Consolidated Edison (ED) Price Target Raised to $80.00 at Citigroup

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Consolidated Edison (NYSE:ED) had its price objective hoisted by Citigroup from $79.00 to $80.00 in a research note released on Tuesday morning. Citigroup currently has a neutral rating on the utilities provider’s stock.

Several other research analysts have also recently issued reports on the stock. Zacks Investment Research raised shares of Consolidated Edison from a sell rating to a hold rating in a report on Friday, October 12th. ValuEngine raised shares of Consolidated Edison from a sell rating to a hold rating in a report on Tuesday, October 2nd. Bank of America raised their target price on shares of Consolidated Edison from $84.50 to $85.00 and gave the stock a buy rating in a report on Wednesday, September 26th. UBS Group raised their target price on shares of Consolidated Edison from $83.00 to $84.00 and gave the stock a neutral rating in a report on Friday, September 21st. Finally, Morgan Stanley reduced their target price on shares of Consolidated Edison from $81.00 to $77.00 and set a sell rating for the company in a report on Friday, September 21st. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has assigned a buy rating to the company. The company has an average rating of Hold and a consensus target price of $77.80.

NYSE ED opened at $77.38 on Tuesday. The firm has a market capitalization of $23.76 billion, a price-to-earnings ratio of 18.92, a P/E/G ratio of 5.99 and a beta of 0.02. Consolidated Edison has a 12-month low of $71.12 and a 12-month high of $89.70. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.63 and a quick ratio of 0.57.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, August 2nd. The utilities provider reported $0.61 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.57 by $0.04. The business had revenue of $2.70 billion during the quarter, compared to analysts’ expectations of $2.64 billion. Consolidated Edison had a net margin of 12.90% and a return on equity of 8.52%. During the same quarter last year, the company posted $0.58 earnings per share. As a group, equities analysts anticipate that Consolidated Edison will post 4.25 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 17th. Investors of record on Wednesday, November 14th will be issued a dividend of $0.715 per share. The ex-dividend date of this dividend is Tuesday, November 13th. This represents a $2.86 annualized dividend and a dividend yield of 3.70%. Consolidated Edison’s dividend payout ratio (DPR) is presently 69.93%.

Hedge funds have recently added to or reduced their stakes in the stock. Swiss National Bank grew its position in Consolidated Edison by 4.1% during the second quarter. Swiss National Bank now owns 2,279,371 shares of the utilities provider’s stock valued at $177,745,000 after buying an additional 90,600 shares during the period. Commonwealth Equity Services LLC grew its position in Consolidated Edison by 2.6% during the second quarter. Commonwealth Equity Services LLC now owns 360,396 shares of the utilities provider’s stock valued at $28,104,000 after buying an additional 9,220 shares during the period. Summit Global Investments acquired a new stake in Consolidated Edison during the second quarter valued at $1,131,000. Verition Fund Management LLC acquired a new stake in Consolidated Edison during the second quarter valued at $936,000. Finally, Standard Life Aberdeen plc grew its position in Consolidated Edison by 12.9% during the second quarter. Standard Life Aberdeen plc now owns 199,939 shares of the utilities provider’s stock valued at $15,593,000 after buying an additional 22,794 shares during the period. Institutional investors own 58.61% of the company’s stock.

Consolidated Edison Company Profile

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 3.4 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 1,600 customers in parts of Manhattan.

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Analyst Recommendations for Consolidated Edison (NYSE:ED)

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