Consolidated Edison (NYSE:ED) Price Target Increased to $97.00 by Analysts at Barclays

Consolidated Edison (NYSE:ED - Free Report) had its price objective increased by Barclays from $89.00 to $97.00 in a research report sent to investors on Tuesday, Benzinga reports. Barclays currently has an equal weight rating on the utilities provider's stock.

A number of other research analysts have also recently issued reports on the stock. Scotiabank decreased their price objective on shares of Consolidated Edison from $91.00 to $85.00 and set a sector underperform rating on the stock in a research note on Monday, April 22nd. Royal Bank of Canada decreased their price objective on shares of Consolidated Edison from $94.00 to $93.00 and set a sector perform rating on the stock in a research note on Friday, February 16th. UBS Group decreased their price objective on shares of Consolidated Edison from $99.00 to $94.00 and set a neutral rating on the stock in a research note on Friday, February 16th. Finally, Wells Fargo & Company lifted their price objective on shares of Consolidated Edison from $93.00 to $97.00 and gave the company an equal weight rating in a research note on Friday. Four analysts have rated the stock with a sell rating, eight have given a hold rating and one has assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of Hold and a consensus target price of $88.46.

Consolidated Edison Stock Performance

NYSE:ED traded up $1.36 during mid-day trading on Tuesday, hitting $97.49. The stock had a trading volume of 2,029,779 shares, compared to its average volume of 1,900,917. Consolidated Edison has a twelve month low of $80.46 and a twelve month high of $100.32. The stock has a market cap of $33.71 billion, a price-to-earnings ratio of 18.71, a PEG ratio of 8.99 and a beta of 0.34. The company's 50 day simple moving average is $90.62 and its 200 day simple moving average is $90.28. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.92 and a current ratio of 0.99.

Consolidated Edison (NYSE:ED - Get Free Report) last issued its quarterly earnings data on Thursday, May 2nd. The utilities provider reported $2.15 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.89 by $0.26. The firm had revenue of $4.28 billion during the quarter, compared to the consensus estimate of $4.40 billion. Consolidated Edison had a net margin of 12.43% and a return on equity of 8.79%. The business's revenue for the quarter was down 2.8% compared to the same quarter last year. During the same period last year, the business posted $1.83 earnings per share. On average, equities research analysts forecast that Consolidated Edison will post 5.31 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, June 14th. Investors of record on Wednesday, May 15th will be issued a $0.83 dividend. The ex-dividend date is Tuesday, May 14th. This represents a $3.32 dividend on an annualized basis and a yield of 3.41%. Consolidated Edison's payout ratio is 63.72%.

Institutional Investors Weigh In On Consolidated Edison

Several institutional investors and hedge funds have recently made changes to their positions in ED. Financial Gravity Asset Management Inc. lifted its holdings in Consolidated Edison by 215.6% in the third quarter. Financial Gravity Asset Management Inc. now owns 284 shares of the utilities provider's stock valued at $25,000 after buying an additional 194 shares during the period. Turtle Creek Wealth Advisors LLC bought a new position in shares of Consolidated Edison in the 4th quarter worth about $29,000. Raleigh Capital Management Inc. acquired a new position in shares of Consolidated Edison in the 4th quarter valued at about $29,000. Tidemark LLC bought a new stake in shares of Consolidated Edison during the 4th quarter valued at about $29,000. Finally, Bruce G. Allen Investments LLC bought a new stake in shares of Consolidated Edison during the 4th quarter valued at about $31,000. Institutional investors and hedge funds own 66.29% of the company's stock.

About Consolidated Edison

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.