Consolidated Edison (NYSE:ED) Price Target Cut to $92.00 by Analysts at Royal Bank of Canada

Consolidated Edison (NYSE:ED) had its target price lowered by Royal Bank of Canada from $97.00 to $92.00 in a research note issued to investors on Wednesday, MarketBeat.com reports. The brokerage currently has a sector perform rating on the utilities provider’s stock.

A number of other analysts have also recently weighed in on ED. The Goldman Sachs Group assumed coverage on Consolidated Edison in a research report on Wednesday, June 7th. They set a sell rating and a $88.00 price objective for the company. JPMorgan Chase & Co. reduced their price target on Consolidated Edison from $89.00 to $80.00 in a report on Wednesday, June 7th. Morgan Stanley reduced their price target on Consolidated Edison from $74.00 to $73.00 and set an underweight rating for the company in a report on Wednesday, August 23rd. Guggenheim reduced their price target on Consolidated Edison from $90.00 to $85.00 in a report on Friday, July 7th. Finally, StockNews.com assumed coverage on Consolidated Edison in a report on Thursday, August 17th. They issued a hold rating for the company. Five investment analysts have rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of Hold and an average price target of $89.79.

Consolidated Edison Price Performance

ED opened at $86.80 on Wednesday. The stock’s 50-day moving average price is $91.45 and its 200 day moving average price is $93.63. Consolidated Edison has a 12-month low of $78.10 and a 12-month high of $102.21. The company has a current ratio of 1.02, a quick ratio of 0.95 and a debt-to-equity ratio of 0.99. The firm has a market cap of $29.94 billion, a price-to-earnings ratio of 12.49, a PEG ratio of 9.04 and a beta of 0.37.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings results on Thursday, August 3rd. The utilities provider reported $0.61 earnings per share for the quarter, topping the consensus estimate of $0.58 by $0.03. Consolidated Edison had a return on equity of 8.27% and a net margin of 15.84%. The company had revenue of $2.94 billion for the quarter, compared to the consensus estimate of $3.31 billion. During the same quarter in the prior year, the business earned $0.64 EPS. As a group, sell-side analysts expect that Consolidated Edison will post 4.89 earnings per share for the current year.

Consolidated Edison Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Wednesday, August 16th will be paid a dividend of $0.81 per share. This represents a $3.24 annualized dividend and a dividend yield of 3.73%. The ex-dividend date is Tuesday, August 15th. Consolidated Edison’s dividend payout ratio is presently 46.62%.

Institutional Trading of Consolidated Edison

Several hedge funds and other institutional investors have recently modified their holdings of ED. Dark Forest Capital Management LP purchased a new stake in shares of Consolidated Edison during the fourth quarter worth $25,000. Retirement Group LLC raised its holdings in Consolidated Edison by 74.8% during the fourth quarter. Retirement Group LLC now owns 271 shares of the utilities provider’s stock valued at $26,000 after buying an additional 116 shares in the last quarter. Venturi Wealth Management LLC bought a new position in Consolidated Edison during the first quarter valued at about $28,000. Missouri Trust & Investment Co bought a new position in Consolidated Edison during the second quarter valued at about $27,000. Finally, Tyler Stone Wealth Management bought a new position in Consolidated Edison during the second quarter valued at about $28,000. Institutional investors and hedge funds own 64.53% 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 3.6 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.