Consolidated Edison Inc (ED) Lifted to “Buy” at Zacks Investment Research
Zacks Investment Research upgraded shares of Consolidated Edison Inc (NYSE:ED) from a hold rating to a buy rating in a research note published on Friday morning. They currently have $92.00 price target on the utilities provider’s stock.
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. The company is also subject to penalties for non-compliance of regulations imposed by federal, state as well as local authorities in relation to environmental issues.”
A number of other analysts have also recently issued reports on the stock. Morgan Stanley raised their target price on shares of Consolidated Edison from $78.00 to $80.00 and gave the stock an underweight rating in a research note on Friday, September 8th. Jefferies Group LLC restated a hold rating and set a $83.50 target price on shares of Consolidated Edison in a research note on Thursday, August 31st. Finally, BidaskClub upgraded shares of Consolidated Edison from a hold rating to a buy rating in a research note on Tuesday, August 22nd. Four investment analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company. Consolidated Edison has an average rating of Hold and an average price target of $77.63.
Consolidated Edison (NYSE ED) opened at 81.59 on Friday. The company has a market cap of $24.94 billion, a P/E ratio of 19.74 and a beta of 0.09. The stock’s 50 day moving average is $83.85 and its 200 day moving average is $81.13. Consolidated Edison has a 12-month low of $68.76 and a 12-month high of $86.16.
Consolidated Edison (NYSE:ED) last posted its earnings results on Thursday, August 3rd. The utilities provider reported $0.58 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.61 by ($0.03). The company had revenue of $2.63 billion for the quarter, compared to analyst estimates of $2.79 billion. Consolidated Edison had a return on equity of 8.59% and a net margin of 10.57%. During the same quarter in the prior year, the business posted $0.60 EPS. On average, equities analysts forecast that Consolidated Edison will post $4.09 earnings per share for the current year.
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The firm also recently declared a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Wednesday, August 16th were given a dividend of $0.69 per share. This represents a $2.76 dividend on an annualized basis and a yield of 3.38%. The ex-dividend date was Monday, August 14th. Consolidated Edison’s dividend payout ratio is 66.67%.
In related news, CEO Joseph P. Oates sold 1,908 shares of the firm’s stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $83.87, for a total transaction of $160,023.96. Following the transaction, the chief executive officer now directly owns 24,017 shares of the company’s stock, valued at $2,014,305.79. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Over the last ninety days, insiders have purchased 471 shares of company stock worth $39,202. 0.20% of the stock is owned by insiders.
A number of large investors have recently added to or reduced their stakes in the stock. Armbruster Capital Management Inc. increased its holdings in Consolidated Edison by 127.3% in the 2nd quarter. Armbruster Capital Management Inc. now owns 1,250 shares of the utilities provider’s stock valued at $101,000 after buying an additional 700 shares during the period. Stuart Chaussee & Associates Inc. increased its holdings in Consolidated Edison by 138.3% in the 1st 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 period. WFG Advisors LP increased its holdings in Consolidated Edison by 19.6% in the 2nd quarter. WFG Advisors LP now owns 1,308 shares of the utilities provider’s stock valued at $106,000 after buying an additional 214 shares during the period. Oakworth Capital Inc. increased its holdings in Consolidated Edison by 10.5% in the 2nd quarter. Oakworth Capital Inc. now owns 1,447 shares of the utilities provider’s stock valued at $117,000 after buying an additional 137 shares during the period. Finally, Enterprise Financial Services Corp increased its holdings in Consolidated Edison by 6.0% in the 2nd quarter. Enterprise Financial Services Corp now owns 1,648 shares of the utilities provider’s stock valued at $133,000 after buying an additional 93 shares during the period. 55.06% of the stock is currently owned by institutional investors and hedge funds.
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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