Consolidated Edison Inc. (ED) Upgraded to Buy at Vetr Inc.
Vetr upgraded shares of Consolidated Edison Inc. (NYSE:ED) from a hold rating to a buy rating in a report published on Tuesday. They currently have $77.14 price objective on the stock.
A number of other brokerages also recently issued reports on ED. Jefferies Group boosted their price target on Consolidated Edison to $80.00 and gave the company a hold rating in a report on Thursday, July 14th. Evercore ISI downgraded 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. 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. Zacks Investment Research cut Consolidated Edison from a hold rating to a sell rating in a research report on Wednesday, September 21st. Finally, Citigroup Inc. started coverage on shares of Consolidated Edison in a research note on Friday, August 12th. They set a neutral rating and a $76.00 target price for the company. They noted that the move was a valuation call. Four investment analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company. The stock has an average rating of Hold and an average target price of $74.47.
Shares of Consolidated Edison (NYSE:ED) opened at 72.77 on Tuesday. The company has a market capitalization of $22.15 billion, a P/E ratio of 18.86 and a beta of 0.01. The company has a 50-day moving average price of $75.87 and a 200 day moving average price of $76.33. Consolidated Edison has a 1-year low of $60.30 and a 1-year high of $81.88.
Consolidated Edison (NYSE:ED) last posted 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 return on equity of 8.88% and a net margin of 9.47%. During the same period in the prior year, the business earned $0.78 earnings per share. Equities research analysts anticipate that Consolidated Edison will post $3.97 EPS for the current year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Wednesday, August 17th were issued a $0.67 dividend. This represents a $2.68 dividend on an annualized basis and a dividend yield of 3.68%. The ex-dividend date was Monday, August 15th. Consolidated Edison’s payout ratio is 69.25%.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. CIBC World Markets Inc. increased its stake in shares of Consolidated Edison by 11.1% in the first quarter. CIBC World Markets Inc. now owns 18,568 shares of the company’s stock valued at $1,423,000 after buying an additional 1,848 shares during the last quarter. Pacad Investment Ltd. purchased a new stake in shares of Consolidated Edison during the first quarter valued at about $285,000. Ngam Advisors L.P. increased its stake in shares of Consolidated Edison by 27.5% in the first quarter. Ngam Advisors L.P. now owns 15,709 shares of the company’s stock valued at $1,204,000 after buying an additional 3,389 shares during the last quarter. TIAA CREF Investment Management LLC increased its stake in shares of Consolidated Edison by 15.2% in the first quarter. TIAA CREF Investment Management LLC now owns 1,172,515 shares of the company’s stock valued at $89,838,000 after buying an additional 154,451 shares during the last quarter. Finally, Teachers Advisors Inc. increased its stake in shares of Consolidated Edison by 7.4% in the first quarter. Teachers Advisors Inc. now owns 563,865 shares of the company’s stock valued at $43,203,000 after buying an additional 38,993 shares during the last quarter. 54.76% of the stock is 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).
To view Vetr’s full report, visit Vetr’s official website.
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