Consolidated Edison (NYSE:ED) Hits New 12-Month High at $91.64

Consolidated Edison, Inc. (NYSE:ED)’s stock price hit a new 52-week high during mid-day trading on Wednesday . The company traded as high as $91.64 and last traded at $91.18, with a volume of 422832 shares traded. The stock had previously closed at $90.93.

ED has been the topic of a number of analyst reports. Credit Suisse Group decreased their target price on shares of Consolidated Edison from $87.00 to $86.00 and set an “underperform” rating on the stock in a research report on Thursday, August 8th. Barclays reaffirmed a “hold” rating and set a $90.00 price target on shares of Consolidated Edison in a research note on Thursday, June 20th. KeyCorp initiated coverage on shares of Consolidated Edison in a research note on Tuesday, June 4th. They set a “sector weight” rating for the company. ValuEngine downgraded shares of Consolidated Edison from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Finally, Morgan Stanley dropped their price target on shares of Consolidated Edison from $93.00 to $91.00 and set an “underweight” rating for the company in a research note on Friday, August 16th. Three investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $84.91.

The business’s 50 day moving average is $88.30 and its two-hundred day moving average is $86.68. The firm has a market cap of $30.52 billion, a P/E ratio of 21.26, a P/E/G ratio of 10.49 and a beta of 0.08. The company has a quick ratio of 0.56, a current ratio of 0.62 and a debt-to-equity ratio of 1.03.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, August 1st. The utilities provider reported $0.58 EPS for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.02). The company had revenue of $2.74 billion during the quarter, compared to analyst estimates of $2.67 billion. Consolidated Edison had a return on equity of 8.04% and a net margin of 10.71%. During the same quarter in the previous year, the business posted $0.61 earnings per share. Equities research analysts anticipate that Consolidated Edison, Inc. will post 4.34 EPS for the current year.

The business also recently declared a quarterly dividend, which was paid on Monday, September 16th. Shareholders of record on Wednesday, August 14th were issued a $0.74 dividend. This represents a $2.96 dividend on an annualized basis and a yield of 3.22%. The ex-dividend date of this dividend was Tuesday, August 13th. Consolidated Edison’s payout ratio is 68.52%.

A number of large investors have recently bought and sold shares of ED. BlackRock Inc. grew its holdings in shares of Consolidated Edison by 7.5% during the second quarter. BlackRock Inc. now owns 31,370,484 shares of the utilities provider’s stock valued at $2,750,563,000 after buying an additional 2,198,264 shares during the last quarter. Nuveen Asset Management LLC grew its holdings in shares of Consolidated Edison by 2,416.3% during the second quarter. Nuveen Asset Management LLC now owns 1,501,642 shares of the utilities provider’s stock valued at $131,665,000 after buying an additional 1,441,965 shares during the last quarter. Vanguard Group Inc. grew its holdings in shares of Consolidated Edison by 3.0% during the second quarter. Vanguard Group Inc. now owns 26,943,155 shares of the utilities provider’s stock valued at $2,362,375,000 after buying an additional 781,260 shares during the last quarter. Luminus Management LLC acquired a new position in shares of Consolidated Edison during the second quarter valued at about $63,060,000. Finally, Zimmer Partners LP acquired a new position in shares of Consolidated Edison during the second quarter valued at about $57,848,000. Institutional investors and hedge funds own 59.75% of the company’s stock.

Consolidated Edison Company Profile (NYSE:ED)

Consolidated Edison, Inc, through its subsidiaries, engages in regulated electric, gas, and steam delivery businesses in the United States. The company offers electric services to approximately 3.5 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 1,622 customers in parts of Manhattan.

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