Analysts Set Consolidated Edison, Inc. (NYSE:ED) Price Target at $98.35

Shares of Consolidated Edison, Inc. (NYSE:ED) have earned a consensus rating of “Hold” from the sixteen analysts that are currently covering the company, MarketBeat reports. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have given a buy rating and two have given a strong buy rating to the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $98.19.

Several equities analysts recently weighed in on the stock. Morgan Stanley cut their price objective on shares of Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating on the stock in a research report on Friday. Wells Fargo & Company lifted their price objective on shares of Consolidated Edison from $97.00 to $105.00 and gave the company an “equal weight” rating in a research note on Friday, August 2nd. Citigroup upgraded Consolidated Edison from a “neutral” rating to a “buy” rating and raised their target price for the company from $103.00 to $116.00 in a report on Tuesday, October 15th. Bank of America upped their price target on Consolidated Edison from $97.00 to $109.00 and gave the stock a “buy” rating in a research note on Monday, August 5th. Finally, Evercore ISI raised Consolidated Edison from a “hold” rating to a “strong-buy” rating in a research note on Friday, November 8th.

Consolidated Edison Trading Down 0.3 %

Shares of NYSE:ED opened at $98.36 on Wednesday. Consolidated Edison has a 12-month low of $85.85 and a 12-month high of $107.75. The company has a quick ratio of 0.93, a current ratio of 1.01 and a debt-to-equity ratio of 1.07. The firm has a market capitalization of $34.07 billion, a P/E ratio of 18.52, a price-to-earnings-growth ratio of 3.26 and a beta of 0.36. The firm has a fifty day moving average of $102.01 and a two-hundred day moving average of $98.08.

Consolidated Edison (NYSE:ED) last released its quarterly earnings data on Thursday, November 7th. The utilities provider reported $1.68 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.56 by $0.12. Consolidated Edison had a return on equity of 8.70% and a net margin of 12.27%. The firm had revenue of $4.09 billion during the quarter, compared to analysts’ expectations of $4.02 billion. On average, equities analysts expect that Consolidated Edison will post 5.33 EPS for the current fiscal year.

Consolidated Edison Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders 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 dividend yield of 3.38%. The ex-dividend date of this dividend is Wednesday, November 13th. Consolidated Edison’s dividend payout ratio is currently 62.52%.

Institutional Investors Weigh In On Consolidated Edison

Institutional investors have recently added to or reduced their stakes in the company. Capital Performance Advisors LLP acquired a new stake in shares of Consolidated Edison during the 3rd quarter worth approximately $27,000. Beacon Capital Management LLC lifted its position in Consolidated Edison by 2,307.7% in the first quarter. Beacon Capital Management LLC now owns 313 shares of the utilities provider’s stock worth $28,000 after purchasing an additional 300 shares during the period. Ashton Thomas Securities LLC acquired a new stake in Consolidated Edison during the third quarter worth $30,000. Pathway Financial Advisers LLC bought a new stake in Consolidated Edison in the 1st quarter valued at $33,000. Finally, TruNorth Capital Management LLC acquired a new position in shares of Consolidated Edison in the 2nd quarter valued at $33,000. 66.29% of the stock is owned by institutional investors and hedge funds.

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.