Consolidated Edison (NYSE:ED) Price Target Raised to $120.00

Consolidated Edison (NYSE:ED - Free Report) had its price objective upped by Citigroup from $116.00 to $120.00 in a research report report published on Wednesday morning,Benzinga reports. They currently have a buy rating on the utilities provider's stock.

ED has been the topic of a number of other reports. Mizuho boosted their price target on shares of Consolidated Edison from $92.00 to $95.00 and gave the stock a "neutral" rating in a research report on Monday, February 3rd. Barclays boosted their target price on Consolidated Edison from $92.00 to $95.00 and gave the stock an "underweight" rating in a report on Monday, February 24th. Scotiabank increased their price target on Consolidated Edison from $100.00 to $101.00 and gave the company a "sector perform" rating in a report on Monday, February 24th. Evercore ISI lowered Consolidated Edison from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, January 21st. Finally, Morgan Stanley raised their target price on Consolidated Edison from $85.00 to $91.00 and gave the stock an "underweight" rating in a research note on Thursday, March 20th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $102.80.

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Consolidated Edison Price Performance

ED stock traded up $1.82 during trading on Wednesday, hitting $111.66. The stock had a trading volume of 770,809 shares, compared to its average volume of 2,221,148. Consolidated Edison has a twelve month low of $87.28 and a twelve month high of $114.87. The company's 50-day moving average price is $103.19 and its two-hundred day moving average price is $98.91. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.01 and a quick ratio of 0.93. The stock has a market capitalization of $40.22 billion, a P/E ratio of 21.31, a PEG ratio of 3.05 and a beta of 0.27.

Consolidated Edison (NYSE:ED - Get Free Report) last issued its quarterly earnings results on Thursday, February 20th. The utilities provider reported $0.98 EPS for the quarter, topping the consensus estimate of $0.97 by $0.01. The firm had revenue of $3.67 billion during the quarter, compared to analysts' expectations of $3.63 billion. Consolidated Edison had a return on equity of 8.62% and a net margin of 11.93%. As a group, research analysts predict that Consolidated Edison will post 5.62 EPS for the current fiscal year.

Consolidated Edison Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Wednesday, February 19th were given a $0.85 dividend. This represents a $3.40 annualized dividend and a yield of 3.04%. The ex-dividend date was Wednesday, February 19th. This is a boost from Consolidated Edison's previous quarterly dividend of $0.83. Consolidated Edison's dividend payout ratio (DPR) is currently 64.89%.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. Wilmington Savings Fund Society FSB acquired a new stake in Consolidated Edison in the 3rd quarter valued at about $776,000. JPMorgan Chase & Co. raised its holdings in Consolidated Edison by 4.0% in the third quarter. JPMorgan Chase & Co. now owns 2,145,128 shares of the utilities provider's stock valued at $223,373,000 after acquiring an additional 82,985 shares in the last quarter. Hennessy Advisors Inc. raised its holdings in Consolidated Edison by 2.8% in the fourth quarter. Hennessy Advisors Inc. now owns 143,136 shares of the utilities provider's stock valued at $12,772,000 after acquiring an additional 3,900 shares in the last quarter. Gateway Investment Advisers LLC lifted its stake in Consolidated Edison by 102.7% in the fourth quarter. Gateway Investment Advisers LLC now owns 430,279 shares of the utilities provider's stock worth $38,394,000 after acquiring an additional 217,981 shares during the last quarter. Finally, Jones Financial Companies Lllp grew its holdings in Consolidated Edison by 81.4% during the 4th quarter. Jones Financial Companies Lllp now owns 9,921 shares of the utilities provider's stock worth $885,000 after acquiring an additional 4,451 shares in the last quarter. 66.29% of the stock is currently owned by hedge funds and other 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.