Consolidated Edison Inc (ED) Downgraded by Zacks Investment Research to Hold
Zacks Investment Research downgraded shares of Consolidated Edison Inc (NYSE:ED) from a buy rating to a hold rating in a research report released on Wednesday.
According to Zacks, “Consolidated Edison has a history of favorable rate decisions by regulatory authorities, which will likely encourage it to invest more in infrastructure improvements. Moreover, the company follows a systematic capital investment plan for infrastructure development and reliability projects. Going ahead, the company boasts a robust capital expenditure plan of around $11.1 billion for the 2017–2019 time frame. Consolidated Edison is also investing steadily to enhance its renewable generation assets, to comply with the Clean Power plan. Impressively, Consolidated Edison's share price outperformed the broader industry price's gain over the last one year. However, disruption in wholesale energy markets could affect the company’s ability to meet its customers’ energy needs and thereby adversely affect its performance.”
Other analysts have also issued reports about the company. Jefferies Group LLC decreased their price target on Consolidated Edison from $82.50 to $81.50 and set a buy rating on the stock in a research note on Tuesday, February 21st. Barclays PLC restated an equal weight rating and issued a $82.00 price objective (up from $76.00) on shares of Consolidated Edison in a report on Sunday, April 23rd. Deutsche Bank AG raised their price objective on Consolidated Edison from $72.00 to $74.00 and gave the stock a hold rating in a report on Tuesday, April 11th. BMO Capital Markets restated a hold rating and issued a $80.00 price objective on shares of Consolidated Edison in a report on Monday, May 15th. Finally, Morgan Stanley raised their price objective on Consolidated Edison from $77.00 to $78.00 and gave the stock an underweight rating in a report on Monday, May 8th. Four analysts have rated the stock with a sell rating and nine have assigned a hold rating to the stock. The stock presently has an average rating of Hold and an average target price of $76.96.
Shares of Consolidated Edison (NYSE:ED) opened at 84.75 on Wednesday. The company has a 50-day moving average of $81.43 and a 200 day moving average of $76.83. Consolidated Edison has a one year low of $68.76 and a one year high of $85.04. The stock has a market capitalization of $25.88 billion, a price-to-earnings ratio of 19.52 and a beta of 0.08.
Consolidated Edison (NYSE:ED) last issued its quarterly earnings results on Thursday, May 4th. The utilities provider reported $1.27 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.19 by $0.08. Consolidated Edison had a return on equity of 9.05% and a net margin of 10.90%. The firm had revenue of $3.23 billion for the quarter, compared to analyst estimates of $3.05 billion. During the same period last year, the company earned $1.18 EPS. Equities research analysts forecast that Consolidated Edison will post $4.09 earnings per share for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which was paid on Thursday, June 15th. Shareholders of record on Wednesday, May 17th were issued a dividend of $0.69 per share. The ex-dividend date of this dividend was Monday, May 15th. This represents a $2.76 annualized dividend and a yield of 3.26%. Consolidated Edison’s dividend payout ratio is presently 63.59%.
In other Consolidated Edison news, Director Linda S. Sanford acquired 900 shares of the company’s stock in a transaction on Wednesday, May 17th. The shares were bought at an average cost of $79.74 per share, for a total transaction of $71,766.00. Following the acquisition, the director now directly owns 8,748 shares of the company’s stock, valued at $697,565.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders have acquired a total of 954 shares of company stock worth $76,036 over the last 90 days. 0.20% of the stock is owned by company insiders.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Stuart Chaussee & Associates Inc. raised its position in shares of Consolidated Edison by 138.3% in the first quarter. Stuart Chaussee & Associates Inc. now owns 1,370 shares of the utilities provider’s stock valued at $106,000 after buying an additional 795 shares during the last quarter. Tompkins Financial Corp purchased a new position in shares of Consolidated Edison during the first quarter valued at approximately $118,000. Enterprise Financial Services Corp raised its position in shares of Consolidated Edison by 2.5% in the first quarter. Enterprise Financial Services Corp now owns 1,555 shares of the utilities provider’s stock valued at $121,000 after buying an additional 38 shares during the last quarter. Perennial Advisors LLC purchased a new position in shares of Consolidated Edison during the fourth quarter valued at approximately $136,000. Finally, Atwood & Palmer Inc. raised its position in shares of Consolidated Edison by 195.8% in the first quarter. Atwood & Palmer Inc. now owns 1,813 shares of the utilities provider’s stock valued at $141,000 after buying an additional 1,200 shares during the last quarter. Institutional investors own 57.02% of the company’s stock.
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), Con Edison Clean Energy Businesses, Inc (the Clean Energy Businesses) and Con Edison Transmission, Inc (Con Edison Transmission).
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