Consolidated Edison Inc. (ED) Price Target Lowered to $72.00 at Citigroup Inc.
Consolidated Edison Inc. (NYSE:ED) had its price target decreased by Citigroup Inc. from $76.00 to $72.00 in a research note issued to investors on Tuesday. Citigroup Inc. currently has a neutral rating on the stock.
Several other analysts have also recently commented on the stock. Vetr upgraded shares of Consolidated Edison from a strong sell rating to a sell rating and set a $75.75 price objective for the company in a research note on Monday, July 18th. Jefferies Group boosted 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. Evercore ISI cut shares of Consolidated Edison from a hold rating to a sell rating and boosted their target price for the company from $69.50 to $72.50 in a research note on Wednesday, July 6th. BMO Capital Markets began coverage on shares of Consolidated Edison in a research note on Wednesday, June 22nd. They issued a hold rating and a $79.00 target price for the company. Finally, Zacks Investment Research cut shares of Consolidated Edison from a hold rating to a sell rating in a research note on Wednesday, September 21st. Four equities research 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. The company presently has an average rating of Hold and an average target price of $74.47.
Consolidated Edison (NYSE:ED) opened at 72.77 on Tuesday. The stock has a market capitalization of $22.15 billion, a PE ratio of 18.86 and a beta of 0.01. Consolidated Edison has a 1-year low of $60.30 and a 1-year high of $81.88. The company’s 50-day moving average is $75.87 and its 200 day moving average is $76.33.
Consolidated Edison (NYSE:ED) last announced its quarterly earnings data on Thursday, August 4th. The company reported $0.60 EPS for the quarter, missing the consensus estimate 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 firm earned $0.78 EPS. Equities analysts predict that Consolidated Edison will post $3.97 earnings per share for the current year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Wednesday, August 17th were given a dividend of $0.67 per share. The ex-dividend date of this dividend was Monday, August 15th. This represents a $2.68 dividend on an annualized basis and a dividend yield of 3.68%. Consolidated Edison’s dividend payout ratio (DPR) is presently 69.25%.
Several institutional investors have recently made changes to their positions in ED. Jackson Grant Investment Advisers Inc. increased its stake in shares of Consolidated Edison by 68.0% in the second quarter. Jackson Grant Investment Advisers Inc. now owns 1,050 shares of the company’s stock valued at $119,000 after buying an additional 425 shares in the last quarter. Tortoise Investment Management LLC increased its stake in shares of Consolidated Edison by 380.2% in the second quarter. Tortoise Investment Management LLC now owns 1,263 shares of the company’s stock valued at $102,000 after buying an additional 1,000 shares in the last quarter. Baker Ellis Asset Management LLC bought a new stake in shares of Consolidated Edison during the second quarter valued at $105,000. Coconut Grove Bank increased its stake in shares of Consolidated Edison by 51.7% in the second quarter. Coconut Grove Bank now owns 1,312 shares of the company’s stock valued at $105,000 after buying an additional 447 shares in the last quarter. Finally, TCI Wealth Advisors Inc. increased its stake in shares of Consolidated Edison by 62.5% in the second quarter. TCI Wealth Advisors Inc. now owns 1,347 shares of the company’s stock valued at $108,000 after buying an additional 518 shares in the last quarter. Institutional investors and hedge funds own 54.76% of the company’s stock.
About Consolidated Edison
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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