Consolidated Edison Inc. (ED) Shares Up 1.2%
Shares of Consolidated Edison Inc. (NYSE:ED) shot up 1.2% during mid-day trading on Tuesday . The stock traded as high as $81.83 and last traded at $81.49, with a volume of 827,744 shares changing hands. The stock had previously closed at $80.51.
Several equities analysts have recently commented on ED shares. Evercore ISI downgraded Consolidated Edison from a “hold” rating to a “sell” rating and boosted their price objective for the company from $69.50 to $72.50 in a research report on Wednesday. Zacks Investment Research upgraded Consolidated Edison from a “sell” rating to a “hold” rating in a research report on Tuesday, June 14th. BMO Capital Markets started coverage on Consolidated Edison in a research report on Wednesday, June 22nd. They issued a “hold” rating and a $79.00 price objective on the stock. Deutsche Bank AG downgraded Consolidated Edison from a “hold” rating to a “sell” rating and boosted their price objective for the company from $62.00 to $70.00 in a research report on Monday, April 18th. Finally, Mizuho boosted their price objective on Consolidated Edison from $66.00 to $72.00 and gave the company a “neutral” rating in a research report on Thursday, May 12th. Four investment analysts have rated the stock with a sell rating and seven have given a hold rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $70.09.
The stock’s 50 day moving average price is $76.13 and its 200 day moving average price is $72.80. The company has a market cap of $23.98 billion and a price-to-earnings ratio of 21.23.
Consolidated Edison (NYSE:ED) last released its quarterly earnings data on Thursday, May 5th. The company reported $1.18 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.21 by $0.03. During the same quarter last year, the firm posted $1.25 earnings per share. Analysts predict that Consolidated Edison Inc. will post $3.99 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Wednesday, June 15th. Shareholders of record on Wednesday, May 18th were paid a dividend of $0.67 per share. The ex-dividend date was Monday, May 16th. This represents a $2.68 dividend on an annualized basis and a dividend yield of 3.29%.
Other institutional investors recently added to or reduced their stakes in the company. Barrow Hanley Mewhinney & Strauss LLC raised its position in Consolidated Edison by 3.0% in the fourth quarter. Barrow Hanley Mewhinney & Strauss LLC now owns 24,382 shares of the company’s stock worth $1,567,000 after buying an additional 700 shares during the last quarter. Atlantic Trust Group LLC boosted its stake in Consolidated Edison by 5.8% in the fourth quarter. Atlantic Trust Group LLC now owns 26,123 shares of the company’s stock worth $1,678,000 after buying an additional 1,438 shares during the period. Morgan Stanley boosted its stake in Consolidated Edison by 39.7% in the fourth quarter. Morgan Stanley now owns 1,665,983 shares of the company’s stock worth $107,072,000 after buying an additional 473,862 shares during the period. Regal Investment Advisors LLC boosted its stake in Consolidated Edison by 11.8% in the fourth quarter. Regal Investment Advisors LLC now owns 53,164 shares of the company’s stock worth $3,416,000 after buying an additional 5,604 shares during the period. Finally, Bank of Montreal Can boosted its stake in Consolidated Edison by 8.3% in the fourth quarter. Bank of Montreal Can now owns 556,246 shares of the company’s stock worth $35,749,000 after buying an additional 42,689 shares during the period.
Consolidated Edison, Inc (Con Edison) is a holding company. The Company operates through its subsidiaries, which include Consolidated Edison Company of New York, Inc (CECONY), Orange and Rockland Utilities, Inc (O&R) and Con Edison Transmission, Inc It owns competitive energy businesses. The Company also owns Con Edison Transmission, Inc (Con Edison Transmission), which invests in electric and gas transmission projects through its subsidiaries, Consolidated Edison Transmission, LLC (CET Electric) and Con Edison Gas Midstream, LLC (CET Gas).
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