Consolidated Edison (NYSE:ED) Hits New 12-Month High Following Analyst Upgrade

Shares of Consolidated Edison, Inc. (NYSE:ED) hit a new 52-week high during mid-day trading on Monday after Barclays raised their price target on the stock from $98.00 to $104.00. Barclays currently has an underweight rating on the stock. Consolidated Edison traded as high as $107.04 and last traded at $106.87, with a volume of 46628 shares changing hands. The stock had previously closed at $106.76.

Several other equities research analysts have also weighed in on ED. Jefferies Financial Group assumed coverage on Consolidated Edison in a research note on Wednesday, October 9th. They set a “hold” rating and a $108.00 price objective for the company. Bank of America increased their price objective on Consolidated Edison from $97.00 to $109.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Wells Fargo & Company raised their target price on Consolidated Edison from $97.00 to $105.00 and gave the company an “equal weight” rating in a report on Friday, August 2nd. Guggenheim raised their target price on Consolidated Edison from $88.00 to $91.00 and gave the company a “neutral” rating in a report on Friday, August 2nd. Finally, UBS Group lifted their price objective on Consolidated Edison from $105.00 to $106.00 and gave the stock a “neutral” rating in a research note on Friday, September 20th. Four analysts have rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average price target of $98.73.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of ED. ProShare Advisors LLC lifted its stake in shares of Consolidated Edison by 6.6% in the 1st quarter. ProShare Advisors LLC now owns 2,000,741 shares of the utilities provider’s stock valued at $181,687,000 after purchasing an additional 123,654 shares during the period. Hsbc Holdings PLC increased its holdings in Consolidated Edison by 0.8% during the 2nd quarter. Hsbc Holdings PLC now owns 1,502,523 shares of the utilities provider’s stock worth $134,323,000 after purchasing an additional 11,785 shares in the last quarter. Dimensional Fund Advisors LP grew its holdings in shares of Consolidated Edison by 11.0% in the 2nd quarter. Dimensional Fund Advisors LP now owns 1,273,115 shares of the utilities provider’s stock valued at $113,845,000 after acquiring an additional 125,859 shares in the last quarter. Clean Energy Transition LLP grew its holdings in shares of Consolidated Edison by 227.9% in the 2nd quarter. Clean Energy Transition LLP now owns 897,553 shares of the utilities provider’s stock valued at $80,259,000 after acquiring an additional 623,787 shares in the last quarter. Finally, BNP Paribas Financial Markets grew its holdings in shares of Consolidated Edison by 14.6% in the 1st quarter. BNP Paribas Financial Markets now owns 720,573 shares of the utilities provider’s stock valued at $65,435,000 after acquiring an additional 91,559 shares in the last quarter. Institutional investors and hedge funds own 66.29% of the company’s stock.

Consolidated Edison Price Performance

The firm has a market capitalization of $36.55 billion, a price-to-earnings ratio of 20.29, a P/E/G ratio of 3.46 and a beta of 0.36. The company’s 50 day moving average is $102.97 and its 200-day moving average is $96.91. The company has a current ratio of 1.04, a quick ratio of 0.97 and a debt-to-equity ratio of 1.08.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings data on Thursday, August 1st. The utilities provider reported $0.59 earnings per share (EPS) for the quarter, topping 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 firm had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.08 billion. During the same period last year, the business posted $0.61 earnings per share. Equities research analysts anticipate that Consolidated Edison, Inc. will post 5.3 earnings per share for the current year.

Consolidated Edison Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Wednesday, November 13th will be paid a $0.83 dividend. The ex-dividend date of this dividend is Wednesday, November 13th. This represents a $3.32 dividend on an annualized basis and a yield of 3.14%. Consolidated Edison’s dividend payout ratio (DPR) is 63.72%.

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.