Consolidated Edison (NYSE:ED) Sets New 12-Month High – Here’s What Happened

Consolidated Edison Inc (NYSE:ED)’s stock price hit a new 52-week high during trading on Tuesday . The stock traded as high as $115.25 and last traded at $114.5270, with a volume of 67526 shares trading hands. The stock had previously closed at $113.72.

Analyst Ratings Changes

Several research analysts have commented on the stock. UBS Group raised their price target on shares of Consolidated Edison from $108.00 to $112.00 and gave the company a “neutral” rating in a report on Friday, January 23rd. KeyCorp lowered their price objective on Consolidated Edison from $90.00 to $86.00 and set an “underweight” rating on the stock in a research report on Friday, December 12th. JPMorgan Chase & Co. reduced their target price on Consolidated Edison from $101.00 to $97.00 and set an “underweight” rating for the company in a research report on Friday, December 12th. TD Cowen began coverage on Consolidated Edison in a research note on Friday, January 9th. They issued a “hold” rating and a $105.00 target price on the stock. Finally, Royal Bank Of Canada reaffirmed a “sector perform” rating and issued a $118.00 price target on shares of Consolidated Edison in a report on Friday, January 23rd. Three investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and five have issued a Sell rating to the company’s stock. According to MarketBeat, the company has an average rating of “Reduce” and an average target price of $104.20.

Consolidated Edison Stock Performance

The company has a 50 day simple moving average of $103.21 and a 200-day simple moving average of $100.81. The company has a debt-to-equity ratio of 1.03, a current ratio of 1.08 and a quick ratio of 0.97. The stock has a market cap of $40.25 billion, a P/E ratio of 19.49, a price-to-earnings-growth ratio of 3.10 and a beta of 0.38.

Consolidated Edison Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Monday, March 16th. Investors of record on Wednesday, February 18th will be given a $0.8875 dividend. This represents a $3.55 dividend on an annualized basis and a yield of 3.2%. The ex-dividend date is Wednesday, February 18th. This is a positive change from Consolidated Edison’s previous quarterly dividend of $0.85. Consolidated Edison’s dividend payout ratio is presently 59.44%.

Insider Transactions at Consolidated Edison

In other Consolidated Edison news, Director John F. Killian sold 2,276 shares of Consolidated Edison stock in a transaction that occurred on Thursday, December 11th. The shares were sold at an average price of $96.89, for a total transaction of $220,521.64. Following the transaction, the director directly owned 38,661 shares of the company’s stock, valued at approximately $3,745,864.29. This trade represents a 5.56% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.19% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Basepoint Wealth LLC bought a new stake in Consolidated Edison in the 4th quarter worth $26,000. JPL Wealth Management LLC purchased a new stake in shares of Consolidated Edison during the third quarter worth about $26,000. Aventura Private Wealth LLC purchased a new stake in shares of Consolidated Edison during the fourth quarter worth about $27,000. Westfuller Advisors LLC bought a new stake in shares of Consolidated Edison in the fourth quarter worth about $27,000. Finally, Dorato Capital Management purchased a new position in Consolidated Edison during the 4th quarter valued at about $28,000. Institutional investors own 66.29% of the company’s stock.

About Consolidated Edison

Consolidated Edison, Inc, commonly known as Con Edison, is an investor-owned energy company that primarily delivers electricity, natural gas and steam to customers in the New York metropolitan area. Its regulated utility operations include the distribution and transmission of electric power, the distribution of natural gas, and the operation of one of the largest district steam systems in the United States, serving commercial, institutional and residential customers in New York City and nearby counties.

The company operates through regulated utility subsidiaries that serve urban and suburban service territories, together with non-utility businesses that develop, own and manage energy infrastructure and clean energy projects.