Consolidated Edison Inc. (NYSE:ED) had its target price lowered by Citigroup Inc. from $76.00 to $72.00 in a report published on Tuesday morning. Citigroup Inc. currently has a neutral rating on the stock.
A number of other equities research analysts also recently weighed in on the company. Vetr upgraded Consolidated Edison from a strong sell rating to a sell rating and set a $75.75 price target for the company in a report on Monday, July 18th. Jefferies Group boosted their price target on Consolidated Edison to $80.00 and gave the company a hold rating in a report on Thursday, July 14th. Evercore ISI downgraded Consolidated Edison from a hold rating to a sell rating and boosted their price target for the company from $69.50 to $72.50 in a report on Wednesday, July 6th. BMO Capital Markets started coverage on Consolidated Edison in a report on Wednesday, June 22nd. They issued a hold rating and a $79.00 price target for the company. Finally, Zacks Investment Research downgraded Consolidated Edison from a hold rating to a sell rating in a report on Wednesday, September 21st. Four analysts have rated the stock with a sell rating, five have assigned a hold rating and two have issued a buy rating to the stock. The company has an average rating of Hold and an average target price of $74.47.
Shares of Consolidated Edison (NYSE:ED) opened at 72.77 on Tuesday. Consolidated Edison has a one year low of $60.30 and a one year high of $81.88. The company’s 50 day moving average price is $75.87 and its 200 day moving average price is $76.33. The firm has a market capitalization of $22.15 billion, a P/E ratio of 18.86 and a beta of 0.01.
Consolidated Edison (NYSE:ED) last issued its quarterly earnings results on Thursday, August 4th. The company reported $0.60 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.69 by $0.09. Consolidated Edison had a net margin of 9.47% and a return on equity of 8.88%. During the same period in the prior year, the company earned $0.78 earnings per share. On average, analysts expect that Consolidated Edison will post $3.97 EPS for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Wednesday, August 17th were issued a $0.67 dividend. The ex-dividend date of this dividend was Monday, August 15th. This represents a $2.68 annualized dividend and a dividend yield of 3.68%. Consolidated Edison’s dividend payout ratio (DPR) is 69.25%.
Several hedge funds have recently made changes to their positions in ED. Advisor Partners LLC bought a new stake in shares of Consolidated Edison during the first quarter valued at approximately $234,000. Bessemer Group Inc. increased its stake in shares of Consolidated Edison by 12.7% in the first quarter. Bessemer Group Inc. now owns 81,968 shares of the company’s stock valued at $6,281,000 after buying an additional 9,236 shares in the last quarter. USS Investment Management Ltd increased its stake in shares of Consolidated Edison by 85.7% in the first quarter. USS Investment Management Ltd now owns 86,744 shares of the company’s stock valued at $6,648,000 after buying an additional 40,027 shares in the last quarter. NN Investment Partners Holdings N.V. bought a new stake in shares of Consolidated Edison during the first quarter valued at approximately $2,794,000. Finally, Nikko Asset Management Americas Inc. bought a new stake in shares of Consolidated Edison during the first quarter valued at approximately $337,000. Institutional investors and hedge funds own 54.76% of the company’s stock.
About Consolidated Edison
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) and Con Edison Transmission, Inc It owns competitive energy businesses. The Company also owns Con Edison Transmission, Inc (Con Edison Transmission), which invests in electric and gas transmission projects through its subsidiaries, Consolidated Edison Transmission, LLC (CET Electric) and Con Edison Gas Midstream, LLC (CET Gas).
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