UBS Group Raises Consolidated Edison (ED) Price Target to $84.00

Consolidated Edison (NYSE:ED) had its price objective boosted by UBS Group from $83.00 to $84.00 in a research report report published on Friday, www.benzinga.com reports. They currently have a neutral rating on the utilities provider’s stock.

A number of other research firms also recently commented on ED. Morgan Stanley lifted their target price on shares of Consolidated Edison from $77.00 to $81.00 and gave the stock a sell rating in a research report on Tuesday, September 11th. Wells Fargo & Co boosted their price objective on shares of Consolidated Edison from $81.00 to $83.00 and gave the company a market perform rating in a research report on Monday, September 17th. Zacks Investment Research raised shares of Consolidated Edison from a hold rating to a buy rating and set a $90.00 price objective for the company in a research report on Wednesday, September 12th. Howard Weil began coverage on shares of Consolidated Edison in a research report on Tuesday, July 24th. They set a sector underperform rating for the company. Finally, ValuEngine raised shares of Consolidated Edison from a sell rating to a hold rating in a research report on Tuesday, June 26th. Five analysts have rated the stock with a sell rating, six have issued a hold rating and two have given a buy rating to the company’s stock. Consolidated Edison currently has a consensus rating of Hold and an average price target of $77.90.

NYSE:ED opened at $77.89 on Friday. The company has a quick ratio of 0.57, a current ratio of 0.63 and a debt-to-equity ratio of 0.97. Consolidated Edison has a 12 month low of $71.12 and a 12 month high of $89.70. The company has a market capitalization of $24.23 billion and a price-to-earnings ratio of 18.33.

Consolidated Edison (NYSE:ED) last posted its earnings results on Thursday, August 2nd. The utilities provider reported $0.61 EPS for the quarter, topping analysts’ consensus estimates of $0.57 by $0.04. Consolidated Edison had a net margin of 12.90% and a return on equity of 8.52%. The business had revenue of $2.70 billion during the quarter, compared to the consensus estimate of $2.64 billion. During the same quarter in the previous year, the firm posted $0.58 EPS. sell-side analysts forecast that Consolidated Edison will post 4.27 earnings per share for the current year.

The firm also recently disclosed a quarterly dividend, which was paid on Monday, September 17th. Stockholders of record on Wednesday, August 15th were given a dividend of $0.715 per share. This represents a $2.86 dividend on an annualized basis and a dividend yield of 3.67%. The ex-dividend date of this dividend was Tuesday, August 14th. Consolidated Edison’s payout ratio is 69.93%.

Hedge funds have recently modified their holdings of the company. Wills Financial Group Inc. boosted its holdings in Consolidated Edison by 13.8% in the 1st quarter. Wills Financial Group Inc. now owns 9,620 shares of the utilities provider’s stock worth $749,000 after buying an additional 1,170 shares during the period. Swiss National Bank boosted its holdings in Consolidated Edison by 4.1% in the 2nd quarter. Swiss National Bank now owns 2,279,371 shares of the utilities provider’s stock worth $177,745,000 after buying an additional 90,600 shares during the period. Commonwealth Equity Services LLC boosted its holdings in Consolidated Edison by 2.6% in the 2nd quarter. Commonwealth Equity Services LLC now owns 360,396 shares of the utilities provider’s stock worth $28,104,000 after buying an additional 9,220 shares during the period. Summit Global Investments bought a new position in Consolidated Edison in the 2nd quarter worth $1,131,000. Finally, Kovack Advisors Inc. boosted its holdings in Consolidated Edison by 50.9% in the 2nd quarter. Kovack Advisors Inc. now owns 3,979 shares of the utilities provider’s stock worth $310,000 after buying an additional 1,343 shares during the period. 58.57% of the stock is owned by hedge funds and other institutional investors.

Consolidated Edison Company Profile

Consolidated Edison, Inc, through its subsidiaries, engages in regulated electric, gas, and steam delivery businesses in the United States. The company offers electric services to approximately 3.4 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 1,600 customers in parts of Manhattan.

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