Consolidated Edison (NYSE:ED) Cut to Underweight at Barclays

Barclays downgraded shares of Consolidated Edison (NYSE:ED) from an equal weight rating to an underweight rating in a research report sent to investors on Monday morning, MarketBeat.com reports. The firm currently has $92.00 price target on the utilities provider’s stock, down from their prior price target of $97.00.

Several other analysts have also weighed in on ED. UBS Group boosted their target price on shares of Consolidated Edison from $92.00 to $96.00 and gave the company a neutral rating in a research note on Friday, July 19th. Argus raised Consolidated Edison to a strong-buy rating in a report on Friday, June 7th. Morgan Stanley cut their price target on Consolidated Edison from $80.00 to $76.00 and set an underweight rating on the stock in a report on Monday, June 24th. Scotiabank lowered their price objective on Consolidated Edison from $91.00 to $85.00 and set a sector underperform rating for the company in a research note on Monday, April 22nd. Finally, Wells Fargo & Company increased their target price on Consolidated Edison from $93.00 to $97.00 and gave the stock an equal weight rating in a research report on Friday, May 3rd. Four equities research analysts have rated the stock with a sell rating, seven have issued a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of Hold and an average price target of $89.04.

Consolidated Edison Trading Up 2.8 %

ED opened at $95.88 on Monday. The stock has a market capitalization of $33.16 billion, a PE ratio of 18.40, a P/E/G ratio of 2.40 and a beta of 0.34. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.99 and a quick ratio of 0.92. Consolidated Edison has a 12-month low of $80.46 and a 12-month high of $98.85. The firm’s fifty day moving average price is $92.05 and its 200 day moving average price is $91.16.

Consolidated Edison (NYSE:ED) last issued its earnings results on Thursday, May 2nd. The utilities provider reported $2.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.89 by $0.26. The business had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4.40 billion. Consolidated Edison had a net margin of 12.43% and a return on equity of 8.79%. The company’s revenue for the quarter was down 2.8% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.83 EPS. As a group, research analysts expect that Consolidated Edison will post 5.33 EPS for the current fiscal year.

Consolidated Edison Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Wednesday, August 14th will be paid a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.46%. The ex-dividend date of this dividend is Wednesday, August 14th. Consolidated Edison’s dividend payout ratio is currently 63.72%.

Institutional Investors Weigh In On Consolidated Edison

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ED. Beacon Capital Management LLC increased its position in shares of Consolidated Edison by 2,307.7% during the 1st quarter. Beacon Capital Management LLC now owns 313 shares of the utilities provider’s stock valued at $28,000 after purchasing an additional 300 shares during the period. Turtle Creek Wealth Advisors LLC acquired a new stake in Consolidated Edison in the 4th quarter valued at about $29,000. Raleigh Capital Management Inc. bought a new position in shares of Consolidated Edison during the 4th quarter valued at about $29,000. Tidemark LLC bought a new position in shares of Consolidated Edison during the 4th quarter valued at about $29,000. Finally, CVA Family Office LLC acquired a new position in shares of Consolidated Edison in the 4th quarter worth approximately $32,000. Institutional investors own 66.29% of the company’s stock.

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.