JPMorgan Chase & Co. Cuts Consolidated Edison (NYSE:ED) Price Target to $97.00

Consolidated Edison (NYSE:ED) had its price target lowered by JPMorgan Chase & Co. from $101.00 to $97.00 in a research note released on Friday,Benzinga reports. The firm currently has an underweight rating on the utilities provider’s stock.

Several other analysts also recently issued reports on the stock. KeyCorp decreased their price objective on shares of Consolidated Edison from $90.00 to $86.00 and set an “underweight” rating for the company in a research note on Friday. Evercore ISI started coverage on Consolidated Edison in a report on Tuesday, October 7th. They issued an “in-line” rating and a $106.00 price target on the stock. Weiss Ratings restated a “buy (b-)” rating on shares of Consolidated Edison in a report on Monday, December 8th. Barclays cut their price objective on Consolidated Edison from $105.00 to $101.00 and set an “underweight” rating on the stock in a research report on Monday, November 10th. Finally, Wells Fargo & Company upgraded Consolidated Edison to a “hold” rating in a research report on Tuesday, October 28th. Three equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and five have given a Sell rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Reduce” and an average price target of $103.69.

Consolidated Edison Stock Up 2.0%

NYSE ED opened at $97.55 on Friday. The company has a quick ratio of 0.97, a current ratio of 1.08 and a debt-to-equity ratio of 1.03. Consolidated Edison has a 52 week low of $87.28 and a 52 week high of $114.87. The firm has a market capitalization of $35.21 billion, a price-to-earnings ratio of 17.05, a PEG ratio of 2.83 and a beta of 0.37. The company has a fifty day moving average of $99.29 and a two-hundred day moving average of $100.11.

Consolidated Edison (NYSE:ED) last announced its earnings results on Thursday, November 6th. The utilities provider reported $1.90 earnings per share for the quarter, beating the consensus estimate of $1.76 by $0.14. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.79%. During the same period in the prior year, the company earned $1.68 EPS. Consolidated Edison has set its FY 2025 guidance at 5.600-5.700 EPS. On average, analysts predict that Consolidated Edison will post 5.62 earnings per share for the current year.

Consolidated Edison Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 15th. Shareholders of record on Wednesday, November 19th will be given a $0.85 dividend. The ex-dividend date is Wednesday, November 19th. This represents a $3.40 annualized dividend and a yield of 3.5%. Consolidated Edison’s payout ratio is presently 59.44%.

Insider Buying and Selling at Consolidated Edison

In other news, Director John F. Killian sold 2,276 shares of the firm’s stock in a transaction that occurred on Thursday, December 11th. The shares were sold at an average price of $96.89, for a total value of $220,521.64. Following the transaction, the director owned 38,661 shares in the company, valued at approximately $3,745,864.29. This trade represents a 5.56% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.17% of the company’s stock.

Hedge Funds Weigh In On Consolidated Edison

Several hedge funds and other institutional investors have recently modified their holdings of ED. Revolve Wealth Partners LLC raised its position in Consolidated Edison by 13.4% during the 4th quarter. Revolve Wealth Partners LLC now owns 3,721 shares of the utilities provider’s stock valued at $332,000 after purchasing an additional 441 shares during the last quarter. Townsquare Capital LLC raised its holdings in shares of Consolidated Edison by 32.7% during the first quarter. Townsquare Capital LLC now owns 7,858 shares of the utilities provider’s stock valued at $869,000 after acquiring an additional 1,937 shares in the last quarter. Kovitz Investment Group Partners LLC lifted its stake in Consolidated Edison by 10.5% in the first quarter. Kovitz Investment Group Partners LLC now owns 7,491 shares of the utilities provider’s stock worth $829,000 after acquiring an additional 713 shares during the period. Horizon Investments LLC boosted its holdings in Consolidated Edison by 4.2% in the first quarter. Horizon Investments LLC now owns 6,577 shares of the utilities provider’s stock valued at $727,000 after acquiring an additional 265 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its position in Consolidated Edison by 3.7% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,363,023 shares of the utilities provider’s stock valued at $150,720,000 after purchasing an additional 48,560 shares during the period. 66.29% of the stock is owned by institutional investors.

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.