter. Douglas Lane & Associates LLC now owns 4,606 shares of the utilities provider’s stock valued at $404,000 after purchasing an additional 180 shares during the last quarter. 59.80% of the stock is owned by hedge funds and other institutional investors.

About Consolidated Edison

Consolidated Edison, Inc, through its subsidiaries, engages in regulated electric, gas, and steam delivery businesses in the United States. The company offers electric services to approximately 3.5 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 1,622 customers in parts of Manhattan.

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Analyst Recommendations for Consolidated Edison (NYSE:ED)

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