Consolidated Edison (NYSE:ED) Given New $104.00 Price Target at Barclays

Consolidated Edison (NYSE:ED) had its price objective boosted by Barclays from $98.00 to $104.00 in a research report sent to investors on Monday, Benzinga reports. They currently have an underweight rating on the utilities provider’s stock.

A number of other research firms have also recently commented on ED. Citigroup raised Consolidated Edison from a “neutral” rating to a “buy” rating and increased their target price for the company from $103.00 to $116.00 in a research note on Tuesday, October 15th. Wells Fargo & Company raised their price objective on Consolidated Edison from $97.00 to $105.00 and gave the company an “equal weight” rating in a report on Friday, August 2nd. Bank of America upped their target price on Consolidated Edison from $97.00 to $109.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. Morgan Stanley lifted their price target on shares of Consolidated Edison from $82.00 to $87.00 and gave the stock an “underweight” rating in a research note on Wednesday, September 25th. Finally, Guggenheim upped their price objective on shares of Consolidated Edison from $88.00 to $91.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $98.73.

Consolidated Edison Stock Performance

NYSE:ED opened at $106.26 on Monday. The stock has a market cap of $36.75 billion, a P/E ratio of 20.40, a PEG ratio of 3.46 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. The business’s 50-day moving average price is $102.89 and its two-hundred day moving average price is $96.80. Consolidated Edison has a twelve month low of $85.85 and a twelve month high of $107.10.

Consolidated Edison (NYSE:ED) last announced its earnings results on Thursday, August 1st. The utilities provider reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.02. Consolidated Edison had a net margin of 12.03% and a return on equity of 8.67%. The business had revenue of $3.22 billion during the quarter, compared to analyst estimates of $3.08 billion. During the same period in the previous year, the business posted $0.61 earnings per share. As a group, equities analysts predict that Consolidated Edison will post 5.3 EPS for the current fiscal year.

Consolidated Edison Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Wednesday, November 13th will be given a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a yield of 3.12%. The ex-dividend date is Wednesday, November 13th. Consolidated Edison’s payout ratio is 63.72%.

Institutional Investors Weigh In On Consolidated Edison

Large investors have recently made changes to their positions in the business. Beacon Capital Management LLC boosted its stake in shares of Consolidated Edison by 2,307.7% during the 1st quarter. Beacon Capital Management LLC now owns 313 shares of the utilities provider’s stock valued at $28,000 after purchasing an additional 300 shares in the last quarter. Pathway Financial Advisers LLC purchased a new stake in Consolidated Edison in the first quarter worth about $33,000. TruNorth Capital Management LLC bought a new stake in Consolidated Edison during the 2nd quarter valued at approximately $33,000. Versant Capital Management Inc grew its holdings in shares of Consolidated Edison by 380.2% during the 2nd quarter. Versant Capital Management Inc now owns 413 shares of the utilities provider’s stock worth $37,000 after acquiring an additional 327 shares during the period. Finally, Future Financial Wealth Managment LLC bought a new position in shares of Consolidated Edison in the 1st quarter worth approximately $48,000. 66.29% of the stock is currently owned by 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.