Mizuho assumed coverage on shares of Consolidated Edison (NYSE:ED) in a research note issued to investors on Monday morning, Marketbeat reports. The brokerage issued a neutral rating and a $85.00 price objective on the utilities provider’s stock.
Other analysts have also issued research reports about the company. Credit Suisse Group lifted their target price on Consolidated Edison from $77.00 to $78.00 and gave the stock an underperform rating in a report on Monday, February 25th. ValuEngine raised Consolidated Edison from a hold rating to a buy rating in a report on Friday, March 1st. Barclays lifted their target price on Consolidated Edison from $79.00 to $83.00 and gave the stock a hold rating in a report on Monday, November 19th. Zacks Investment Research lowered Consolidated Edison from a buy rating to a hold rating in a report on Monday, February 25th. Finally, Morgan Stanley raised their price target on Consolidated Edison from $78.00 to $81.00 and gave the stock an underweight rating in a research note on Tuesday, February 12th. Six 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. The company currently has a consensus rating of Hold and a consensus price target of $77.39.
Consolidated Edison stock opened at $84.98 on Monday. The firm has a market capitalization of $27.35 billion, a price-to-earnings ratio of 19.67, a price-to-earnings-growth ratio of 6.49 and a beta of 0.12. Consolidated Edison has a 12 month low of $71.12 and a 12 month high of $85.57. The company has a debt-to-equity ratio of 1.04, a current ratio of 0.62 and a quick ratio of 0.56.
Consolidated Edison (NYSE:ED) last posted its earnings results on Thursday, February 21st. The utilities provider reported $0.77 EPS for the quarter, topping the Zacks’ consensus estimate of $0.75 by $0.02. The business had revenue of $2.95 billion during the quarter, compared to analyst estimates of $2.89 billion. Consolidated Edison had a return on equity of 8.42% and a net margin of 11.20%. The company’s quarterly revenue was down .4% compared to the same quarter last year. During the same quarter last year, the company earned $0.80 EPS. Equities research analysts forecast that Consolidated Edison will post 4.36 earnings per share for the current year.
The company also recently declared a quarterly dividend, which will be paid on Friday, March 15th. Stockholders of record on Wednesday, February 13th will be paid a $0.74 dividend. This is an increase from Consolidated Edison’s previous quarterly dividend of $0.72. This represents a $2.96 dividend on an annualized basis and a dividend yield of 3.48%. The ex-dividend date is Tuesday, February 12th. Consolidated Edison’s dividend payout ratio (DPR) is 68.52%.
Hedge funds have recently added to or reduced their stakes in the company. Girard Partners LTD. lifted its position in Consolidated Edison by 3.8% during the fourth quarter. Girard Partners LTD. now owns 4,120 shares of the utilities provider’s stock valued at $315,000 after purchasing an additional 151 shares in the last quarter. Kaizen Advisory LLC lifted its position in Consolidated Edison by 21.3% during the fourth quarter. Kaizen Advisory LLC now owns 867 shares of the utilities provider’s stock valued at $66,000 after purchasing an additional 152 shares in the last quarter. Kovack Advisors Inc. lifted its position in Consolidated Edison by 4.0% during the fourth quarter. Kovack Advisors Inc. now owns 4,144 shares of the utilities provider’s stock valued at $317,000 after purchasing an additional 160 shares in the last quarter. Cornell Pochily Investment Advisors Inc. lifted its position in Consolidated Edison by 1.5% during the fourth quarter. Cornell Pochily Investment Advisors Inc. now owns 11,545 shares of the utilities provider’s stock valued at $882,000 after purchasing an additional 167 shares in the last quarter. Finally, NewSquare Capital LLC lifted its position in Consolidated Edison by 1.2% during the fourth quarter. NewSquare Capital LLC now owns 13,671 shares of the utilities provider’s stock valued at $1,045,000 after purchasing an additional 168 shares in the last quarter. Hedge funds and other institutional investors own 61.53% of the company’s stock.
Consolidated Edison Company Profile
Consolidated Edison, Inc, through its subsidiaries, engages in regulated electric, gas, and steam delivery businesses in the United States. The company offers electric services to approximately 3.4 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 1,600 customers in parts of Manhattan.
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