Zacks Investment Research Downgrades Consolidated Edison Inc (ED) to Sell
Consolidated Edison Inc (NYSE:ED) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report issued on Wednesday.
According to Zacks, “Disruption in wholesale energy markets could affect Consolidated Edison’s ability to meet its customers’ energy needs and adversely affect its performance. Its operations are subject to federal, state and local regulations, any change in which could affect its financial performance. Moreover, fluctuating weather patterns and stringent utility regulations could be detrimental to the company’s growth. Consequently, the drop in Consolidated Edison's share price is wider than the broader industry price decline over the last six months. However, the company has a history of favorable rate decisions by regulatory authorities, which will likely encourage it to invest more in infrastructure improvements.”
Several other brokerages have also recently commented on ED. Evercore ISI raised Consolidated Edison from a “sell” rating to a “hold” rating and set a $76.00 price target for the company in a research report on Monday, September 26th. Morgan Stanley set a $69.00 price objective on Consolidated Edison and gave the company a “sell” rating in a research note on Wednesday, September 21st. Barclays PLC dropped their price objective on Consolidated Edison from $80.00 to $77.00 and set an “equal weight” rating on the stock in a research note on Wednesday, September 21st. Vetr lowered Consolidated Edison from a “buy” rating to a “hold” rating and set a $78.00 price objective on the stock. in a research note on Tuesday, November 8th. Finally, Citigroup Inc. dropped their price objective on Consolidated Edison from $76.00 to $72.00 and set a “neutral” rating on the stock in a research note on Tuesday, October 4th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and one has given a buy rating to the company’s stock. Consolidated Edison presently has a consensus rating of “Hold” and an average target price of $74.82.
Shares of Consolidated Edison (NYSE:ED) traded down 0.52% during mid-day trading on Wednesday, reaching $73.24. The company had a trading volume of 404,964 shares. The stock has a market capitalization of $22.32 billion, a P/E ratio of 18.04 and a beta of -0.02. The firm’s 50 day moving average is $72.31 and its 200-day moving average is $75.04. Consolidated Edison has a 12-month low of $66.20 and a 12-month high of $81.88.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, December 15th. Shareholders of record on Wednesday, November 16th were paid a dividend of $0.67 per share. The ex-dividend date of this dividend was Monday, November 14th. This represents a $2.68 dividend on an annualized basis and a yield of 3.64%. Consolidated Edison’s dividend payout ratio (DPR) is presently 66.34%.
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In other Consolidated Edison news, insider Craig S. Ivey sold 3,974 shares of the firm’s stock in a transaction on Monday, December 12th. The stock was sold at an average price of $71.42, for a total transaction of $283,823.08. Following the transaction, the insider now owns 35,306 shares in the company, valued at approximately $2,521,554.52. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Company insiders own 0.16% of the company’s stock.
Several large investors have recently modified their holdings of ED. Bank of Montreal Can purchased a new stake in Consolidated Edison during the second quarter valued at $48,767,000. MSI Financial Services Inc increased its stake in Consolidated Edison by 30.4% in the second quarter. MSI Financial Services Inc now owns 74,338 shares of the company’s stock valued at $5,980,000 after buying an additional 17,314 shares during the period. Financial Architects Inc increased its stake in Consolidated Edison by 76.9% in the second quarter. Financial Architects Inc now owns 5,455 shares of the company’s stock valued at $439,000 after buying an additional 2,372 shares during the period. RKL Wealth Management LLC increased its stake in Consolidated Edison by 59.1% in the second quarter. RKL Wealth Management LLC now owns 14,318 shares of the company’s stock valued at $1,100,000 after buying an additional 5,320 shares during the period. Finally, Shell Asset Management Co. increased its stake in Consolidated Edison by 3.7% in the second quarter. Shell Asset Management Co. now owns 182,666 shares of the company’s stock valued at $14,694,000 after buying an additional 6,581 shares during the period. 53.16% of the stock is currently owned by hedge funds and other institutional investors.
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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