Consolidated Edison Inc. (ED) Stock Rating Upgraded by Evercore ISI
Consolidated Edison Inc. (NYSE:ED) was upgraded by equities researchers at Evercore ISI from a “sell” rating to a “hold” rating in a note issued to investors on Monday. The brokerage currently has a $76.00 price objective on the stock. Evercore ISI’s target price would indicate a potential downside of 2.38% from the stock’s current price.
A number of other brokerages have also issued reports on ED. Zacks Investment Research raised shares of Consolidated Edison from a “sell” rating to a “hold” rating in a research note on Tuesday, June 14th. Morgan Stanley set a $69.00 target price on shares of Consolidated Edison and gave the company a “sell” rating in a research note on Wednesday, September 21st. Jefferies Group lifted their target price on shares of Consolidated Edison to $80.00 and gave the company a “hold” rating in a research note on Thursday, July 14th. Vetr lowered shares of Consolidated Edison from a “hold” rating to a “sell” rating and set a $73.97 target price for the company. in a research note on Tuesday, September 6th. Finally, Mizuho lifted their target price on shares of Consolidated Edison from $72.00 to $75.00 and gave the company a “neutral” rating in a research note on Monday, August 8th. Four analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the stock. Consolidated Edison has an average rating of “Hold” and a consensus target price of $74.83.
Consolidated Edison (NYSE:ED) opened at 77.85 on Monday. Consolidated Edison has a 12 month low of $60.30 and a 12 month high of $81.88. The firm has a market cap of $23.70 billion and a PE ratio of 20.17. The company has a 50-day moving average price of $76.26 and a 200 day moving average price of $76.31.
Consolidated Edison (NYSE:ED) last issued its earnings results on Thursday, August 4th. The company reported $0.60 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.69 by $0.09. Consolidated Edison had a net margin of 9.47% and a return on equity of 8.88%. During the same quarter last year, the business posted $0.78 EPS. Equities research analysts anticipate that Consolidated Edison will post $3.97 EPS for the current year.
The company also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Wednesday, August 17th were issued a $0.67 dividend. The ex-dividend date was Monday, August 15th. This represents a $2.68 annualized dividend and a yield of 3.44%. Consolidated Edison’s dividend payout ratio (DPR) is presently 69.25%.
A number of hedge funds and other institutional investors have recently made changes to their positions in ED. Janus Capital Management LLC increased its position in shares of Consolidated Edison by 96.7% in the second quarter. Janus Capital Management LLC now owns 2,229,835 shares of the company’s stock valued at $179,368,000 after buying an additional 1,096,076 shares during the period. BlackRock Fund Advisors increased its position in shares of Consolidated Edison by 13.7% in the second quarter. BlackRock Fund Advisors now owns 8,383,631 shares of the company’s stock valued at $674,379,000 after buying an additional 1,012,706 shares during the period. Vanguard Group Inc. increased its position in shares of Consolidated Edison by 4.6% in the second quarter. Vanguard Group Inc. now owns 20,038,432 shares of the company’s stock valued at $1,611,891,000 after buying an additional 890,023 shares during the period. Bank of Montreal Can purchased a new position in shares of Consolidated Edison during the second quarter valued at approximately $48,767,000. Finally, Emerald Acquisition Ltd. purchased a new position in shares of Consolidated Edison during the second quarter valued at approximately $48,550,000. Hedge funds and other institutional investors own 54.76% of the company’s stock.
Consolidated Edison Company Profile
Consolidated Edison, Inc (Con Edison) is a holding company. The Company operates through its subsidiaries, which include Consolidated Edison Company of New York, Inc (CECONY), Orange and Rockland Utilities, Inc (O&R) and Con Edison Transmission, Inc It owns competitive energy businesses. The Company also owns Con Edison Transmission, Inc (Con Edison Transmission), which invests in electric and gas transmission projects through its subsidiaries, Consolidated Edison Transmission, LLC (CET Electric) and Con Edison Gas Midstream, LLC (CET Gas).
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