UBS Group Increases Consolidated Edison (NYSE:ED) Price Target to $113.00

Consolidated Edison (NYSE:ED) had its price target increased by UBS Group from $110.00 to $113.00 in a research note published on Friday,Benzinga reports. The brokerage currently has a neutral rating on the utilities provider’s stock.

ED has been the topic of several other research reports. Scotiabank increased their price objective on Consolidated Edison from $100.00 to $101.00 and gave the stock a “sector perform” rating in a research note on Monday, February 24th. Morgan Stanley upped their target price on Consolidated Edison from $85.00 to $91.00 and gave the stock an “underweight” rating in a report on Thursday. Barclays upped their target price on Consolidated Edison from $92.00 to $95.00 and gave the stock an “underweight” rating in a report on Monday, February 24th. Evercore ISI lowered Consolidated Edison from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 21st. Finally, Mizuho upped their target price on Consolidated Edison from $92.00 to $95.00 and gave the stock a “neutral” rating in a report on Monday, February 3rd. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, the company presently has a consensus rating of “Hold” and an average price target of $102.40.

Consolidated Edison Stock Down 0.6 %

Shares of NYSE:ED opened at $107.85 on Friday. Consolidated Edison has a 52-week low of $87.16 and a 52-week high of $109.36. The stock has a market cap of $37.40 billion, a P/E ratio of 20.58, a price-to-earnings-growth ratio of 3.05 and a beta of 0.30. The business’s 50 day moving average is $97.91 and its 200 day moving average is $98.44. The company has a quick ratio of 0.93, a current ratio of 1.01 and a debt-to-equity ratio of 1.07.

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

Consolidated Edison Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Friday, March 14th. Stockholders of record on Wednesday, February 19th were issued a dividend of $0.85 per share. This represents a $3.40 annualized dividend and a dividend yield of 3.15%. The ex-dividend date of this dividend was Wednesday, February 19th. This is a positive change from Consolidated Edison’s previous quarterly dividend of $0.83. Consolidated Edison’s dividend payout ratio is currently 64.89%.

Institutional Trading of Consolidated Edison

Hedge funds and other institutional investors have recently made changes to their positions in the business. Norges Bank purchased a new position in Consolidated Edison in the 4th quarter worth $399,824,000. Point72 Asset Management L.P. raised its stake in Consolidated Edison by 1,766.0% in the 3rd quarter. Point72 Asset Management L.P. now owns 988,961 shares of the utilities provider’s stock worth $102,980,000 after acquiring an additional 935,962 shares during the last quarter. ExodusPoint Capital Management LP raised its stake in Consolidated Edison by 412.0% in the 4th quarter. ExodusPoint Capital Management LP now owns 1,093,402 shares of the utilities provider’s stock worth $97,564,000 after acquiring an additional 879,866 shares during the last quarter. Invesco Ltd. raised its stake in Consolidated Edison by 27.9% in the 4th quarter. Invesco Ltd. now owns 3,721,730 shares of the utilities provider’s stock worth $332,090,000 after acquiring an additional 812,885 shares during the last quarter. Finally, Marshall Wace LLP raised its stake in Consolidated Edison by 232.3% in the 4th quarter. Marshall Wace LLP now owns 1,053,339 shares of the utilities provider’s stock worth $93,989,000 after acquiring an additional 736,348 shares during the last quarter. Hedge funds and other 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.