Consolidated Edison (NYSE:ED) Rating Increased to Sector Perform at Scotiabank

Scotiabank upgraded shares of Consolidated Edison (NYSE:ED) from a sector underperform rating to a sector perform rating in a research note issued to investors on Thursday, Marketbeat reports. Scotiabank currently has $100.00 price objective on the utilities provider’s stock, up from their previous price objective of $90.00.

Several other analysts have also recently weighed in on ED. Barclays dropped their price target on Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating for the company in a report on Friday, November 8th. Citigroup raised shares of Consolidated Edison from a “neutral” rating to a “buy” rating and boosted their target price for the company from $103.00 to $116.00 in a research report on Tuesday, October 15th. Jefferies Financial Group started coverage on shares of Consolidated Edison in a research report on Wednesday, October 9th. They set a “hold” rating and a $108.00 price target on the stock. Evercore ISI raised shares of Consolidated Edison from a “hold” rating to a “strong-buy” rating in a report on Friday, November 8th. Finally, UBS Group raised their target price on shares of Consolidated Edison from $105.00 to $106.00 and gave the stock a “neutral” rating in a report on Friday, September 20th. Two equities research analysts have rated the stock with a sell rating, nine have issued a hold rating, two have issued a buy rating and two have assigned a strong buy rating to the stock. Based on data from MarketBeat, Consolidated Edison currently has a consensus rating of “Hold” and an average target price of $99.96.

Consolidated Edison Price Performance

NYSE:ED opened at $92.61 on Thursday. Consolidated Edison has a 52-week low of $85.85 and a 52-week high of $107.75. The company has a market cap of $32.08 billion, a P/E ratio of 17.44, a P/E/G ratio of 3.11 and a beta of 0.36. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.93 and a current ratio of 1.01. The stock’s 50-day simple moving average is $100.22 and its 200 day simple moving average is $98.15.

Consolidated Edison (NYSE:ED) last issued its earnings results on Thursday, November 7th. The utilities provider reported $1.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.56 by $0.12. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. The business had revenue of $4.09 billion during the quarter, compared to the consensus estimate of $4.02 billion. As a group, sell-side analysts forecast that Consolidated Edison will post 5.34 EPS for the current fiscal year.

Consolidated Edison Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Wednesday, November 13th will be given a $0.83 dividend. This represents a $3.32 annualized dividend and a yield of 3.58%. The ex-dividend date of this dividend is Wednesday, November 13th. Consolidated Edison’s dividend payout ratio (DPR) is currently 62.52%.

Institutional Investors Weigh In On Consolidated Edison

Institutional investors have recently made changes to their positions in the stock. Point72 Asset Management L.P. increased its position in shares of Consolidated Edison by 1,766.0% during the third quarter. Point72 Asset Management L.P. now owns 988,961 shares of the utilities provider’s stock worth $102,980,000 after buying an additional 935,962 shares during the period. Clean Energy Transition LLP boosted its position in Consolidated Edison by 227.9% during the second quarter. Clean Energy Transition LLP now owns 897,553 shares of the utilities provider’s stock valued at $80,259,000 after acquiring an additional 623,787 shares during the last quarter. FMR LLC grew its holdings in Consolidated Edison by 82.3% during the 3rd quarter. FMR LLC now owns 1,268,424 shares of the utilities provider’s stock worth $132,081,000 after acquiring an additional 572,530 shares during the period. International Assets Investment Management LLC raised its position in shares of Consolidated Edison by 10,262.1% in the 3rd quarter. International Assets Investment Management LLC now owns 553,546 shares of the utilities provider’s stock worth $57,641,000 after acquiring an additional 548,204 shares in the last quarter. Finally, Acadian Asset Management LLC lifted its stake in shares of Consolidated Edison by 302.3% in the 2nd quarter. Acadian Asset Management LLC now owns 709,172 shares of the utilities provider’s stock valued at $63,396,000 after purchasing an additional 532,893 shares during the period. Institutional investors own 66.29% of the company’s stock.

Consolidated Edison Company Profile

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.