ValuEngine upgraded shares of Consolidated Edison (NYSE:ED) from a hold rating to a buy rating in a research report sent to investors on Sunday morning.
Several other research firms also recently issued reports on ED. Zacks Investment Research upgraded Consolidated Edison from a hold rating to a buy rating and set a $98.00 price objective on the stock in a report on Tuesday, November 14th. Bank of America assumed coverage on Consolidated Edison in a research note on Tuesday, October 24th. They set a buy rating and a $92.00 target price for the company. KeyCorp reissued a hold rating on shares of Consolidated Edison in a research note on Friday, October 20th. Morgan Stanley boosted their target price on Consolidated Edison from $78.00 to $80.00 and gave the stock an underweight rating in a research note on Friday, September 8th. Finally, Evercore ISI cut Consolidated Edison from an in-line rating to an underperform rating and set a $74.00 target price for the company. in a research note on Tuesday, September 26th. Five analysts have rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the company. The company presently has an average rating of Hold and a consensus target price of $80.63.
Consolidated Edison (NYSE ED) traded down $0.79 during trading hours on Friday, reaching $82.79. The company’s stock had a trading volume of 1,884,300 shares, compared to its average volume of 1,941,250. Consolidated Edison has a 12 month low of $72.13 and a 12 month high of $89.70. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.79 and a quick ratio of 0.70. The stock has a market capitalization of $25,915.55, a P/E ratio of 20.70, a P/E/G ratio of 9.81 and a beta of 0.10.
The company also recently announced a quarterly dividend, which was paid on Friday, December 15th. Investors of record on Wednesday, November 15th were given a $0.69 dividend. The ex-dividend date was Tuesday, November 14th. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.33%. Consolidated Edison’s dividend payout ratio (DPR) is presently 69.00%.
Hedge funds and other institutional investors have recently made changes to their positions in the stock. WFG Advisors LP boosted its position in shares of Consolidated Edison by 19.6% in the 2nd quarter. WFG Advisors LP now owns 1,308 shares of the utilities provider’s stock valued at $106,000 after purchasing an additional 214 shares during the period. AllSquare Wealth Management LLC acquired a new stake in shares of Consolidated Edison in the 3rd quarter valued at about $113,000. Exencial Wealth Advisors LLC acquired a new stake in shares of Consolidated Edison in the 2nd quarter valued at about $204,000. Day & Ennis LLC acquired a new stake in shares of Consolidated Edison in the 2nd quarter valued at about $205,000. Finally, Tower Bridge Advisors acquired a new stake in shares of Consolidated Edison in the 3rd quarter valued at about $208,000. 55.50% 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).
To view ValuEngine’s full report, visit ValuEngine’s official website.
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