Consolidated Edison Inc (ED) Hits New 52-Week High at $86.62
Consolidated Edison Inc (NYSE:ED)’s share price reached a new 52-week high during trading on Thursday . The stock traded as high as $86.62 and last traded at $0.00, with a volume of shares changing hands.
Several equities analysts have recently commented on ED shares. Morgan Stanley increased their target price on Consolidated Edison from $75.00 to $78.00 and gave the company an “underweight” rating in a research note on Thursday, August 10th. Jefferies Group LLC reiterated a “hold” rating and set a $83.50 target price on shares of Consolidated Edison in a research note on Thursday, August 31st. Zacks Investment Research upgraded Consolidated Edison from a “hold” rating to a “buy” rating and set a $92.00 target price for the company in a research note on Friday, September 22nd. Bank of America Corporation started coverage on Consolidated Edison in a research note on Tuesday, October 24th. They set a “buy” rating and a $92.00 target price for the company. Finally, BidaskClub cut Consolidated Edison from a “hold” rating to a “sell” rating in a research note on Wednesday, July 12th. Five investment analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus price target of $78.96.
The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.68 and a current ratio of 0.76. The stock has a market cap of $26,988.41, a PE ratio of 21.71, a PEG ratio of 7.11 and a beta of 0.10.
Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, November 2nd. The utilities provider reported $1.47 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.54 by ($0.07). The firm had revenue of $3.21 billion for the quarter, compared to analyst estimates of $3.14 billion. Consolidated Edison had a net margin of 10.42% and a return on equity of 8.52%. During the same period in the prior year, the company posted $1.51 earnings per share. analysts expect that Consolidated Edison Inc will post 4.09 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Friday, December 15th. Investors of record on Wednesday, November 15th will be given a dividend of $0.69 per share. This represents a $2.76 annualized dividend and a dividend yield of 3.17%. The ex-dividend date of this dividend is Tuesday, November 14th. Consolidated Edison’s dividend payout ratio is currently 69.00%.
In other Consolidated Edison news, CEO Joseph P. Oates sold 1,908 shares of the stock in a transaction on Wednesday, August 23rd. The stock was sold at an average price of $83.87, for a total value of $160,023.96. Following the sale, the chief executive officer now directly owns 24,017 shares of the company’s stock, valued at $2,014,305.79. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Insiders acquired 79 shares of company stock worth $6,602 over the last ninety days. 0.20% of the stock is owned by corporate insiders.
A number of hedge funds and other institutional investors have recently modified their holdings of the business. Fiera Capital Corp increased its position in Consolidated Edison by 0.3% in the second quarter. Fiera Capital Corp now owns 4,895 shares of the utilities provider’s stock worth $395,000 after buying an additional 13 shares during the period. Sabal Trust CO increased its position in Consolidated Edison by 0.6% in the second quarter. Sabal Trust CO now owns 2,715 shares of the utilities provider’s stock worth $219,000 after buying an additional 15 shares during the period. Teacher Retirement System of Texas increased its position in Consolidated Edison by 0.6% in the second quarter. Teacher Retirement System of Texas now owns 3,186 shares of the utilities provider’s stock worth $257,000 after buying an additional 18 shares during the period. Financial Architects Inc increased its position in Consolidated Edison by 0.6% in the second quarter. Financial Architects Inc now owns 3,378 shares of the utilities provider’s stock worth $273,000 after buying an additional 19 shares during the period. Finally, United Asset Strategies Inc. increased its position in Consolidated Edison by 0.3% in the second quarter. United Asset Strategies Inc. now owns 6,749 shares of the utilities provider’s stock worth $545,000 after buying an additional 21 shares during the period. 55.32% of the stock is currently owned by hedge funds and other institutional investors.
Consolidated Edison Company Profile
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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