Consolidated Edison Inc (NYSE:ED) has been given a consensus rating of “Hold” by the fourteen brokerages that are covering the company, MarketBeat.com reports. Five equities research analysts have rated the stock with a sell recommendation, eight have given a hold recommendation and one has assigned a buy recommendation to the company. The average 12-month price target among brokerages that have covered the stock in the last year is $75.79.
A number of brokerages recently weighed in on ED. UBS AG raised their price objective on Consolidated Edison from $72.00 to $75.00 and gave the company a “sell” rating in a report on Monday, May 15th. Zacks Investment Research lowered Consolidated Edison from a “hold” rating to a “sell” rating in a research report on Wednesday, July 5th. BidaskClub lowered Consolidated Edison from a “buy” rating to a “hold” rating in a research report on Saturday, July 1st. Finally, BMO Capital Markets reiterated a “hold” rating and issued a $80.00 price objective on shares of Consolidated Edison in a research report on Monday, May 15th.
Consolidated Edison (NYSE:ED) traded down 2.14% during mid-day trading on Tuesday, hitting $84.21. 1,614,080 shares of the company traded hands. Consolidated Edison has a one year low of $68.76 and a one year high of $86.01. The stock has a market capitalization of $25.74 billion, a price-to-earnings ratio of 20.38 and a beta of 0.09. The company’s 50-day moving average is $83.48 and its 200-day moving average is $80.78.
Consolidated Edison (NYSE:ED) last issued its quarterly earnings results on Thursday, August 3rd. The utilities provider reported $0.58 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.61 by ($0.03). The business had revenue of $2.63 billion for the quarter, compared to the consensus estimate of $2.79 billion. Consolidated Edison had a net margin of 10.57% and a return on equity of 8.59%. During the same quarter last year, the business posted $0.60 EPS. Analysts predict that Consolidated Edison will post $4.09 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Wednesday, August 16th will be issued a $0.69 dividend. The ex-dividend date of this dividend is Monday, August 14th. This represents a $2.76 annualized dividend and a dividend yield of 3.28%. Consolidated Edison’s payout ratio is 66.67%.
In other Consolidated Edison news, CEO Joseph P. Oates sold 1,908 shares of the firm’s stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $83.87, for a total transaction of $160,023.96. Following the transaction, the chief executive officer now directly owns 24,017 shares in the company, valued at approximately $2,014,305.79. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders have acquired a total of 471 shares of company stock worth $39,202 over the last 90 days. 0.20% of the stock is currently owned by company insiders.
Several institutional investors have recently bought and sold shares of ED. BlackRock Inc. lifted its position in Consolidated Edison by 1,771.1% during the 1st quarter. BlackRock Inc. now owns 24,104,499 shares of the utilities provider’s stock worth $1,871,955,000 after acquiring an additional 22,816,233 shares during the period. Janus Henderson Group PLC lifted its position in Consolidated Edison by 6,358.2% during the 2nd quarter. Janus Henderson Group PLC now owns 2,300,677 shares of the utilities provider’s stock worth $185,940,000 after acquiring an additional 2,265,053 shares during the period. Bank of New York Mellon Corp lifted its position in Consolidated Edison by 34.1% during the 1st quarter. Bank of New York Mellon Corp now owns 3,478,494 shares of the utilities provider’s stock worth $270,138,000 after acquiring an additional 884,788 shares during the period. Vanguard Group Inc. lifted its position in Consolidated Edison by 3.5% during the 1st quarter. Vanguard Group Inc. now owns 21,304,464 shares of the utilities provider’s stock worth $1,654,504,000 after acquiring an additional 725,857 shares during the period. Finally, Renaissance Technologies LLC lifted its position in Consolidated Edison by 145.9% during the 1st quarter. Renaissance Technologies LLC now owns 1,178,300 shares of the utilities provider’s stock worth $91,507,000 after acquiring an additional 699,200 shares during the period. 55.09% of the stock is 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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