Consolidated Edison (NYSE:ED) Shares Gap Down - Time to Sell?

Key Points

• Consolidated Edison shares opened at $100.13 after previously closing at $102.86, with the stock last trading at $101.34, reflecting a gap down in the market.
• Research analysts have mixed opinions on the company, with a consensus rating of "Hold" and a target price of $105.82, while Bank of America recently downgraded the stock from "buy" to "underperform."
• The company announced a quarterly dividend of $0.85 per share, representing a 3.4% yield, with a payout ratio of 61.71%.

Shares of Consolidated Edison Inc (NYSE:ED - Get Free Report) gapped down before the market opened on Friday . The stock had previously closed at $102.86, but opened at $100.13. Consolidated Edison shares last traded at $101.34, with a volume of 657,730 shares traded.

Wall Street Analysts Forecast Growth

Several analysts have recently weighed in on ED shares. KeyCorp restated an "overweight" rating on shares of Consolidated Edison in a research report on Wednesday, July 16th. Barclays lifted their target price on Consolidated Edison from $101.00 to $107.00 and gave the company an "underweight" rating in a research report on Wednesday, August 13th. Scotiabank increased their price target on shares of Consolidated Edison from $101.00 to $106.00 and gave the company a "sector perform" rating in a report on Monday, August 11th. Wells Fargo & Company lifted their target price on Consolidated Edison from $103.00 to $114.00 and gave the company an "equal weight" rating in a research report on Friday, May 2nd. Finally, Guggenheim lifted their price objective on shares of Consolidated Edison from $96.00 to $103.00 and gave the company a "neutral" rating in a research note on Friday, May 2nd. Three analysts have rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the stock. According to MarketBeat.com, Consolidated Edison presently has a consensus rating of "Hold" and a consensus price target of $105.82.

Consolidated Edison Trading Up 0.6%

The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.01 and a current ratio of 1.10. The company has a 50 day moving average of $101.67 and a two-hundred day moving average of $103.65. The stock has a market cap of $36.17 billion, a PE ratio of 18.18, a price-to-earnings-growth ratio of 3.22 and a beta of 0.24.

Consolidated Edison (NYSE:ED - Get Free Report) last announced its earnings results on Thursday, August 7th. The utilities provider reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.01. Consolidated Edison had a return on equity of 8.56% and a net margin of 11.98%. The firm had revenue of $3.60 billion for the quarter, compared to the consensus estimate of $3.39 billion. During the same quarter in the previous year, the business earned $0.59 EPS. Sell-side analysts anticipate that Consolidated Edison Inc will post 5.62 earnings per share for the current fiscal year.

Consolidated Edison Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Wednesday, August 13th will be given a $0.85 dividend. The ex-dividend date of this dividend is Wednesday, August 13th. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.4%. Consolidated Edison's dividend payout ratio is currently 61.71%.

Hedge Funds Weigh In On Consolidated Edison

Hedge funds have recently added to or reduced their stakes in the stock. Golden State Wealth Management LLC lifted its holdings in shares of Consolidated Edison by 13.6% in the second quarter. Golden State Wealth Management LLC now owns 837 shares of the utilities provider's stock worth $84,000 after acquiring an additional 100 shares during the last quarter. Certuity LLC increased its stake in shares of Consolidated Edison by 2.7% during the second quarter. Certuity LLC now owns 3,743 shares of the utilities provider's stock valued at $376,000 after buying an additional 100 shares during the period. Exchange Traded Concepts LLC boosted its stake in Consolidated Edison by 1.0% in the 2nd quarter. Exchange Traded Concepts LLC now owns 11,050 shares of the utilities provider's stock worth $1,109,000 after purchasing an additional 109 shares in the last quarter. Capital Advisors Ltd. LLC increased its position in shares of Consolidated Edison by 53.2% during the 2nd quarter. Capital Advisors Ltd. LLC now owns 314 shares of the utilities provider's stock valued at $32,000 after purchasing an additional 109 shares during the last quarter. Finally, Farther Finance Advisors LLC raised its position in shares of Consolidated Edison by 1.3% during the second quarter. Farther Finance Advisors LLC now owns 8,896 shares of the utilities provider's stock valued at $893,000 after buying an additional 110 shares during the last quarter. 66.29% of the stock is currently 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.