Consolidated Edison Inc. (ED) Downgraded by Zacks Investment Research to “Sell”
According to Zacks, “Consolidated Edison’s operations are subject to federal, state and local regulations, which means that any change these could interrupt the operations of its generating units, thereby affecting its financial performance. Disruption in wholesale energy markets could hurt the company’s ability to meet customer energy needs and thus weigh on its performance. Again, adverse decisions by the commissions in pending regulatory cases may negatively impact the company’s earnings. That said, Consolidated Edison has a history of favorable rate decisions by regulatory authorities, which will likely encourage it to invest more in infrastructure improvement. Moreover, the company follows a systematic capital investment plan for infrastructure development and reliability projects.”
A number of other research analysts have also recently weighed in on the company. Barclays PLC dropped their price target on Consolidated Edison from $80.00 to $77.00 and set an equal weight rating for the company in a research report on Wednesday. Vetr raised Consolidated Edison from a hold rating to a buy rating and set a $77.14 price objective on the stock in a research note on Wednesday, September 14th. Jefferies Group raised Consolidated Edison from a hold rating to a buy rating and set a $82.00 price objective on the stock in a research note on Wednesday, September 14th. Goldman Sachs Group Inc. decreased their price objective on Consolidated Edison from $72.00 to $70.00 and set a sell rating on the stock in a research note on Wednesday, September 14th. Finally, Citigroup Inc. assumed coverage on Consolidated Edison in a research note on Friday, August 12th. They set a neutral rating and a $76.00 price objective on the stock. They noted that the move was a valuation call. Five analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company. The stock has a consensus rating of Hold and an average price target of $74.51.
Consolidated Edison (NYSE:ED) opened at 78.64 on Wednesday. The firm has a market cap of $23.94 billion and a PE ratio of 20.38. The stock’s 50 day moving average is $76.24 and its 200 day moving average is $76.11. Consolidated Edison has a 12 month low of $60.30 and a 12 month high of $81.88.
Consolidated Edison (NYSE:ED) last released its quarterly earnings data on Thursday, August 4th. The company reported $0.60 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.69 by $0.09. Consolidated Edison had a return on equity of 8.88% and a net margin of 9.47%. During the same period in the previous year, the firm posted $0.78 earnings per share. On average, equities analysts forecast that Consolidated Edison will post $3.97 earnings per share for the current year.
The business 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. The ex-dividend date was Monday, August 15th. This represents a $2.68 annualized dividend and a dividend yield of 3.43%. Consolidated Edison’s payout ratio is currently 69.25%.
Several large investors have recently made changes to their positions in the stock. Norges Bank bought a new stake in shares of Consolidated Edison during the fourth quarter valued at approximately $118,109,000. Capstone Asset Management Co. increased its stake in shares of Consolidated Edison by 2.3% in the first quarter. Capstone Asset Management Co. now owns 39,217 shares of the company’s stock valued at $3,005,000 after buying an additional 890 shares during the last quarter. Carroll Financial Associates Inc. increased its stake in shares of Consolidated Edison by 4.0% in the first quarter. Carroll Financial Associates Inc. now owns 3,733 shares of the company’s stock valued at $286,000 after buying an additional 145 shares during the last quarter. Raymond James Trust N.A. increased its stake in shares of Consolidated Edison by 12.9% in the first quarter. Raymond James Trust N.A. now owns 28,993 shares of the company’s stock valued at $2,221,000 after buying an additional 3,323 shares during the last quarter. Finally, OLD National Bancorp IN increased its stake in shares of Consolidated Edison by 14.1% in the first quarter. OLD National Bancorp IN now owns 24,352 shares of the company’s stock valued at $1,866,000 after buying an additional 3,015 shares during the last quarter. Institutional investors and hedge funds own 54.76% of the company’s stock.
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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