Consolidated Edison (NYSE:ED) Trading Down 2%

Consolidated Edison, Inc. (NYSE:ED)’s stock price fell 2% on Thursday . The company traded as low as $100.95 and last traded at $101.32. 169,079 shares traded hands during trading, a decline of 91% from the average session volume of 1,841,982 shares. The stock had previously closed at $103.41.

Analyst Upgrades and Downgrades

Several equities analysts recently issued reports on the stock. Scotiabank boosted their target price on shares of Consolidated Edison from $85.00 to $90.00 and gave the company a “sector underperform” rating in a report on Tuesday, August 20th. Mizuho increased their target price on shares of Consolidated Edison from $93.00 to $95.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 28th. UBS Group lifted their price target on shares of Consolidated Edison from $105.00 to $106.00 and gave the company a “neutral” rating in a research note on Friday. Bank of America increased their price objective on shares of Consolidated Edison from $97.00 to $109.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. Finally, Morgan Stanley upped their price target on Consolidated Edison from $75.00 to $82.00 and gave the stock an “underweight” rating in a research note on Friday, August 23rd. Four research analysts have rated the stock with a sell rating, eight have issued a hold rating, one has given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $93.42.

Consolidated Edison Stock Up 1.2 %

The stock has a 50-day moving average of $100.08 and a 200 day moving average of $94.62. The company has a market capitalization of $35.74 billion, a PE ratio of 19.84, a P/E/G ratio of 3.50 and a beta of 0.36. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 1.08.

Consolidated Edison (NYSE:ED) last released its earnings results on Thursday, August 1st. The utilities provider reported $0.59 EPS for the quarter, topping analysts’ consensus estimates of $0.57 by $0.02. The company had revenue of $3.22 billion for the quarter, compared to analysts’ expectations of $3.08 billion. Consolidated Edison had a return on equity of 8.67% and a net margin of 12.03%. During the same period in the previous year, the business posted $0.61 EPS. Sell-side analysts anticipate that Consolidated Edison, Inc. will post 5.31 EPS for the current year.

Consolidated Edison Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Wednesday, August 14th were paid a $0.83 dividend. The ex-dividend date of this dividend was Wednesday, August 14th. This represents a $3.32 annualized dividend and a dividend yield of 3.21%. Consolidated Edison’s payout ratio is presently 63.72%.

Institutional Investors Weigh In On Consolidated Edison

Institutional investors have recently added to or reduced their stakes in the business. Brown Advisory Inc. lifted its position in shares of Consolidated Edison by 1.8% during the fourth quarter. Brown Advisory Inc. now owns 19,019 shares of the utilities provider’s stock worth $1,730,000 after acquiring an additional 331 shares in the last quarter. UBS Group AG boosted its stake in Consolidated Edison by 14.7% in the 4th quarter. UBS Group AG now owns 488,483 shares of the utilities provider’s stock worth $44,437,000 after purchasing an additional 62,519 shares during the period. Wells Fargo & Company MN grew its holdings in Consolidated Edison by 10.7% during the 4th quarter. Wells Fargo & Company MN now owns 281,514 shares of the utilities provider’s stock valued at $25,609,000 after buying an additional 27,242 shares in the last quarter. Clearbridge Investments LLC lifted its holdings in shares of Consolidated Edison by 26.9% in the fourth quarter. Clearbridge Investments LLC now owns 28,166 shares of the utilities provider’s stock worth $2,562,000 after buying an additional 5,973 shares in the last quarter. Finally, D.A. Davidson & CO. lifted its holdings in shares of Consolidated Edison by 15.4% in the fourth quarter. D.A. Davidson & CO. now owns 8,147 shares of the utilities provider’s stock worth $741,000 after buying an additional 1,090 shares in the last quarter. 66.29% of the stock is owned by hedge funds and other institutional investors.

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.