Consolidated Edison Inc (NYSE:ED) Receives Consensus Recommendation of “Reduce” from Brokerages

Shares of Consolidated Edison Inc (NYSE:ED) have been given an average rating of “Reduce” by the fifteen analysts that are presently covering the company, MarketBeat reports. Six research analysts have rated the stock with a sell recommendation, seven have assigned a hold recommendation and two have issued a buy recommendation on the company. The average 1 year price objective among brokerages that have issued a report on the stock in the last year is $108.0667.

Several analysts recently issued reports on the company. Mizuho reiterated a “neutral” rating and set a $105.00 target price on shares of Consolidated Edison in a research report on Tuesday, June 2nd. KeyCorp boosted their price target on Consolidated Edison from $96.00 to $97.00 and gave the stock an “underweight” rating in a report on Tuesday, April 21st. The Goldman Sachs Group restated a “sell” rating and issued a $105.00 price target on shares of Consolidated Edison in a research note on Thursday, May 14th. Wells Fargo & Company set a $98.00 price objective on shares of Consolidated Edison in a report on Tuesday, April 21st. Finally, Evercore set a $116.00 price objective on shares of Consolidated Edison in a research report on Monday, May 11th.

Consolidated Edison Price Performance

NYSE:ED opened at $112.40 on Monday. The business’s 50-day simple moving average is $108.49 and its two-hundred day simple moving average is $108.65. Consolidated Edison has a 52 week low of $94.96 and a 52 week high of $116.23. The stock has a market cap of $41.42 billion, a PE ratio of 18.92, a P/E/G ratio of 2.86 and a beta of 0.27. The company has a quick ratio of 1.09, a current ratio of 1.19 and a debt-to-equity ratio of 1.00.

Consolidated Edison Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Wednesday, August 19th will be given a dividend of $0.8875 per share. The ex-dividend date is Wednesday, August 19th. This represents a $3.55 dividend on an annualized basis and a dividend yield of 3.2%. Consolidated Edison’s dividend payout ratio is currently 59.76%.

Institutional Trading of Consolidated Edison

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Ballast Inc. lifted its stake in Consolidated Edison by 23.5% in the 2nd quarter. Ballast Inc. now owns 20,525 shares of the utilities provider’s stock worth $2,271,000 after purchasing an additional 3,909 shares in the last quarter. Wedge Capital Management L L P NC purchased a new position in shares of Consolidated Edison during the second quarter valued at about $14,762,000. Tema ETFs LLC grew its position in shares of Consolidated Edison by 21.5% during the second quarter. Tema ETFs LLC now owns 7,704 shares of the utilities provider’s stock valued at $852,000 after purchasing an additional 1,365 shares in the last quarter. Fiduciary Financial Group LLC increased its holdings in shares of Consolidated Edison by 9.4% in the second quarter. Fiduciary Financial Group LLC now owns 3,476 shares of the utilities provider’s stock worth $385,000 after purchasing an additional 298 shares during the last quarter. Finally, G&S Capital LLC increased its holdings in shares of Consolidated Edison by 3.8% in the second quarter. G&S Capital LLC now owns 9,817 shares of the utilities provider’s stock worth $1,086,000 after purchasing an additional 359 shares during the last quarter. 66.29% of the stock is currently owned by institutional investors.

About Consolidated Edison

Consolidated Edison, Inc, commonly known as Con Edison, is an investor-owned energy company that primarily delivers electricity, natural gas and steam to customers in the New York metropolitan area. Its regulated utility operations include the distribution and transmission of electric power, the distribution of natural gas, and the operation of one of the largest district steam systems in the United States, serving commercial, institutional and residential customers in New York City and nearby counties.

The company operates through regulated utility subsidiaries that serve urban and suburban service territories, together with non-utility businesses that develop, own and manage energy infrastructure and clean energy projects.