Consolidated Edison (NYSE:ED – Get Rating) updated its FY 2022 earnings guidance on Monday morning. The company provided earnings per share (EPS) guidance of $4.40-$4.60 for the period, compared to the consensus estimate of $4.49. The company issued revenue guidance of -.
A number of analysts have recently commented on ED shares. KeyCorp boosted their target price on shares of Consolidated Edison from $71.00 to $72.00 and gave the stock an underweight rating in a research note on Wednesday, April 20th. Guggenheim raised Consolidated Edison from a sell rating to a neutral rating and set a $94.00 price objective for the company in a research report on Monday. Wolfe Research raised shares of Consolidated Edison from an underperform rating to a peer perform rating and set a $82.00 price objective for the company in a research note on Thursday, February 17th. Mizuho increased their price target on Consolidated Edison from $90.00 to $94.00 and gave the company a buy rating in a research report on Thursday, March 10th. Finally, Credit Suisse Group initiated coverage on shares of Consolidated Edison in a research note on Monday, April 25th. They set a neutral rating and a $100.00 target price for the company. Six equities research analysts have rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of Hold and a consensus target price of $84.75.
Shares of ED traded up $1.19 during trading hours on Monday, hitting $97.00. 7,888 shares of the company were exchanged, compared to its average volume of 2,070,486. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.93 and a current ratio of 1.01. Consolidated Edison has a 52 week low of $71.17 and a 52 week high of $99.22. The firm’s 50 day moving average is $94.41 and its 200-day moving average is $87.14. The company has a market cap of $34.37 billion, a PE ratio of 22.13, a PEG ratio of 10.57 and a beta of 0.23.
The business also recently announced a quarterly dividend, which will be paid on Wednesday, June 15th. Stockholders of record on Wednesday, May 18th will be given a dividend of $0.79 per share. The ex-dividend date is Tuesday, May 17th. This represents a $3.16 dividend on an annualized basis and a dividend yield of 3.26%. Consolidated Edison’s payout ratio is 72.98%.
In related news, Director John Mcavoy sold 74,715 shares of Consolidated Edison stock in a transaction that occurred on Tuesday, February 22nd. The stock was sold at an average price of $84.69, for a total value of $6,327,613.35. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders have bought a total of 536 shares of company stock valued at $49,448 in the last three months. 0.13% of the stock is owned by insiders.
A number of hedge funds have recently modified their holdings of the business. Dimensional Fund Advisors LP increased its holdings in shares of Consolidated Edison by 22.6% in the first quarter. Dimensional Fund Advisors LP now owns 1,030,616 shares of the utilities provider’s stock worth $97,579,000 after buying an additional 190,138 shares during the period. Goldman Sachs Group Inc. boosted its holdings in shares of Consolidated Edison by 13.8% in the first quarter. Goldman Sachs Group Inc. now owns 1,472,752 shares of the utilities provider’s stock worth $139,440,000 after buying an additional 178,781 shares during the last quarter. Eaton Vance Management boosted its position in shares of Consolidated Edison by 26.7% in the first quarter. Eaton Vance Management now owns 839,010 shares of the utilities provider’s stock worth $79,438,000 after purchasing an additional 177,039 shares during the period. Royal Bank of Canada grew its position in shares of Consolidated Edison by 38.5% during the first quarter. Royal Bank of Canada now owns 611,068 shares of the utilities provider’s stock worth $57,854,000 after purchasing an additional 169,788 shares in the last quarter. Finally, Renaissance Technologies LLC raised its position in shares of Consolidated Edison by 65.4% during the first quarter. Renaissance Technologies LLC now owns 352,668 shares of the utilities provider’s stock valued at $33,391,000 after buying an additional 139,400 shares during the last quarter. 65.73% of the stock is currently owned by institutional investors and hedge funds.
Consolidated Edison Company Profile (Get Rating)
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 3.5 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 1,555 customers in parts of Manhattan.
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