Consolidated Edison (NYSE:ED) Reaches New 1-Year High – Here’s What Happened

Consolidated Edison, Inc. (NYSE:ED)’s stock price hit a new 52-week high during trading on Monday . The company traded as high as $108.00 and last traded at $108.06, with a volume of 259114 shares traded. The stock had previously closed at $106.41.

Analysts Set New Price Targets

A number of brokerages have weighed in on ED. Morgan Stanley dropped their target price on shares of Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating for the company in a research note on Friday, November 22nd. Mizuho upped their price objective on Consolidated Edison from $92.00 to $95.00 and gave the stock a “neutral” rating in a report on Monday, February 3rd. Scotiabank lifted their target price on Consolidated Edison from $100.00 to $101.00 and gave the company a “sector perform” rating in a research note on Monday, February 24th. Evercore ISI lowered Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 21st. Finally, UBS Group raised their price target on Consolidated Edison from $105.00 to $110.00 and gave the company a “neutral” rating in a report on Tuesday, February 25th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, Consolidated Edison presently has a consensus rating of “Hold” and a consensus price target of $101.50.

Consolidated Edison Stock Performance

The company has a debt-to-equity ratio of 1.07, a current ratio of 1.01 and a quick ratio of 0.93. The company has a fifty day moving average price of $95.96 and a two-hundred day moving average price of $98.17. The company has a market capitalization of $37.43 billion, a P/E ratio of 20.61, a PEG ratio of 3.05 and a beta of 0.30.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings data on Thursday, February 20th. The utilities provider reported $0.98 earnings per share for the quarter, topping the consensus estimate of $0.97 by $0.01. The company had revenue of $3.67 billion for the quarter, compared to analysts’ expectations of $3.63 billion. Consolidated Edison had a net margin of 11.93% and a return on equity of 8.62%. Equities analysts forecast that Consolidated Edison, Inc. will post 5.62 earnings per share for the current fiscal year.

Consolidated Edison Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Wednesday, February 19th were given a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.15%. This is an increase from Consolidated Edison’s previous quarterly dividend of $0.83. The ex-dividend date of this dividend was Wednesday, February 19th. Consolidated Edison’s dividend payout ratio (DPR) is 64.89%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently modified their holdings of ED. AlphaMark Advisors LLC acquired a new stake in Consolidated Edison during the fourth quarter worth approximately $27,000. OFI Invest Asset Management bought a new stake in shares of Consolidated Edison in the 4th quarter valued at $35,000. Wood Tarver Financial Group LLC acquired a new position in shares of Consolidated Edison during the 4th quarter valued at $35,000. Fairway Wealth LLC bought a new position in Consolidated Edison during the fourth quarter worth $36,000. Finally, Centricity Wealth Management LLC acquired a new stake in Consolidated Edison in the fourth quarter worth $39,000. Institutional investors and hedge funds 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.