Consolidated Edison Inc (ED) Hits New 12-Month High on Analyst Upgrade
Shares of Consolidated Edison Inc (NYSE:ED) reached a new 52-week high on Friday after Morgan Stanley raised their price target on the stock from $78.00 to $80.00. Morgan Stanley currently has an underweight rating on the stock. Consolidated Edison traded as high as $85.26 and last traded at $85.32, with a volume of 557,075 shares changing hands. The stock had previously closed at $84.74.
ED has been the subject of several other reports. Jefferies Group LLC restated a “hold” rating and set a $83.50 price objective on shares of Consolidated Edison in a research report on Thursday, August 31st. BidaskClub upgraded Consolidated Edison from a “hold” rating to a “buy” rating in a research report on Tuesday, August 22nd. Finally, Zacks Investment Research upgraded Consolidated Edison from a “sell” rating to a “hold” rating in a research report on Monday, August 7th. Five analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the stock. The company currently has an average rating of “Hold” and a consensus target price of $77.12.
In other Consolidated Edison news, CEO Joseph P. Oates sold 1,908 shares of the stock in a transaction dated Wednesday, August 23rd. The stock was sold at an average price of $83.87, for a total value of $160,023.96. Following the completion of the transaction, the chief executive officer now directly owns 24,017 shares in the company, valued at $2,014,305.79. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders acquired 471 shares of company stock valued at $39,202 over the last quarter. Corporate insiders own 0.20% of the company’s stock.
Several hedge funds have recently modified their holdings of ED. Armbruster Capital Management Inc. increased its stake in shares of Consolidated Edison by 127.3% in the second quarter. Armbruster Capital Management Inc. now owns 1,250 shares of the utilities provider’s stock valued at $101,000 after buying an additional 700 shares during the period. Stuart Chaussee & Associates Inc. increased its stake in shares of Consolidated Edison by 138.3% in the first quarter. Stuart Chaussee & Associates Inc. now owns 1,370 shares of the utilities provider’s stock valued at $106,000 after buying an additional 795 shares during the period. WFG Advisors LP increased its stake in shares of Consolidated Edison by 19.6% in the second quarter. WFG Advisors LP now owns 1,308 shares of the utilities provider’s stock valued at $106,000 after buying an additional 214 shares during the period. Oakworth Capital Inc. increased its stake in shares of Consolidated Edison by 10.5% in the second quarter. Oakworth Capital Inc. now owns 1,447 shares of the utilities provider’s stock valued at $117,000 after buying an additional 137 shares during the period. Finally, Enterprise Financial Services Corp increased its stake in shares of Consolidated Edison by 6.0% in the second quarter. Enterprise Financial Services Corp now owns 1,648 shares of the utilities provider’s stock valued at $133,000 after buying an additional 93 shares during the period. 55.09% of the stock is owned by institutional investors.
The firm’s 50 day moving average is $83.37 and its 200 day moving average is $80.62. The company has a market capitalization of $26.17 billion, a P/E ratio of 20.715 and a beta of 0.09.
Consolidated Edison (NYSE:ED) last released its earnings results on Thursday, August 3rd. The utilities provider reported $0.58 earnings per share for the quarter, missing analysts’ consensus estimates of $0.61 by $0.03. Consolidated Edison had a net margin of 10.57% and a return on equity of 8.59%. The company had revenue of $2.63 billion during the quarter, compared to the consensus estimate of $2.79 billion. During the same period last year, the firm posted $0.60 EPS. Equities analysts expect that Consolidated Edison Inc will post $4.09 EPS for the current year.
The business also recently announced a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Wednesday, August 16th will be paid a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.26%. The ex-dividend date of this dividend is Monday, August 14th. Consolidated Edison’s dividend payout ratio (DPR) is presently 66.67%.
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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), Con Edison Clean Energy Businesses, Inc (the Clean Energy Businesses) and Con Edison Transmission, Inc (Con Edison Transmission).
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