Consolidated Edison (ED) Upgraded to “Buy” by ValuEngine

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.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings data on Thursday, November 2nd. The utilities provider reported $1.47 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.54 by ($0.07). The firm had revenue of $3.21 billion during the quarter, compared to analysts’ expectations of $3.14 billion. Consolidated Edison had a net margin of 10.42% and a return on equity of 8.42%. During the same quarter in the prior year, the firm posted $1.51 EPS. equities analysts expect that Consolidated Edison will post 4.09 EPS for the current year.

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.

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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.

Analyst Recommendations for Consolidated Edison (NYSE:ED)

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