Consolidated Edison (ED) Stock Rating Upgraded by Goldman Sachs Group

Goldman Sachs Group upgraded shares of Consolidated Edison (NYSE:ED) from a sell rating to a neutral rating in a research report report published on Monday morning, Marketbeat.com reports. The firm currently has $73.00 price objective on the utilities provider’s stock, up from their prior price objective of $72.00.

Several other research firms have also commented on ED. Bank of America boosted their price target on Consolidated Edison from $84.50 to $85.00 and gave the stock a buy rating in a research report on Wednesday, September 26th. Zacks Investment Research raised Consolidated Edison from a hold rating to a buy rating and set a $89.00 price target for the company in a research report on Tuesday, August 7th. Barclays started coverage on Consolidated Edison in a research report on Tuesday, July 10th. They issued an equal weight rating and a $81.00 price target for the company. ValuEngine raised Consolidated Edison from a sell rating to a hold rating in a research report on Tuesday, October 2nd. Finally, Wells Fargo & Co boosted their price target on Consolidated Edison from $81.00 to $83.00 and gave the stock a market perform rating in a research report on Monday, September 17th. Four equities research 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 stock presently has an average rating of Hold and an average price target of $77.18.

Shares of ED stock traded up $0.71 during mid-day trading on Monday, hitting $78.88. The stock had a trading volume of 31,145 shares, compared to its average volume of 2,132,565. Consolidated Edison has a 12-month low of $71.12 and a 12-month high of $89.70. The stock has a market capitalization of $24.05 billion and a price-to-earnings ratio of 19.22. The company has a current ratio of 0.62, a quick ratio of 0.56 and a debt-to-equity ratio of 0.97.

Consolidated Edison (NYSE:ED) last issued its earnings results on Thursday, November 1st. The utilities provider reported $1.57 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.46 by $0.11. Consolidated Edison had a return on equity of 8.64% and a net margin of 12.60%. The business had revenue of $3.33 billion during the quarter, compared to analysts’ expectations of $3.17 billion. During the same period in the prior year, the business earned $1.47 EPS. Research analysts predict that Consolidated Edison will post 4.28 EPS for the current fiscal 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 given a dividend of $0.715 per share. This represents a $2.86 annualized dividend and a yield of 3.63%. The ex-dividend date of this dividend is Tuesday, November 13th. Consolidated Edison’s dividend payout ratio is currently 69.93%.

A number of large investors have recently made changes to their positions in the stock. Cordasco Financial Network grew its stake in Consolidated Edison by 160.0% during the 2nd quarter. Cordasco Financial Network now owns 1,300 shares of the utilities provider’s stock valued at $101,000 after purchasing an additional 800 shares during the last quarter. Itau Unibanco Holding S.A. grew its stake in Consolidated Edison by 385.5% during the 2nd quarter. Itau Unibanco Holding S.A. now owns 1,442 shares of the utilities provider’s stock valued at $112,000 after purchasing an additional 1,145 shares during the last quarter. Peak Capital Management LLC purchased a new stake in Consolidated Edison during the 2nd quarter valued at about $114,000. Psagot Investment House Ltd. purchased a new stake in Consolidated Edison during the 3rd quarter valued at about $122,000. Finally, First Mercantile Trust Co. purchased a new stake in Consolidated Edison during the 2nd quarter valued at about $123,000. 58.60% of the stock is currently owned by institutional investors.

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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