Consolidated Edison, Inc. (NYSE:ED) Receives Average Recommendation of “Hold” from Analysts

Consolidated Edison, Inc. (NYSE:ED) has been assigned an average rating of “Hold” from the thirteen brokerages that are presently covering the stock, MarketBeat.com reports. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have given a buy rating and two have assigned a strong buy rating to the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $100.64.

A number of equities analysts have recently issued reports on ED shares. Citigroup raised 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 research report on Tuesday, October 15th. Barclays cut their target price on shares of Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating on the stock in a research report on Friday, November 8th. Scotiabank raised shares of Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and upped their price target for the stock from $90.00 to $100.00 in a research report on Thursday, December 12th. Evercore ISI raised shares of Consolidated Edison from a “hold” rating to a “strong-buy” rating in a report on Friday, November 8th. Finally, Morgan Stanley reduced their price objective on shares of Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating for the company in a research note on Friday, November 22nd.

Consolidated Edison Trading Up 1.1 %

ED opened at $88.93 on Thursday. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.93 and a current ratio of 1.01. The stock’s 50 day moving average price is $94.64 and its 200-day moving average price is $97.88. Consolidated Edison has a one year low of $85.85 and a one year high of $107.75. The stock has a market cap of $30.81 billion, a price-to-earnings ratio of 16.75, a P/E/G ratio of 3.11 and a beta of 0.38.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings data 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 company had revenue of $4.09 billion for the quarter, compared to the consensus estimate of $4.02 billion. Consolidated Edison had a return on equity of 8.70% and a net margin of 12.27%. On average, equities analysts forecast that Consolidated Edison will post 5.34 EPS for the current year.

Consolidated Edison Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Wednesday, November 13th were paid a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a yield of 3.73%. The ex-dividend date of this dividend was Wednesday, November 13th. Consolidated Edison’s dividend payout ratio (DPR) is presently 62.52%.

Hedge Funds Weigh In On Consolidated Edison

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Point72 Asset Management L.P. boosted its holdings in Consolidated Edison by 1,766.0% in the third quarter. Point72 Asset Management L.P. now owns 988,961 shares of the utilities provider’s stock valued at $102,980,000 after purchasing an additional 935,962 shares during the last quarter. Clean Energy Transition LLP lifted its holdings in shares of Consolidated Edison by 227.9% in the 2nd quarter. Clean Energy Transition LLP now owns 897,553 shares of the utilities provider’s stock valued at $80,259,000 after buying an additional 623,787 shares during the period. FMR LLC boosted its stake in shares of Consolidated Edison by 82.3% in the third quarter. FMR LLC now owns 1,268,424 shares of the utilities provider’s stock worth $132,081,000 after buying an additional 572,530 shares during the last quarter. International Assets Investment Management LLC grew its holdings in Consolidated Edison by 10,262.1% during the third quarter. International Assets Investment Management LLC now owns 553,546 shares of the utilities provider’s stock worth $57,641,000 after acquiring an additional 548,204 shares during the period. Finally, National Bank of Canada FI raised its position in Consolidated Edison by 350.6% during the third quarter. National Bank of Canada FI now owns 620,705 shares of the utilities provider’s stock valued at $64,634,000 after acquiring an additional 482,953 shares in the last quarter. Hedge funds and other 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.