Consolidated Edison Inc to Issue Quarterly Dividend of $0.89 (NYSE:ED)

Consolidated Edison Inc (NYSE:ED) declared a quarterly dividend on Thursday, July 16th. Stockholders of record on Wednesday, August 19th will be given a dividend of 0.8875 per share by the utilities provider on Tuesday, September 15th. This represents a c) dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date of this dividend is Wednesday, August 19th.

Consolidated Edison has raised its dividend by an average of 0.0%annually over the last three years and has increased its dividend annually for the last 52 consecutive years. Consolidated Edison has a payout ratio of 59.1% meaning its dividend is sufficiently covered by earnings. Equities research analysts expect Consolidated Edison to earn $6.41 per share next year, which means the company should continue to be able to cover its $3.55 annual dividend with an expected future payout ratio of 55.4%.

Consolidated Edison Trading Up 1.7%

Shares of NYSE:ED opened at $112.21 on Friday. The stock has a 50 day moving average of $108.37 and a 200 day moving average of $108.56. The company has a market cap of $41.35 billion, a PE ratio of 18.89, a price-to-earnings-growth ratio of 2.80 and a beta of 0.27. Consolidated Edison has a 12-month low of $94.96 and a 12-month high of $116.23. The company has a current ratio of 1.19, a quick ratio of 1.09 and a debt-to-equity ratio of 1.00.

Wall Street Analysts Forecast Growth

A number of equities analysts have weighed in on the stock. Evercore set a $116.00 price target on shares of Consolidated Edison in a research report on Monday, May 11th. Argus set a $112.00 target price on shares of Consolidated Edison in a report on Tuesday, June 23rd. Mizuho reiterated a “neutral” rating and issued a $105.00 price target on shares of Consolidated Edison in a research note on Tuesday, June 2nd. The Goldman Sachs Group reissued a “sell” rating and set a $105.00 price target on shares of Consolidated Edison in a report on Thursday, May 14th. Finally, Morgan Stanley restated an “underweight” rating on shares of Consolidated Edison in a research report on Wednesday, June 24th. Two equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and six have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Reduce” and a consensus target price of $108.07.

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.