Consolidated Edison (NYSE:ED) Upgraded by Evercore ISI to “Strong-Buy” Rating

Evercore ISI upgraded shares of Consolidated Edison (NYSE:ED) from a hold rating to a strong-buy rating in a report issued on Friday morning,Zacks.com reports.

Other equities research analysts also recently issued research reports about the company. Bank of America upped their price target on Consolidated Edison from $97.00 to $109.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Jefferies Financial Group assumed coverage on Consolidated Edison in a report on Wednesday, October 9th. They set a “hold” rating and a $108.00 price target on the stock. Barclays dropped their price objective on Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating on the stock in a report on Friday. Wells Fargo & Company increased their price objective on Consolidated Edison from $97.00 to $105.00 and gave the company an “equal weight” rating in a report on Friday, August 2nd. Finally, Guggenheim increased their price objective on Consolidated Edison from $88.00 to $91.00 and gave the company a “neutral” rating in a report on Friday, August 2nd. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating, two have issued a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $98.35.

Consolidated Edison Price Performance

ED stock opened at $98.48 on Friday. The company has a current ratio of 1.04, a quick ratio of 0.97 and a debt-to-equity ratio of 1.08. The company has a market capitalization of $34.11 billion, a PE ratio of 18.55, a P/E/G ratio of 3.31 and a beta of 0.36. Consolidated Edison has a 12-month low of $85.85 and a 12-month high of $107.75. The business’s fifty day moving average price is $103.29 and its 200 day moving average price is $97.99.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings data on Thursday, November 7th. The utilities provider reported $1.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.56 by $0.12. Consolidated Edison had a return on equity of 8.75% and a net margin of 12.27%. The firm had revenue of $4.09 billion for the quarter, compared to the consensus estimate of $4.02 billion. On average, sell-side analysts anticipate that Consolidated Edison will post 5.33 EPS for the current year.

Consolidated Edison Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Wednesday, November 13th will be paid a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.37%. The ex-dividend date of this dividend is Wednesday, November 13th. Consolidated Edison’s dividend payout ratio (DPR) is 62.52%.

Hedge Funds Weigh In On Consolidated Edison

Several hedge funds have recently bought and sold shares of the company. Trustmark National Bank Trust Department increased its position in Consolidated Edison by 193.2% during the third quarter. Trustmark National Bank Trust Department now owns 12,210 shares of the utilities provider’s stock worth $1,271,000 after buying an additional 8,046 shares in the last quarter. King Luther Capital Management Corp boosted its holdings in shares of Consolidated Edison by 42.3% during the third quarter. King Luther Capital Management Corp now owns 3,731 shares of the utilities provider’s stock worth $389,000 after purchasing an additional 1,109 shares during the last quarter. Darwin Wealth Management LLC acquired a new stake in shares of Consolidated Edison during the third quarter worth $71,000. Commerce Bank boosted its holdings in shares of Consolidated Edison by 1.6% during the third quarter. Commerce Bank now owns 38,669 shares of the utilities provider’s stock worth $4,027,000 after purchasing an additional 615 shares during the last quarter. Finally, Prospera Private Wealth LLC acquired a new stake in shares of Consolidated Edison during the third quarter worth $70,000. 66.29% of the stock is owned by hedge funds and other institutional investors.

About Consolidated Edison

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.