Barclays PLC Lowers Consolidated Edison Inc. (ED) Price Target to $77.00
Consolidated Edison Inc. (NYSE:ED) had its price target dropped by analysts at Barclays PLC from $80.00 to $77.00 in a report released on Wednesday. The brokerage currently has an “equal weight” rating on the stock. Barclays PLC’s price objective suggests a potential downside of 2.35% from the company’s current price.
A number of other equities research analysts have also recently issued reports on the company. Jefferies Group upgraded Consolidated Edison from a “hold” rating to a “buy” rating and set a $82.00 target price on the stock in a research note on Wednesday, September 14th. Vetr upgraded Consolidated Edison from a “hold” rating to a “buy” rating and set a $77.14 target price on the stock in a research note on Wednesday, September 14th. BMO Capital Markets initiated coverage on 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. Finally, Citigroup Inc. initiated coverage on shares of 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 assigned a hold rating and two have assigned a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus target price of $74.51.
Shares of Consolidated Edison (NYSE:ED) opened at 78.85 on Wednesday. The company has a 50-day moving average of $76.23 and a 200-day moving average of $76.13. Consolidated Edison has a 52 week low of $60.30 and a 52 week high of $81.88. The firm has a market capitalization of $24.00 billion and a PE ratio of 20.43.
Consolidated Edison (NYSE:ED) last announced 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 prior year, the firm earned $0.78 EPS. On average, equities analysts forecast that Consolidated Edison will post $3.97 earnings per share 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 paid a $0.67 dividend. The ex-dividend date was Monday, August 15th. This represents a $2.68 dividend on an annualized basis and a yield of 3.40%. Consolidated Edison’s dividend payout ratio is currently 69.25%.
A number of institutional investors have recently modified their holdings of ED. Vanguard Group Inc. boosted its position in shares of Consolidated Edison by 4.6% in the second quarter. Vanguard Group Inc. now owns 20,038,432 shares of the company’s stock worth $1,611,891,000 after buying an additional 890,023 shares in the last quarter. State Street Corp boosted its position in shares of Consolidated Edison by 2.1% in the second quarter. State Street Corp now owns 19,133,842 shares of the company’s stock worth $1,539,121,000 after buying an additional 393,128 shares in the last quarter. BlackRock Institutional Trust Company N.A. boosted its position in shares of Consolidated Edison by 3.2% in the second quarter. BlackRock Institutional Trust Company N.A. now owns 8,634,801 shares of the company’s stock worth $694,583,000 after buying an additional 270,901 shares in the last quarter. BlackRock Fund Advisors boosted its position in shares of Consolidated Edison by 13.7% in the second quarter. BlackRock Fund Advisors now owns 8,383,631 shares of the company’s stock worth $674,379,000 after buying an additional 1,012,706 shares in the last quarter. Finally, Bank of New York Mellon Corp boosted its position in shares of Consolidated Edison by 2.4% in the second quarter. Bank of New York Mellon Corp now owns 4,198,326 shares of the company’s stock worth $337,714,000 after buying an additional 99,652 shares in the last quarter. 54.76% of the stock is currently owned by hedge funds and other 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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