Consolidated Edison (NYSE:ED) Price Target Increased to $105.00 by Analysts at Wells Fargo & Company

Consolidated Edison (NYSE:ED) had its price target hoisted by Wells Fargo & Company from $97.00 to $105.00 in a research note issued to investors on Friday, Benzinga reports. The firm currently has an equal weight rating on the utilities provider’s stock.

ED has been the topic of a number of other reports. Mizuho increased their target price on shares of Consolidated Edison from $93.00 to $95.00 and gave the company a neutral rating in a research report on Tuesday, May 28th. Argus raised shares of Consolidated Edison to a strong-buy rating in a research report on Friday, June 7th. Barclays downgraded shares of Consolidated Edison from an equal weight rating to an underweight rating and dropped their target price for the company from $97.00 to $92.00 in a research report on Monday, July 22nd. UBS Group raised their price objective on shares of Consolidated Edison from $92.00 to $96.00 and gave the stock a neutral rating in a research report on Friday, July 19th. Finally, Morgan Stanley lowered their price objective on shares of Consolidated Edison from $80.00 to $76.00 and set an underweight rating on the stock in a research report on Monday, June 24th. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of Hold and an average target price of $90.35.

Consolidated Edison Stock Up 1.6 %

Consolidated Edison stock traded up $1.62 during mid-day trading on Friday, reaching $101.83. 4,425,804 shares of the company’s stock were exchanged, compared to its average volume of 1,594,067. The company has a market cap of $35.22 billion, a P/E ratio of 19.55, a P/E/G ratio of 2.56 and a beta of 0.34. Consolidated Edison has a twelve month low of $80.46 and a twelve month high of $105.99. The company has a quick ratio of 0.92, a current ratio of 0.99 and a debt-to-equity ratio of 1.01. The company has a fifty day moving average of $92.36 and a 200-day moving average of $91.43.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings data on Thursday, August 1st. The utilities provider reported $0.59 earnings per share for the quarter, beating analysts’ consensus estimates of $0.55 by $0.04. Consolidated Edison had a net margin of 12.03% and a return on equity of 8.70%. The business had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.08 billion. During the same period last year, the business earned $0.61 EPS. Sell-side analysts expect that Consolidated Edison will post 5.31 EPS for the current year.

Consolidated Edison Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Investors of record on Wednesday, August 14th will be issued a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a yield of 3.26%. The ex-dividend date of this dividend is Wednesday, August 14th. Consolidated Edison’s dividend payout ratio is currently 63.72%.

Institutional Trading of Consolidated Edison

Several institutional investors and hedge funds have recently modified their holdings of ED. Norges Bank purchased a new stake in shares of Consolidated Edison in the fourth quarter valued at about $243,511,000. International Assets Investment Management LLC lifted its holdings in shares of Consolidated Edison by 9,063.6% in the fourth quarter. International Assets Investment Management LLC now owns 519,028 shares of the utilities provider’s stock valued at $47,216,000 after purchasing an additional 513,364 shares in the last quarter. AMF Tjanstepension AB lifted its holdings in shares of Consolidated Edison by 243.2% in the second quarter. AMF Tjanstepension AB now owns 497,982 shares of the utilities provider’s stock valued at $44,564,000 after purchasing an additional 352,903 shares in the last quarter. Swedbank AB purchased a new stake in shares of Consolidated Edison in the first quarter valued at about $30,515,000. Finally, Retirement Systems of Alabama lifted its holdings in shares of Consolidated Edison by 408.8% in the fourth quarter. Retirement Systems of Alabama now owns 396,849 shares of the utilities provider’s stock valued at $36,101,000 after purchasing an additional 318,858 shares in the last quarter. Hedge funds and other institutional investors own 66.29% of the company’s stock.

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.