Consolidated Edison (NYSE:ED) Price Target Lowered to $94.00 at KeyCorp

Consolidated Edison (NYSE:ED) had its target price reduced by KeyCorp from $97.00 to $94.00 in a report issued on Thursday morning, MarketBeat.com reports. They currently have an underweight rating on the utilities provider’s stock.

Several other analysts have also weighed in on ED. The Goldman Sachs Group reiterated a “sell” rating and set a $105.00 target price on shares of Consolidated Edison in a research report on Thursday, May 14th. Argus set a $112.00 price target on shares of Consolidated Edison in a research note on Tuesday, June 23rd. Wells Fargo & Company set a $98.00 price objective on Consolidated Edison in a report on Tuesday, April 21st. Barclays lowered their price objective on Consolidated Edison from $110.00 to $107.00 and set an “underweight” rating on the stock in a research note on Monday, May 11th. Finally, Morgan Stanley reissued an “underweight” rating on shares of Consolidated Edison in a report on Wednesday. Two analysts have rated the stock with a Buy rating, seven have issued a Hold rating and six have assigned a Sell rating to the stock. According to MarketBeat.com, Consolidated Edison currently has an average rating of “Reduce” and an average target price of $107.87.

Consolidated Edison Trading Up 0.6%

Shares of Consolidated Edison stock opened at $112.81 on Thursday. Consolidated Edison has a 52-week low of $94.96 and a 52-week high of $116.23. The firm has a market capitalization of $41.58 billion, a PE ratio of 18.99, a price-to-earnings-growth ratio of 2.91 and a beta of 0.27. The company has a debt-to-equity ratio of 1.00, a current ratio of 1.19 and a quick ratio of 1.09. The company’s fifty day moving average price is $108.89 and its two-hundred day moving average price is $108.98.

Consolidated Edison Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Wednesday, August 19th will be given a dividend of $0.8875 per share. The ex-dividend date is Wednesday, August 19th. This represents a $3.55 dividend on an annualized basis and a dividend yield of 3.1%. Consolidated Edison’s dividend payout ratio (DPR) is 59.76%.

Hedge Funds Weigh In On Consolidated Edison

Institutional investors have recently added to or reduced their stakes in the company. QRG Capital Management Inc. boosted its stake in Consolidated Edison by 16.9% during the 1st quarter. QRG Capital Management Inc. now owns 204,989 shares of the utilities provider’s stock worth $23,201,000 after acquiring an additional 29,635 shares during the last quarter. North Dakota State Investment Board acquired a new position in Consolidated Edison during the fourth quarter valued at approximately $1,228,000. Los Angeles Capital Management LLC increased its stake in Consolidated Edison by 9.0% in the fourth quarter. Los Angeles Capital Management LLC now owns 253,230 shares of the utilities provider’s stock valued at $24,865,000 after purchasing an additional 20,972 shares in the last quarter. Arbejdsmarkedets Tillaegspension bought a new stake in Consolidated Edison in the fourth quarter valued at approximately $24,109,000. Finally, Dougherty & Associates LLC acquired a new stake in Consolidated Edison in the fourth quarter worth $1,965,000. 66.29% of the stock is owned by institutional investors.

About Consolidated Edison

Consolidated Edison, Inc, commonly known as Con Edison, is an investor-owned energy company that primarily delivers electricity, natural gas and steam to customers in the New York metropolitan area. Its regulated utility operations include the distribution and transmission of electric power, the distribution of natural gas, and the operation of one of the largest district steam systems in the United States, serving commercial, institutional and residential customers in New York City and nearby counties.

The company operates through regulated utility subsidiaries that serve urban and suburban service territories, together with non-utility businesses that develop, own and manage energy infrastructure and clean energy projects.