Scotiabank Trims Consolidated Edison (NYSE:ED) Target Price to $85.00

Consolidated Edison (NYSE:ED) had its target price decreased by Scotiabank from $91.00 to $85.00 in a report released on Monday morning, Benzinga reports. Scotiabank currently has a sector underperform rating on the utilities provider’s stock.

Several other analysts also recently issued reports on ED. UBS Group decreased their target price on Consolidated Edison from $99.00 to $94.00 and set a neutral rating on the stock in a research note on Friday, February 16th. Barclays raised their price target on Consolidated Edison from $86.00 to $87.00 and gave the company an equal weight rating in a report on Thursday, March 14th. LADENBURG THALM/SH SH assumed coverage on Consolidated Edison in a report on Wednesday, January 3rd. They set a neutral rating and a $92.50 price target for the company. KeyCorp upgraded Consolidated Edison from an underweight rating to a sector weight rating in a report on Thursday, January 4th. Finally, Royal Bank of Canada cut their price target on Consolidated Edison from $94.00 to $93.00 and set a sector perform rating for the company in a report on Friday, February 16th. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of Hold and an average target price of $87.54.

Consolidated Edison Stock Up 0.6 %

NYSE ED opened at $93.43 on Monday. The stock’s 50-day moving average price is $89.29 and its 200-day moving average price is $89.83. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 1.04. Consolidated Edison has a 52 week low of $80.46 and a 52 week high of $100.92. The company has a market capitalization of $32.28 billion, a P/E ratio of 13.01, a price-to-earnings-growth ratio of 8.75 and a beta of 0.35.

Consolidated Edison (NYSE:ED) last issued its earnings results on Thursday, February 15th. The utilities provider reported $1.00 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.98 by $0.02. The company had revenue of $3.44 billion for the quarter, compared to the consensus estimate of $3.70 billion. Consolidated Edison had a return on equity of 8.41% and a net margin of 17.19%. The firm’s quarterly revenue was down 14.6% on a year-over-year basis. During the same quarter last year, the company earned $0.81 EPS. On average, equities research analysts predict that Consolidated Edison will post 5.3 earnings per share for the current year.

Consolidated Edison Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Investors of record on Wednesday, May 15th will be issued a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a yield of 3.55%. The ex-dividend date is Tuesday, May 14th. Consolidated Edison’s payout ratio is currently 46.24%.

Hedge Funds Weigh In On Consolidated Edison

A number of large investors have recently bought and sold shares of ED. Financial Gravity Asset Management Inc. boosted its holdings in Consolidated Edison by 215.6% during the 3rd quarter. Financial Gravity Asset Management Inc. now owns 284 shares of the utilities provider’s stock valued at $25,000 after acquiring an additional 194 shares during the period. Level Financial Advisors Inc. bought a new stake in Consolidated Edison during the 3rd quarter valued at $26,000. Turtle Creek Wealth Advisors LLC bought a new stake in Consolidated Edison during the 4th quarter valued at $29,000. Tidemark LLC bought a new stake in Consolidated Edison during the 4th quarter valued at $29,000. Finally, Raleigh Capital Management Inc. bought a new stake in Consolidated Edison during the 4th quarter valued at $29,000. Hedge funds and other institutional investors own 66.29% of the company’s stock.

About Consolidated Edison

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.