Consolidated Edison (ED) Downgraded by ValuEngine to “Sell”

ValuEngine lowered shares of Consolidated Edison (NYSE:ED) from a hold rating to a sell rating in a report issued on Wednesday.

Other equities analysts have also recently issued research reports about the stock. Scotiabank began coverage on shares of Consolidated Edison in a research note on Tuesday, July 24th. They issued a sell rating and a $32.00 price target on the stock. Morgan Stanley upped their price target on shares of Consolidated Edison from $77.00 to $81.00 and gave the stock a sell rating in a research note on Tuesday, September 11th. Zacks Investment Research cut shares of Consolidated Edison from a buy rating to a hold rating in a research note on Wednesday, August 8th. UBS Group upped their price target on shares of Consolidated Edison from $83.00 to $84.00 and gave the stock a neutral rating in a research note on Friday, September 21st. Finally, Barclays began coverage on shares of Consolidated Edison in a research note on Tuesday, July 10th. They issued an equal weight rating and a $81.00 price target on the stock. Five research analysts have rated the stock with a sell rating, five have assigned a hold rating and two have given a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and an average price target of $77.56.

NYSE:ED opened at $74.41 on Wednesday. The firm has a market capitalization of $23.55 billion and a P/E ratio of 18.19. Consolidated Edison has a twelve month low of $71.12 and a twelve month high of $89.70. The company has a current ratio of 0.63, a quick ratio of 0.57 and a debt-to-equity ratio of 0.97.

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

The firm also recently announced a quarterly dividend, which was paid on Monday, September 17th. Shareholders of record on Wednesday, August 15th were given a $0.715 dividend. This represents a $2.86 dividend on an annualized basis and a yield of 3.84%. The ex-dividend date was Tuesday, August 14th. Consolidated Edison’s dividend payout ratio (DPR) is 69.93%.

A number of large investors have recently modified their holdings of the business. BlackRock Inc. raised its position in Consolidated Edison by 7.0% in the 2nd quarter. BlackRock Inc. now owns 27,689,373 shares of the utilities provider’s stock worth $2,159,218,000 after buying an additional 1,815,861 shares during the last quarter. Legal & General Group Plc raised its position in Consolidated Edison by 4.9% in the 2nd quarter. Legal & General Group Plc now owns 3,247,049 shares of the utilities provider’s stock worth $253,203,000 after buying an additional 152,883 shares during the last quarter. Swiss National Bank raised its position 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 last quarter. Tobam raised its position in Consolidated Edison by 3.9% in the 2nd quarter. Tobam now owns 1,358,723 shares of the utilities provider’s stock worth $105,953,000 after buying an additional 50,388 shares during the last quarter. Finally, Royal Bank of Canada raised its position in Consolidated Edison by 5.5% in the 1st quarter. Royal Bank of Canada now owns 1,278,754 shares of the utilities provider’s stock worth $99,668,000 after buying an additional 66,172 shares during the last quarter. 58.57% of the stock is owned by institutional investors and hedge funds.

About Consolidated Edison

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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Analyst Recommendations for Consolidated Edison (NYSE:ED)

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