Consolidated Edison Inc (ED) Downgraded by Zacks Investment Research to Hold
Zacks Investment Research cut shares of Consolidated Edison Inc (NYSE:ED) from a buy rating to a hold rating in a report published on Tuesday morning.
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. A stable financial position backed by a strong cash generation capacity enables the company to follow a disciplined capital spending program. The company is also making notable progress in generating renewable energy. Moreover, the company outperformed its broader industry in the past one year. However, disruption in wholesale energy markets may affect its ability to meet customers’ energy needs and thereby adversely affect its performance.”
ED has been the topic of several other reports. Jefferies Group LLC restated a hold rating and set a $83.50 price objective on shares of Consolidated Edison in a research note on Thursday, August 31st. BidaskClub cut Consolidated Edison from a strong-buy rating to a buy rating in a research note on Saturday, June 24th. Morgan Stanley raised their price objective on Consolidated Edison from $78.00 to $80.00 and gave the company an underweight rating in a research note on Friday, September 8th. BMO Capital Markets restated a hold rating and set a $80.00 price objective on shares of Consolidated Edison in a research note on Monday, May 15th. Finally, UBS AG raised their price objective on Consolidated Edison from $72.00 to $75.00 and gave the company a sell rating in a research note on Monday, May 15th. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating and one has given a buy rating to the company’s stock. Consolidated Edison currently has an average rating of Hold and a consensus target price of $77.88.
Shares of Consolidated Edison (NYSE:ED) opened at 84.44 on Tuesday. Consolidated Edison has a 52-week low of $68.76 and a 52-week high of $86.16. The firm’s 50-day moving average is $83.81 and its 200 day moving average is $80.98. The company has a market capitalization of $25.81 billion, a price-to-earnings ratio of 20.43 and a beta of 0.09.
Consolidated Edison (NYSE:ED) last issued its quarterly earnings data on Thursday, August 3rd. The utilities provider reported $0.58 earnings per share for the quarter, missing the consensus estimate of $0.61 by ($0.03). Consolidated Edison had a net margin of 10.57% and a return on equity of 8.59%. The company had revenue of $2.63 billion for the quarter, compared to the consensus estimate of $2.79 billion. During the same quarter last year, the business posted $0.60 earnings per share. On average, equities research analysts anticipate that Consolidated Edison will post $4.09 earnings per share for the current year.
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The company also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Wednesday, August 16th were paid a $0.69 dividend. This represents a $2.76 dividend on an annualized basis and a yield of 3.27%. The ex-dividend date was Monday, August 14th. Consolidated Edison’s dividend payout ratio is currently 66.67%.
In related news, CEO Joseph P. Oates sold 1,908 shares of the business’s stock in a transaction dated Wednesday, August 23rd. The stock was sold at an average price of $83.87, for a total value of $160,023.96. Following the sale, the chief executive officer now directly owns 24,017 shares in the company, valued at approximately $2,014,305.79. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Insiders purchased a total of 471 shares of company stock worth $39,202 over the last 90 days. 0.20% of the stock is currently owned by company insiders.
A number of institutional investors have recently made changes to their positions in ED. Elkhorn Investments LLC bought a new stake in Consolidated Edison in the 1st quarter valued at about $1,111,000. First Trust Advisors LP raised its stake in Consolidated Edison by 22.9% in the 1st quarter. First Trust Advisors LP now owns 1,368,168 shares of the utilities provider’s stock valued at $106,252,000 after acquiring an additional 255,250 shares during the period. HPM Partners LLC bought a new stake in Consolidated Edison in the 1st quarter valued at about $345,000. US Bancorp DE raised its stake in Consolidated Edison by 5.9% in the 1st quarter. US Bancorp DE now owns 68,552 shares of the utilities provider’s stock valued at $5,324,000 after acquiring an additional 3,807 shares during the period. Finally, Altfest L J & Co. Inc. raised its stake in Consolidated Edison by 0.7% in the 1st quarter. Altfest L J & Co. Inc. now owns 5,044 shares of the utilities provider’s stock valued at $392,000 after acquiring an additional 35 shares during the period. Institutional investors and hedge funds own 55.09% of the company’s stock.
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), Con Edison Clean Energy Businesses, Inc (the Clean Energy Businesses) and Con Edison Transmission, Inc (Con Edison Transmission).
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