Wells Fargo & Company Raises Consolidated Edison (NYSE:ED) Price Target to $97.00

Consolidated Edison (NYSE:ED) had its price objective lifted by Wells Fargo & Company from $93.00 to $97.00 in a report issued on Friday, Benzinga reports. The firm currently has an equal weight rating on the utilities provider’s stock.

Other analysts have also recently issued reports about the stock. UBS Group decreased their price target on shares of Consolidated Edison from $99.00 to $94.00 and set a neutral rating for the company in a report on Friday, February 16th. KeyCorp upgraded Consolidated Edison from an underweight rating to a sector weight rating in a report on Thursday, January 4th. Scotiabank cut their price objective on shares of Consolidated Edison from $91.00 to $85.00 and set a sector underperform rating on the stock in a research report on Monday, April 22nd. Barclays increased their price target on shares of Consolidated Edison from $86.00 to $87.00 and gave the stock an equal weight rating in a research note on Thursday, March 14th. Finally, Royal Bank of Canada lowered their price target on Consolidated Edison from $94.00 to $93.00 and set a sector perform rating on the stock in a report on Friday, February 16th. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating and one has given a buy rating to the company. According to MarketBeat.com, Consolidated Edison presently has an average rating of Hold and an average price target of $87.75.

Consolidated Edison Price Performance

Shares of NYSE:ED opened at $95.56 on Friday. The company’s fifty day moving average is $90.21 and its two-hundred day moving average is $90.15. The company has a market cap of $33.05 billion, a P/E ratio of 18.34, a price-to-earnings-growth ratio of 8.99 and a beta of 0.34. Consolidated Edison has a 12-month low of $80.46 and a 12-month high of $100.44. The company has a quick ratio of 0.92, a current ratio of 0.99 and a debt-to-equity ratio of 1.01.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings data on Thursday, May 2nd. The utilities provider reported $2.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.89 by $0.26. Consolidated Edison had a return on equity of 8.79% and a net margin of 12.43%. The firm had revenue of $4.28 billion during the quarter, compared to the consensus estimate of $4.40 billion. During the same period in the prior year, the business earned $1.83 EPS. The business’s revenue for the quarter was down 2.8% on a year-over-year basis. Equities analysts expect that Consolidated Edison will post 5.31 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Wednesday, May 15th will be given a dividend of $0.83 per share. The ex-dividend date of this dividend is Tuesday, May 14th. This represents a $3.32 annualized dividend and a dividend yield of 3.47%. Consolidated Edison’s dividend payout ratio (DPR) is presently 63.72%.

Institutional Investors Weigh In On Consolidated Edison

Large investors have recently made changes to their positions in the company. Financial Gravity Asset Management Inc. raised its stake in shares of Consolidated Edison by 215.6% in the third quarter. Financial Gravity Asset Management Inc. now owns 284 shares of the utilities provider’s stock worth $25,000 after acquiring an additional 194 shares during the last quarter. Turtle Creek Wealth Advisors LLC acquired a new stake in shares of Consolidated Edison in the fourth quarter valued at approximately $29,000. Tidemark LLC bought a new position in Consolidated Edison in the 4th quarter worth approximately $29,000. Raleigh Capital Management Inc. acquired a new position in Consolidated Edison during the 4th quarter worth $29,000. Finally, Bruce G. Allen Investments LLC acquired a new position in Consolidated Edison during the 4th quarter worth $31,000. Institutional investors own 66.29% of the company’s stock.

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.