Consolidated Edison (NYSE:ED) Reaches New 52-Week High – What’s Next?

Consolidated Edison, Inc. (NYSE:ED) hit a new 52-week high during trading on Friday . The company traded as high as $109.44 and last traded at $109.28, with a volume of 596391 shares. The stock had previously closed at $107.89.

Analysts Set New Price Targets

ED has been the topic of several research analyst reports. UBS Group lifted their target price on Consolidated Edison from $110.00 to $113.00 and gave the company a “neutral” rating in a research note on Friday, March 21st. Scotiabank boosted their price objective on shares of Consolidated Edison from $100.00 to $101.00 and gave the company a “sector perform” rating in a research report on Monday, February 24th. Barclays increased their target price on shares of Consolidated Edison from $92.00 to $95.00 and gave the stock an “underweight” rating in a research report on Monday, February 24th. Mizuho boosted their price target on shares of Consolidated Edison from $92.00 to $95.00 and gave the company a “neutral” rating in a report on Monday, February 3rd. Finally, Morgan Stanley upped their price target on shares of Consolidated Edison from $85.00 to $91.00 and gave the stock an “underweight” rating in a research note on Thursday, March 20th. Two equities research 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 stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus target price of $102.40.

Consolidated Edison Stock Up 0.9 %

The company has a market cap of $37.73 billion, a price-to-earnings ratio of 20.77, a PEG ratio of 3.05 and a beta of 0.30. The business has a 50-day simple moving average of $99.56 and a two-hundred day simple moving average of $98.51. 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 (NYSE:ED) last announced its earnings results on Thursday, February 20th. The utilities provider reported $0.98 earnings per share (EPS) 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 firm had revenue of $3.67 billion during the quarter, compared to analysts’ expectations of $3.63 billion. As a group, equities analysts forecast that Consolidated Edison, Inc. will post 5.62 earnings per share for the current fiscal year.

Consolidated Edison Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Wednesday, February 19th were given a dividend of $0.85 per share. This is a positive change from Consolidated Edison’s previous quarterly dividend of $0.83. The ex-dividend date of this dividend was Wednesday, February 19th. This represents a $3.40 dividend on an annualized basis and a yield of 3.12%. Consolidated Edison’s payout ratio is currently 64.89%.

Institutional Investors Weigh In On Consolidated Edison

Hedge funds and other institutional investors have recently made changes to their positions in the business. 111 Capital acquired a new stake in Consolidated Edison in the 4th quarter valued at approximately $381,000. Tableaux LLC acquired a new stake in shares of Consolidated Edison in the fourth quarter worth $417,000. Northstar Financial Companies Inc. acquired a new position in Consolidated Edison during the 4th quarter valued at $596,000. Wood Tarver Financial Group LLC bought a new stake in Consolidated Edison in the 4th quarter valued at $35,000. Finally, Smith Shellnut Wilson LLC ADV increased its holdings in shares of Consolidated Edison by 10.2% during the 4th quarter. Smith Shellnut Wilson LLC ADV now owns 2,437 shares of the utilities provider’s stock worth $217,000 after purchasing an additional 225 shares during the period. 66.29% of the stock is owned by institutional investors and hedge funds.

About Consolidated Edison

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.