Consolidated Edison (NYSE:ED) Price Target Raised to $95.00

Consolidated Edison (NYSE:ED) had its target price upped by Barclays from $92.00 to $95.00 in a research note issued to investors on Monday morning,Benzinga reports. They currently have an underweight rating on the utilities provider’s stock.

A number of other research analysts have also weighed in on the stock. Evercore ISI lowered shares of Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 21st. Morgan Stanley cut their price target on Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating for the company in a report on Friday, November 22nd. Scotiabank upgraded shares of Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and raised their price objective for the stock from $90.00 to $100.00 in a research note on Thursday, December 12th. Finally, Mizuho upped their target price on shares of Consolidated Edison from $92.00 to $95.00 and gave the company a “neutral” rating in a research note on Monday, February 3rd. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Consolidated Edison currently has an average rating of “Hold” and an average target price of $101.50.

Consolidated Edison Stock Performance

Shares of ED opened at $99.92 on Monday. The company has a quick ratio of 0.93, a current ratio of 1.01 and a debt-to-equity ratio of 1.07. Consolidated Edison has a 12 month low of $85.85 and a 12 month high of $107.75. The company’s fifty day moving average is $92.68 and its 200-day moving average is $97.97. The firm has a market cap of $34.61 billion, a price-to-earnings ratio of 19.07, a price-to-earnings-growth ratio of 3.05 and a beta of 0.39.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings results on Thursday, February 20th. The utilities provider reported $0.98 earnings per share for the quarter, topping analysts’ consensus estimates of $0.97 by $0.01. Consolidated Edison had a return on equity of 8.62% and a net margin of 11.93%. The company had revenue of $3.67 billion during the quarter, compared to analysts’ expectations of $3.63 billion. Equities analysts expect that Consolidated Edison will post 5.62 EPS for the current fiscal year.

Consolidated Edison Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Stockholders of record on Wednesday, February 19th will be issued a $0.85 dividend. This is an increase from Consolidated Edison’s previous quarterly dividend of $0.83. This represents a $3.40 annualized dividend and a dividend yield of 3.40%. The ex-dividend date is Wednesday, February 19th. Consolidated Edison’s payout ratio is presently 64.89%.

Institutional Investors Weigh In On Consolidated Edison

Hedge funds and other institutional investors have recently bought and sold shares of the business. International Assets Investment Management LLC grew its holdings in shares of Consolidated Edison by 10,262.1% during the third quarter. International Assets Investment Management LLC now owns 553,546 shares of the utilities provider’s stock worth $57,641,000 after purchasing an additional 548,204 shares during the last quarter. Allworth Financial LP grew its holdings in Consolidated Edison by 3.3% during the 3rd quarter. Allworth Financial LP now owns 5,021 shares of the utilities provider’s stock worth $523,000 after acquiring an additional 161 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its position in Consolidated Edison by 54.8% in the 3rd quarter. Mirae Asset Global Investments Co. Ltd. now owns 119,601 shares of the utilities provider’s stock valued at $12,444,000 after acquiring an additional 42,339 shares in the last quarter. NorthCrest Asset Manangement LLC raised its stake in shares of Consolidated Edison by 33.0% in the third quarter. NorthCrest Asset Manangement LLC now owns 9,176 shares of the utilities provider’s stock worth $955,000 after acquiring an additional 2,278 shares during the last quarter. Finally, J.W. Cole Advisors Inc. raised its stake in shares of Consolidated Edison by 1.1% in the third quarter. J.W. Cole Advisors Inc. now owns 15,017 shares of the utilities provider’s stock worth $1,564,000 after acquiring an additional 165 shares during the last quarter. 66.29% of the stock is owned by institutional investors and hedge funds.

Consolidated Edison Company Profile

Consolidated Edison, Inc, through its subsidiaries, engages in the regulated electric, gas, and steam delivery businesses in the United States. It offers electric services to approximately 3.7 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 1,530 customers in parts of Manhattan.