Consolidated Edison (ED) Downgraded by Zacks Investment Research to “Hold”
Zacks Investment Research lowered shares of Consolidated Edison (NYSE:ED) from a buy rating to a hold rating in a research report released on Thursday.
According to Zacks, “Consolidated Edison has a favorable rate decisions history by regulatory authorities, which will likely encourage it to invest more in infrastructure improvements. It continues to follow a systematic capital investment plan for infrastructure development and the expansion of renewable assets. The company is also making notable progress in generating renewable energy. Moreover, the company outperformed the broader industry in past one year. However, the company faces interest rate risk owing to variable rate debt and to new debt financing needed to fund capital requirements. Also, adverse decisions by the commissions in pending regulatory cases may negatively impact Consolidated Edison’s earnings.”
A number of other research firms also recently commented on ED. Guggenheim reaffirmed a hold rating and set a $88.00 price objective on shares of Consolidated Edison in a report on Wednesday, January 3rd. ValuEngine raised shares of Consolidated Edison from a hold rating to a buy rating in a report on Sunday, December 31st. Morgan Stanley raised their price objective on shares of Consolidated Edison from $78.00 to $80.00 and gave the stock an underweight rating in a report on Friday, September 8th. Bank of America assumed coverage on shares of Consolidated Edison in a report on Tuesday, October 24th. They set a buy rating and a $92.00 price objective for the company. Finally, KeyCorp reissued a hold rating on shares of Consolidated Edison in a report on Friday, October 20th. Five research analysts have rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the company’s stock. The company has a consensus rating of Hold and an average price target of $80.95.
Consolidated Edison (ED) traded up $1.15 during trading hours on Thursday, hitting $82.89. 1,846,849 shares of the stock were exchanged, compared to its average volume of 1,570,000. The company has a market cap of $25,700.00, a P/E ratio of 20.77, a price-to-earnings-growth ratio of 9.60 and a beta of 0.10. Consolidated Edison has a one year low of $72.13 and a one year high of $89.70. The company has a quick ratio of 0.70, a current ratio of 0.79 and a debt-to-equity ratio of 0.97.
Consolidated Edison (NYSE:ED) last released its quarterly earnings data on Thursday, November 2nd. The utilities provider reported $1.47 EPS for the quarter, missing analysts’ consensus estimates of $1.54 by ($0.07). The business had revenue of $3.21 billion for the quarter, compared to the consensus estimate of $3.14 billion. Consolidated Edison had a return on equity of 8.42% and a net margin of 10.42%. During the same period in the previous year, the business posted $1.51 earnings per share. equities research analysts predict that Consolidated Edison will post 4.09 earnings per share for the current fiscal year.
The company also recently declared a quarterly dividend, which was paid on Friday, December 15th. Investors of record on Wednesday, November 15th were issued a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a yield of 3.33%. The ex-dividend date of this dividend was Tuesday, November 14th. Consolidated Edison’s dividend payout ratio is currently 69.17%.
A number of hedge funds have recently made changes to their positions in the stock. QUANTRES ASSET MANAGEMENT Ltd lifted its holdings in Consolidated Edison by 60.7% during the 4th quarter. QUANTRES ASSET MANAGEMENT Ltd now owns 14,300 shares of the utilities provider’s stock valued at $1,215,000 after purchasing an additional 5,400 shares during the last quarter. Atlantic Trust Group LLC lifted its holdings in Consolidated Edison by 18.1% during the 3rd quarter. Atlantic Trust Group LLC now owns 34,059 shares of the utilities provider’s stock valued at $2,747,000 after purchasing an additional 5,210 shares during the last quarter. Parametric Portfolio Associates LLC lifted its holdings in Consolidated Edison by 5.6% during the 3rd quarter. Parametric Portfolio Associates LLC now owns 1,109,470 shares of the utilities provider’s stock valued at $89,512,000 after purchasing an additional 59,098 shares during the last quarter. AXA lifted its holdings in Consolidated Edison by 0.4% during the 3rd quarter. AXA now owns 206,730 shares of the utilities provider’s stock valued at $16,679,000 after purchasing an additional 904 shares during the last quarter. Finally, Steward Partners Investment Advisory LLC bought a new position in Consolidated Edison during the 3rd quarter valued at about $251,000. 55.50% of the stock is owned by hedge funds and other institutional investors.
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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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