Consolidated Edison Inc. (ED) Upgraded to “Buy” by Jefferies Group
“Solid Story Though Well Understood,” the firm’s analyst commented.
Other analysts have also recently issued reports about the stock. Vetr upgraded shares of Consolidated Edison from a sell rating to a hold rating and set a $74.71 price target on the stock in a research note on Wednesday, September 7th. BMO Capital Markets started coverage on shares of Consolidated Edison in a research note on Wednesday, June 22nd. They issued a hold rating and a $79.00 target price on the stock. Zacks Investment Research upgraded shares of Consolidated Edison from a sell rating to a hold rating in a research note on Tuesday, June 14th. Citigroup Inc. started coverage on shares of Consolidated Edison in a research note on Friday, August 12th. They issued a neutral rating and a $76.00 target price on the stock. They noted that the move was a valuation call. Finally, Mizuho increased their target price on shares of Consolidated Edison from $72.00 to $75.00 and gave the stock a neutral rating in a research note on Monday, August 8th. Four equities research analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the stock. The company currently has a consensus rating of Hold and an average price target of $74.26.
Consolidated Edison (NYSE:ED) opened at 76.40 on Wednesday. The firm has a market cap of $23.26 billion and a price-to-earnings ratio of 19.80. Consolidated Edison has a one year low of $60.30 and a one year high of $81.88. The stock’s 50 day moving average is $76.41 and its 200-day moving average is $76.06.
Consolidated Edison (NYSE:ED) last announced its quarterly earnings results on Thursday, August 4th. The company reported $0.60 EPS for the quarter, missing the Zacks’ consensus estimate of $0.69 by $0.09. Consolidated Edison had a net margin of 9.47% and a return on equity of 8.88%. During the same quarter in the previous year, the firm earned $0.78 EPS. On average, equities research analysts expect that Consolidated Edison will post $3.97 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Wednesday, August 17th were issued a dividend of $0.67 per share. This represents a $2.68 annualized dividend and a dividend yield of 3.51%. The ex-dividend date was Monday, August 15th. Consolidated Edison’s dividend payout ratio is currently 69.25%.
Institutional investors have recently added to or reduced their stakes in the stock. Tortoise Investment Management LLC raised its position in Consolidated Edison by 380.2% in the second quarter. Tortoise Investment Management LLC now owns 1,263 shares of the company’s stock valued at $102,000 after buying an additional 1,000 shares in the last quarter. Baker Ellis Asset Management LLC acquired a new position in Consolidated Edison during the second quarter valued at approximately $105,000. Coconut Grove Bank raised its position in Consolidated Edison by 51.7% in the second quarter. Coconut Grove Bank now owns 1,312 shares of the company’s stock valued at $105,000 after buying an additional 447 shares in the last quarter. TCI Wealth Advisors Inc. raised its position in Consolidated Edison by 62.5% in the second quarter. TCI Wealth Advisors Inc. now owns 1,347 shares of the company’s stock valued at $108,000 after buying an additional 518 shares in the last quarter. Finally, Jackson Grant Investment Advisers Inc. raised its position in Consolidated Edison by 68.0% in the second quarter. Jackson Grant Investment Advisers Inc. now owns 1,050 shares of the company’s stock valued at $119,000 after buying an additional 425 shares in the last quarter. 54.89% of the stock is currently owned by institutional investors.
About Consolidated Edison
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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