Barclays Cuts Consolidated Edison (NYSE:ED) Price Target to $92.00

Consolidated Edison (NYSE:ED) had its price objective reduced by Barclays from $99.00 to $92.00 in a research report released on Monday morning,Benzinga reports. They currently have an underweight rating on the utilities provider’s stock.

ED has been the topic of a number of other reports. Citigroup raised Consolidated Edison from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $103.00 to $116.00 in a report on Tuesday, October 15th. Morgan Stanley lowered their price objective on shares of Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating on the stock in a research note on Friday, November 22nd. Scotiabank raised shares of Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and increased their target price for the company from $90.00 to $100.00 in a research note on Thursday, December 12th. Jefferies Financial Group initiated coverage on shares of Consolidated Edison in a research report on Wednesday, October 9th. They issued a “hold” rating and a $108.00 price target on the stock. Finally, Evercore ISI downgraded Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 21st. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the company presently has a consensus rating of “Hold” and an average target price of $100.00.

Consolidated Edison Stock Down 0.8 %

Consolidated Edison stock opened at $92.60 on Monday. The company’s 50-day moving average price is $92.78 and its two-hundred day moving average price is $98.10. The stock has a market cap of $32.08 billion, a price-to-earnings ratio of 17.44, a PEG ratio of 2.89 and a beta of 0.38. Consolidated Edison has a 52 week low of $85.85 and a 52 week high of $107.75. The company has a current ratio of 1.01, a quick ratio of 0.93 and a debt-to-equity ratio of 1.07.

Consolidated Edison (NYSE:ED) last announced its earnings results on Thursday, November 7th. The utilities provider reported $1.68 EPS for the quarter, topping the consensus estimate of $1.56 by $0.12. The firm had revenue of $4.09 billion for the quarter, compared to analysts’ expectations of $4.02 billion. Consolidated Edison had a return on equity of 8.70% and a net margin of 12.27%. On average, analysts expect that Consolidated Edison will post 5.35 EPS for the current fiscal year.

Consolidated Edison Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Wednesday, February 19th will be paid a dividend of $0.85 per share. This represents a $3.40 annualized dividend and a yield of 3.67%. The ex-dividend date of this dividend is Wednesday, February 19th. This is a boost from Consolidated Edison’s previous quarterly dividend of $0.83. Consolidated Edison’s payout ratio is 62.52%.

Institutional Trading of Consolidated Edison

A number of hedge funds have recently made changes to their positions in ED. Capital Performance Advisors LLP acquired a new position in Consolidated Edison in the 3rd quarter valued at approximately $27,000. Ashton Thomas Securities LLC purchased a new position in shares of Consolidated Edison during the 3rd quarter valued at $30,000. AlphaMark Advisors LLC acquired a new position in shares of Consolidated Edison in the fourth quarter worth $27,000. FSA Wealth Management LLC purchased a new stake in shares of Consolidated Edison during the third quarter worth $55,000. Finally, Future Financial Wealth Managment LLC purchased a new position in Consolidated Edison in the third quarter valued at about $55,000. 66.29% of the stock is owned by hedge funds and other institutional investors.

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.