Consolidated Edison Inc (NYSE:ED) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Friday, May 12th. The firm currently has a $89.00 target price on the utilities provider’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 4.89% from the stock’s current price.
According to Zacks, “Consolidated Edison started 2017 on an impressive note. Both its first quarter earnings as well as revenues comfortably surpassed the Zacks Consensus Estimates. Results also improved year over year. Moreover, the company follows a systematic capital investment plan for infrastructure development and reliability projects. In addition, Consolidated Edison focuses on maximizing shareholder value, through both share price appreciation and increased dividend payouts. Evidently, Consolidated Edison's share price outperformed the broader industry price's gain over the last one year. A stable financial position backed by a strong cash generation capacity enables the company to follow a disciplined capital spending program. However, disruption in wholesale energy markets could affect the company’s ability to meet its customers’ energy needs and thereby adversely affect its performance.”
Other analysts have also recently issued research reports about the company. Jefferies Group LLC cut their target price on Consolidated Edison from $82.50 to $81.50 and set a “buy” rating on the stock in a research report on Tuesday, February 21st. Barclays PLC reiterated an “equal weight” rating and set a $82.00 target price (up previously from $76.00) on shares of Consolidated Edison in a research report on Sunday, April 23rd. Deutsche Bank AG lifted their target price on Consolidated Edison from $72.00 to $74.00 and gave the stock a “hold” rating in a research report on Tuesday, April 11th. BMO Capital Markets reiterated a “hold” rating and set a $80.00 target price on shares of Consolidated Edison in a research report on Friday, May 5th. Finally, Credit Suisse Group initiated coverage on Consolidated Edison in a research report on Wednesday, January 25th. They set an “underperform” rating and a $68.00 target price on the stock. Four equities research analysts have rated the stock with a sell rating and nine have given a hold rating to the company’s stock. The company has an average rating of “Hold” and a consensus target price of $76.96.
Shares of Consolidated Edison (NYSE:ED) traded up 0.70% during trading on Friday, hitting $84.85. The stock had a trading volume of 2,975,698 shares. The stock has a 50-day moving average price of $81.27 and a 200 day moving average price of $76.64. Consolidated Edison has a 12 month low of $68.76 and a 12 month high of $85.04. The company has a market cap of $25.91 billion, a P/E ratio of 19.54 and a beta of 0.08.
Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, May 4th. The utilities provider reported $1.27 earnings per share for the quarter, beating the Zacks’ consensus estimate of $1.19 by $0.08. Consolidated Edison had a return on equity of 9.05% and a net margin of 10.90%. The company had revenue of $3.23 billion for the quarter, compared to analysts’ expectations of $3.05 billion. During the same period last year, the firm earned $1.18 earnings per share. Equities analysts expect that Consolidated Edison will post $4.09 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Thursday, June 15th. Stockholders of record on Wednesday, May 17th were paid a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a dividend yield of 3.25%. The ex-dividend date was Monday, May 15th. Consolidated Edison’s dividend payout ratio (DPR) is 63.59%.
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In other news, Director Linda S. Sanford purchased 900 shares of the firm’s stock in a transaction dated Wednesday, May 17th. The shares were acquired at an average price of $79.74 per share, with a total value of $71,766.00. Following the purchase, the director now directly owns 8,748 shares of the company’s stock, valued at $697,565.52. The purchase was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders have bought a total of 954 shares of company stock worth $76,036 in the last three months. Corporate insiders own 0.20% of the company’s stock.
A number of large investors have recently bought and sold shares of ED. Aperio Group LLC raised its stake in Consolidated Edison by 21.7% in the third quarter. Aperio Group LLC now owns 500,425 shares of the utilities provider’s stock worth $37,682,000 after buying an additional 89,319 shares during the last quarter. First Trust Advisors LP raised its stake in Consolidated Edison by 1.2% in the third quarter. First Trust Advisors LP now owns 1,031,319 shares of the utilities provider’s stock worth $77,658,000 after buying an additional 12,019 shares during the last quarter. OLD National Bancorp IN raised its stake in Consolidated Edison by 2.4% in the third quarter. OLD National Bancorp IN now owns 25,736 shares of the utilities provider’s stock worth $1,938,000 after buying an additional 591 shares during the last quarter. NEXT Financial Group Inc raised its stake in Consolidated Edison by 34.9% in the third quarter. NEXT Financial Group Inc now owns 24,549 shares of the utilities provider’s stock worth $1,849,000 after buying an additional 6,357 shares during the last quarter. Finally, Stratos Wealth Partners LTD. raised its stake in Consolidated Edison by 15.1% in the third quarter. Stratos Wealth Partners LTD. now owns 10,297 shares of the utilities provider’s stock worth $775,000 after buying an additional 1,349 shares during the last quarter. 57.06% of the stock is currently owned by hedge funds and other institutional investors.
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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