Consolidated Edison (NYSE:ED) Given New $85.00 Price Target at Scotiabank

Consolidated Edison (NYSE:ED) had its price objective lowered by Scotiabank from $91.00 to $85.00 in a report published on Monday, Benzinga reports. The brokerage currently has a sector underperform rating on the utilities provider’s stock.

Other equities research analysts have also recently issued reports about the company. Royal Bank of Canada cut their target price on Consolidated Edison from $94.00 to $93.00 and set a sector perform rating for the company in a research note on Friday, February 16th. KeyCorp upgraded Consolidated Edison from an underweight rating to a sector weight rating in a research note on Thursday, January 4th. LADENBURG THALM/SH SH started coverage on Consolidated Edison in a research note on Wednesday, January 3rd. They set a neutral rating and a $92.50 target price for the company. Barclays upped their target price on Consolidated Edison from $86.00 to $87.00 and gave the stock an equal weight rating in a research note on Thursday, March 14th. Finally, UBS Group cut their target price on Consolidated Edison from $99.00 to $94.00 and set a neutral rating for the company in a research note on Friday, February 16th. Four analysts have rated the stock with a sell rating, eight have issued a hold rating and one has issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Consolidated Edison has an average rating of Hold and a consensus price target of $87.54.

Consolidated Edison Trading Up 0.7 %

Shares of NYSE:ED opened at $94.12 on Monday. The company has a market capitalization of $32.52 billion, a P/E ratio of 13.11, a P/E/G ratio of 8.76 and a beta of 0.35. Consolidated Edison has a 1 year low of $80.46 and a 1 year high of $100.44. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.01 and a quick ratio of 0.94. The business’s 50 day simple moving average is $89.41 and its 200 day simple moving average is $89.86.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings results on Thursday, February 15th. The utilities provider reported $1.00 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.98 by $0.02. Consolidated Edison had a return on equity of 8.41% and a net margin of 17.19%. The business had revenue of $3.44 billion for the quarter, compared to the consensus estimate of $3.70 billion. During the same quarter in the prior year, the business posted $0.81 earnings per share. The firm’s quarterly revenue was down 14.6% compared to the same quarter last year. On average, research analysts anticipate that Consolidated Edison will post 5.3 EPS for the current fiscal year.

Consolidated Edison Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Wednesday, May 15th will be issued a dividend of $0.83 per share. The ex-dividend date of this dividend is Tuesday, May 14th. This represents a $3.32 dividend on an annualized basis and a yield of 3.53%. Consolidated Edison’s payout ratio is currently 46.24%.

Institutional Trading of Consolidated Edison

Large investors have recently bought and sold shares of the business. Financial Gravity Asset Management Inc. grew its holdings in Consolidated Edison by 215.6% during the 3rd quarter. Financial Gravity Asset Management Inc. now owns 284 shares of the utilities provider’s stock worth $25,000 after acquiring an additional 194 shares during the period. Level Financial Advisors Inc. acquired a new stake in shares of Consolidated Edison in the 3rd quarter valued at about $26,000. Turtle Creek Wealth Advisors LLC acquired a new stake in shares of Consolidated Edison in the 4th quarter valued at about $29,000. Tidemark LLC acquired a new stake in shares of Consolidated Edison in the 4th quarter valued at about $29,000. Finally, Raleigh Capital Management Inc. acquired a new stake in shares of Consolidated Edison in the 4th quarter valued at about $29,000. 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.