Zacks Investment Research lowered shares of Consolidated Edison Inc (NYSE:ED) from a buy rating to a hold rating in a research report sent to investors on Tuesday.
According to Zacks, “Consolidated Edison has a history of favorable rate decisions by regulatory authorities, which will likely encourage it to invest more in infrastructure improvements. A stable financial position backed by a strong cash generation capacity enables the company to follow a disciplined capital spending program. The company is also making notable progress in generating renewable energy. Moreover, the company outperformed its broader industry in the past one year. However, disruption in wholesale energy markets may affect its ability to meet customers’ energy needs and thereby adversely affect its performance.”
A number of other research analysts also recently weighed in on ED. UBS AG upped their price target on Consolidated Edison from $72.00 to $75.00 and gave the stock a sell rating in a research note on Monday, May 15th. BidaskClub raised Consolidated Edison from a sell rating to a hold rating in a research note on Monday, July 24th. Jefferies Group LLC downgraded Consolidated Edison from a buy rating to a hold rating and dropped their price target for the stock from $88.00 to $83.50 in a research note on Tuesday, June 13th. Morgan Stanley upped their price target on Consolidated Edison from $75.00 to $78.00 and gave the stock an underweight rating in a research note on Thursday, August 10th. Finally, BMO Capital Markets reaffirmed a hold rating and set a $80.00 price target on shares of Consolidated Edison in a research note on Monday, May 15th. Five investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the stock. The stock has an average rating of Hold and an average price target of $77.27.
Shares of Consolidated Edison (NYSE ED) opened at 84.21 on Tuesday. The firm has a market cap of $25.74 billion, a price-to-earnings ratio of 20.38 and a beta of 0.09. The company has a 50-day moving average price of $83.55 and a 200-day moving average price of $80.82. Consolidated Edison has a 12 month low of $68.76 and a 12 month high of $86.16.
Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, August 3rd. The utilities provider reported $0.58 earnings per share for the quarter, missing analysts’ consensus estimates of $0.61 by ($0.03). Consolidated Edison had a return on equity of 8.59% and a net margin of 10.57%. The firm had revenue of $2.63 billion for the quarter, compared to analyst estimates of $2.79 billion. During the same period last year, the company posted $0.60 earnings per share. Analysts forecast that Consolidated Edison will post $4.09 earnings per share for the current fiscal year.
COPYRIGHT VIOLATION WARNING: This article was originally reported by Markets Daily and is the sole property of of Markets Daily. If you are reading this article on another site, it was illegally stolen and reposted in violation of US and international copyright law. The original version of this article can be read at https://www.themarketsdaily.com/2017/09/13/consolidated-edison-inc-ed-downgraded-to-hold-at-zacks-investment-research.html.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Wednesday, August 16th will be paid a $0.69 dividend. This represents a $2.76 annualized dividend and a dividend yield of 3.28%. The ex-dividend date of this dividend is Monday, August 14th. Consolidated Edison’s dividend payout ratio (DPR) is presently 66.67%.
In other news, CEO Joseph P. Oates sold 1,908 shares of the stock in a transaction that occurred 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 completion of 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 document filed with the SEC, which is accessible through the SEC website. Over the last three months, insiders bought 471 shares of company stock valued at $39,202. Company insiders own 0.20% of the company’s stock.
Several institutional investors have recently modified their holdings of ED. BlackRock Inc. grew its holdings in shares of Consolidated Edison by 1,771.1% in the first quarter. BlackRock Inc. now owns 24,104,499 shares of the utilities provider’s stock valued at $1,871,955,000 after acquiring an additional 22,816,233 shares in the last quarter. Janus Henderson Group PLC grew its holdings in shares of Consolidated Edison by 6,358.2% in the second quarter. Janus Henderson Group PLC now owns 2,300,677 shares of the utilities provider’s stock valued at $185,940,000 after acquiring an additional 2,265,053 shares in the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Consolidated Edison by 34.1% in the first quarter. Bank of New York Mellon Corp now owns 3,478,494 shares of the utilities provider’s stock valued at $270,138,000 after acquiring an additional 884,788 shares in the last quarter. Vanguard Group Inc. grew its holdings in shares of Consolidated Edison by 3.5% in the first quarter. Vanguard Group Inc. now owns 21,304,464 shares of the utilities provider’s stock valued at $1,654,504,000 after acquiring an additional 725,857 shares in the last quarter. Finally, Renaissance Technologies LLC grew its holdings in shares of Consolidated Edison by 145.9% in the first quarter. Renaissance Technologies LLC now owns 1,178,300 shares of the utilities provider’s stock valued at $91,507,000 after acquiring an additional 699,200 shares in the last quarter. 55.09% of the stock is owned by hedge funds and other institutional investors.
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).
Receive News & Ratings for Consolidated Edison Inc Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Consolidated Edison Inc and related companies with MarketBeat.com's FREE daily email newsletter.