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 3.5 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 1,555 customers in parts of Manhattan. The company also supplies electricity to approximately 0.3 million customers in southeastern New York and northern New Jersey; and gas to approximately 0.1 million customers in southeastern New York. In addition, it operates 533 circuit miles of transmission lines; 15 transmission substations; 64 distribution substations; 87,564 in-service line transformers; 3,924 pole miles of overhead distribution lines; and 2,291 miles of underground distribution lines, as well as 4,350 miles of mains and 377,971 service lines for natural gas distribution. Further, the company owns, operates, and develops renewable and energy infrastructure projects; and provides energy-related products and services to wholesale and retail customers, as well as invests in electric and gas transmission projects. It primarily sells electricity to industrial, commercial, residential, and government customers. The company was founded in 1823 and is based in New York, New York.
Wall Street Analyst Weigh In
Several brokerages recently issued reports on ED. Morgan Stanley lifted their target price on Consolidated Edison from $76.00 to $77.00 and gave the company an "underweight" rating in a research report on Thursday, July 21st. Credit Suisse Group lifted their target price on Consolidated Edison from $92.00 to $94.00 and gave the company a "neutral" rating in a research report on Monday, August 8th. Guggenheim raised Consolidated Edison from a "sell" rating to a "neutral" rating and set a $94.00 target price on the stock in a research report on Monday, May 23rd. StockNews.com cut Consolidated Edison from a "buy" rating to a "hold" rating in a research report on Tuesday, May 3rd. Finally, KeyCorp lifted their target price on Consolidated Edison from $72.00 to $75.00 and gave the company an "underweight" rating in a research report on Tuesday, July 19th. Five analysts have rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the company. According to MarketBeat, the company has an average rating of "Hold" and an average target price of $85.36.
Consolidated Edison Stock Performance
ED Stock traded down $0.24 during midday trading on Tuesday, hitting $100.05. The company's stock had a trading volume of 4,129 shares, compared to its average volume of 1,607,581. The stock's 50-day moving average price is $94.13 and its 200 day moving average price is $92.86. The company has a quick ratio of 0.82, a current ratio of 0.88 and a debt-to-equity ratio of 1.08. Consolidated Edison has a 1 year low of $71.52 and a 1 year high of $101.12. The stock has a market cap of $35.48 billion, a price-to-earnings ratio of 21.95, a PEG ratio of 11.05 and a beta of 0.25.
Consolidated Edison (NYSE:ED - Get Rating) last posted its quarterly earnings data on Thursday, August 4th. The utilities provider reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.55 by $0.09. Consolidated Edison had a return on equity of 7.83% and a net margin of 11.16%. During the same period in the previous year, the company earned $0.53 EPS. On average, equities analysts forecast that Consolidated Edison will post 4.49 EPS for the current year.
Consolidated Edison Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Thursday, September 15th. Stockholders of record on Wednesday, August 17th will be given a dividend of $0.79 per share. The ex-dividend date is Tuesday, August 16th. This represents a $3.16 dividend on an annualized basis and a dividend yield of 3.16%. Consolidated Edison's dividend payout ratio is presently 69.15%.