Consolidated Edison Inc. (ED) PT Set at $69.00 by Morgan Stanley
Consolidated Edison Inc. (NYSE:ED) received a $69.00 price target from investment analysts at Morgan Stanley in a research report issued on Wednesday. The firm currently has a a “sell” rating on the stock. Morgan Stanley’s target price suggests a potential downside of 12.49% from the company’s previous close.
ED has been the topic of several other research reports. Vetr upgraded Consolidated Edison from a “sell” rating to a “hold” rating and set a $74.71 target price on the stock in a report on Wednesday, September 7th. Evercore ISI lowered Consolidated Edison from a “hold” rating to a “sell” rating and upped their target price for the stock from $69.50 to $72.50 in a report on Wednesday, July 6th. Zacks Investment Research upgraded Consolidated Edison from a “sell” rating to a “hold” rating in a report on Tuesday, May 24th. BMO Capital Markets began coverage on Consolidated Edison in a report on Wednesday, June 22nd. They set a “hold” rating and a $79.00 target price on the stock. Finally, Barclays PLC dropped their target price on Consolidated Edison from $80.00 to $77.00 and set an “equal weight” rating on the stock in a report on Wednesday. Five equities research analysts have rated the stock with a sell rating, four have given a hold rating and two have issued a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus price target of $74.51.
Shares of Consolidated Edison (NYSE:ED) opened at 78.85 on Wednesday. The firm has a market cap of $24.00 billion and a price-to-earnings ratio of 20.43. The company has a 50-day moving average price of $76.23 and a 200 day moving average price of $76.13. Consolidated Edison has a 52 week low of $60.30 and a 52 week high of $81.88.
Consolidated Edison (NYSE:ED) last released its earnings results on Thursday, August 4th. The company reported $0.60 earnings per share (EPS) for the quarter, missing the 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 prior year, the business posted $0.78 EPS. Analysts expect that Consolidated Edison will post $3.97 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Wednesday, August 17th were given a dividend of $0.67 per share. This represents a $2.68 dividend on an annualized basis and a yield of 3.40%. The ex-dividend date of this dividend was Monday, August 15th. Consolidated Edison’s dividend payout ratio is currently 69.25%.
A number of large investors have recently modified their holdings of the company. Commonwealth Equity Services Inc increased its stake in shares of Consolidated Edison by 3.6% in the first quarter. Commonwealth Equity Services Inc now owns 312,913 shares of the company’s stock worth $23,975,000 after buying an additional 10,919 shares in the last quarter. Sii Investments Inc. WI increased its stake in shares of Consolidated Edison by 13.4% in the first quarter. Sii Investments Inc. WI now owns 6,551 shares of the company’s stock worth $507,000 after buying an additional 775 shares in the last quarter. Investment Centers of America Inc. increased its stake in shares of Consolidated Edison by 61.4% in the first quarter. Investment Centers of America Inc. now owns 38,720 shares of the company’s stock worth $2,973,000 after buying an additional 14,726 shares in the last quarter. Wade G W & Inc. increased its stake in shares of Consolidated Edison by 8.8% in the first quarter. Wade G W & Inc. now owns 82,312 shares of the company’s stock worth $6,307,000 after buying an additional 6,642 shares in the last quarter. Finally, RKL Wealth Management LLC bought a new stake in shares of Consolidated Edison during the first quarter worth about $689,000. 54.76% of the stock is currently owned by institutional investors and hedge funds.
Consolidated Edison Company Profile
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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