Consolidated Edison (NYSE:ED) Raised to Strong-Buy at Evercore ISI

Evercore ISI upgraded shares of Consolidated Edison (NYSE:ED) from a hold rating to a strong-buy rating in a research report released on Friday,Zacks.com reports.

A number of other equities research analysts have also recently weighed in on ED. Scotiabank lifted their price target on Consolidated Edison from $85.00 to $90.00 and gave the company a “sector underperform” rating in a report on Tuesday, August 20th. Citigroup raised Consolidated Edison from a “neutral” rating to a “buy” rating and lifted their price target for the company from $103.00 to $116.00 in a report on Tuesday, October 15th. Barclays cut their price target on Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating on the stock in a report on Friday. Morgan Stanley boosted their target price on Consolidated Edison from $82.00 to $87.00 and gave the stock an “underweight” rating in a report on Wednesday, September 25th. Finally, Guggenheim boosted their target price on Consolidated Edison from $88.00 to $91.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Four research analysts have rated the stock with a sell rating, eight have issued a hold rating, two have issued a buy rating and two have given a strong buy rating to the company. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus target price of $98.35.

Consolidated Edison Trading Up 0.4 %

NYSE:ED opened at $98.89 on Friday. The business’s 50-day moving average is $103.29 and its two-hundred day moving average is $97.99. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.04 and a quick ratio of 0.97. Consolidated Edison has a 12 month low of $85.85 and a 12 month high of $107.75. The firm has a market capitalization of $34.26 billion, a PE ratio of 18.55, a price-to-earnings-growth ratio of 3.31 and a beta of 0.36.

Consolidated Edison (NYSE:ED) last announced its earnings results on Thursday, November 7th. The utilities provider reported $1.68 earnings per share for the quarter, beating the consensus estimate of $1.56 by $0.12. The company had revenue of $4.09 billion during the quarter, compared to the consensus estimate of $4.02 billion. Consolidated Edison had a return on equity of 8.75% and a net margin of 12.27%. Research analysts predict that Consolidated Edison will post 5.33 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Wednesday, November 13th will be issued a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a dividend yield of 3.36%. The ex-dividend date is Wednesday, November 13th. Consolidated Edison’s dividend payout ratio is currently 62.52%.

Institutional Investors Weigh In On Consolidated Edison

A number of large investors have recently bought and sold shares of ED. Envestnet Portfolio Solutions Inc. increased its position in Consolidated Edison by 14.6% during the first quarter. Envestnet Portfolio Solutions Inc. now owns 15,747 shares of the utilities provider’s stock worth $1,430,000 after buying an additional 2,005 shares during the last quarter. Empowered Funds LLC grew its position in shares of Consolidated Edison by 21.7% in the first quarter. Empowered Funds LLC now owns 13,770 shares of the utilities provider’s stock valued at $1,250,000 after purchasing an additional 2,458 shares during the last quarter. Atomi Financial Group Inc. acquired a new stake in shares of Consolidated Edison in the first quarter valued at about $322,000. Sei Investments Co. grew its position in shares of Consolidated Edison by 57.4% in the first quarter. Sei Investments Co. now owns 244,404 shares of the utilities provider’s stock valued at $22,193,000 after purchasing an additional 89,080 shares during the last quarter. Finally, Headlands Technologies LLC acquired a new stake in shares of Consolidated Edison in the first quarter valued at about $181,000. 66.29% of the stock is currently owned by institutional investors.

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.