Consolidated Edison (NYSE:ED) Given New $85.00 Price Target at Scotiabank

Consolidated Edison (NYSE:ED) had its price objective decreased by Scotiabank from $91.00 to $85.00 in a report published on Monday morning, Benzinga reports. Scotiabank currently has a sector underperform rating on the utilities provider’s stock.

Several other equities analysts have also commented on the company. KeyCorp raised Consolidated Edison from an underweight rating to a sector weight rating in a research report on Thursday, January 4th. Royal Bank of Canada cut their price objective on Consolidated Edison from $94.00 to $93.00 and set a sector perform rating for the company in a report on Friday, February 16th. Barclays upped their price objective on Consolidated Edison from $86.00 to $87.00 and gave the company an equal weight rating in a report on Thursday, March 14th. UBS Group cut their price objective on Consolidated Edison from $99.00 to $94.00 and set a neutral rating for the company in a report on Friday, February 16th. Finally, LADENBURG THALM/SH SH assumed coverage on Consolidated Edison in a report on Wednesday, January 3rd. They issued a neutral rating and a $92.50 price objective for the company. Four research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, the company has an average rating of Hold and a consensus target price of $87.54.

Consolidated Edison Trading Up 0.7 %

Consolidated Edison stock opened at $94.12 on Monday. The stock has a market cap of $32.52 billion, a PE ratio of 13.11, a P/E/G ratio of 8.76 and a beta of 0.35. The stock has a 50-day moving average price of $89.41 and a 200 day moving average price of $89.86. Consolidated Edison has a 52 week low of $80.46 and a 52 week high of $100.44. The company has a current ratio of 1.01, a quick ratio of 0.94 and a debt-to-equity ratio of 1.04.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings data on Thursday, February 15th. The utilities provider reported $1.00 EPS for the quarter, topping analysts’ consensus estimates of $0.98 by $0.02. The firm had revenue of $3.44 billion during the quarter, compared to analysts’ expectations of $3.70 billion. Consolidated Edison had a return on equity of 8.41% and a net margin of 17.19%. The firm’s quarterly revenue was down 14.6% compared to the same quarter last year. During the same quarter last year, the business posted $0.81 EPS. Equities research analysts predict that Consolidated Edison will post 5.3 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Wednesday, May 15th will be given a $0.83 dividend. This represents a $3.32 annualized dividend and a yield of 3.53%. The ex-dividend date is Tuesday, May 14th. Consolidated Edison’s payout ratio is currently 46.24%.

Institutional Trading of Consolidated Edison

Large investors have recently made changes to their positions in the stock. Diversified Trust Co boosted its stake in shares of Consolidated Edison by 140.8% during the 4th quarter. Diversified Trust Co now owns 36,950 shares of the utilities provider’s stock worth $3,361,000 after acquiring an additional 21,604 shares in the last quarter. abrdn plc boosted its stake in Consolidated Edison by 30.2% during the 4th quarter. abrdn plc now owns 311,894 shares of the utilities provider’s stock valued at $28,373,000 after purchasing an additional 72,273 shares during the period. Pacer Advisors Inc. boosted its stake in Consolidated Edison by 169.9% during the 4th quarter. Pacer Advisors Inc. now owns 60,314 shares of the utilities provider’s stock valued at $5,487,000 after purchasing an additional 37,971 shares during the period. Blackhawk Capital Partners LLC. bought a new stake in Consolidated Edison during the 4th quarter valued at approximately $1,551,000. Finally, Mariner LLC boosted its stake in Consolidated Edison by 24.9% during the 3rd quarter. Mariner LLC now owns 91,702 shares of the utilities provider’s stock valued at $7,844,000 after purchasing an additional 18,270 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.