Consolidated Edison (NYSE:ED) Price Target Raised to $98.00 at Barclays

Consolidated Edison (NYSE:ED) had its price objective increased by Barclays from $92.00 to $98.00 in a report published on Monday morning, Benzinga reports. Barclays currently has an underweight rating on the utilities provider’s stock.

ED has been the subject of a number of other research reports. Guggenheim upped their target price on shares of Consolidated Edison from $88.00 to $91.00 and gave the stock a neutral rating in a research report on Friday, August 2nd. Bank of America increased their price objective on shares of Consolidated Edison from $97.00 to $109.00 and gave the company a buy rating in a report on Monday. Wells Fargo & Company lifted their target price on Consolidated Edison from $97.00 to $105.00 and gave the stock an equal weight rating in a report on Friday, August 2nd. Scotiabank decreased their target price on Consolidated Edison from $91.00 to $85.00 and set a sector underperform rating on the stock in a research report on Monday, April 22nd. Finally, Argus upgraded Consolidated Edison to a strong-buy rating in a report on Friday, June 7th. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating, one has given a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the stock has a consensus rating of Hold and a consensus price target of $91.81.

Consolidated Edison Stock Performance

NYSE:ED opened at $100.50 on Monday. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.92 and a current ratio of 0.99. The stock has a 50-day simple moving average of $92.99 and a two-hundred day simple moving average of $91.72. The firm has a market capitalization of $34.76 billion, a PE ratio of 19.29, a P/E/G ratio of 2.56 and a beta of 0.34. Consolidated Edison has a 52-week low of $80.46 and a 52-week high of $105.99.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings results on Thursday, August 1st. The utilities provider reported $0.59 earnings per share for the quarter, beating the consensus estimate of $0.57 by $0.02. The business had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.08 billion. Consolidated Edison had a net margin of 12.03% and a return on equity of 8.70%. During the same quarter in the previous year, the firm earned $0.61 earnings per share. Analysts forecast that Consolidated Edison will post 5.31 EPS for the current year.

Consolidated Edison Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Wednesday, August 14th will be issued a dividend of $0.83 per share. The ex-dividend date is Wednesday, August 14th. This represents a $3.32 annualized dividend and a yield of 3.30%. Consolidated Edison’s payout ratio is currently 63.72%.

Hedge Funds Weigh In On Consolidated Edison

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Norges Bank purchased a new position in Consolidated Edison in the 4th quarter worth $243,511,000. Acadian Asset Management LLC grew its position in Consolidated Edison by 302.3% during the 2nd quarter. Acadian Asset Management LLC now owns 709,172 shares of the utilities provider’s stock worth $63,396,000 after purchasing an additional 532,893 shares during the period. AMF Tjanstepension AB grew its stake in shares of Consolidated Edison by 243.2% during the 2nd quarter. AMF Tjanstepension AB now owns 497,982 shares of the utilities provider’s stock worth $44,564,000 after purchasing an additional 352,903 shares during the period. Swedbank AB purchased a new position in shares of Consolidated Edison during the 1st quarter valued at approximately $30,515,000. Finally, Retirement Systems of Alabama lifted its stake in shares of Consolidated Edison by 408.8% in the 4th quarter. Retirement Systems of Alabama now owns 396,849 shares of the utilities provider’s stock valued at $36,101,000 after purchasing an additional 318,858 shares during the period. 66.29% of the stock is currently owned by institutional investors.

Consolidated Edison Company Profile

Consolidated Edison, Inc, through its subsidiaries, engages in the regulated electric, gas, and steam delivery businesses in the United States. It offers electric services to approximately 3.7 million customers in New York City and Westchester County; gas to approximately 1.1 million customers in Manhattan, the Bronx, parts of Queens, and Westchester County; and steam to approximately 1,530 customers in parts of Manhattan.