Consolidated Edison (NYSE:ED) Upgraded at Scotiabank

Scotiabank upgraded shares of Consolidated Edison (NYSE:ED - Free Report) from a sector underperform rating to a sector perform rating in a research note released on Thursday, MarketBeat reports. The brokerage currently has $100.00 price objective on the utilities provider's stock, up from their prior price objective of $90.00.

Several other brokerages have also issued reports on ED. Jefferies Financial Group started coverage on Consolidated Edison in a research report on Wednesday, October 9th. They set a "hold" rating and a $108.00 target price for the company. UBS Group raised their target price on Consolidated Edison from $105.00 to $106.00 and gave the company a "neutral" rating in a research report on Friday, September 20th. Citigroup raised Consolidated Edison from a "neutral" rating to a "buy" rating and raised their target price for the company from $103.00 to $116.00 in a research report on Tuesday, October 15th. Morgan Stanley decreased their target price on Consolidated Edison from $88.00 to $85.00 and set an "underweight" rating for the company in a research report on Friday, November 22nd. Finally, Barclays decreased their price objective on Consolidated Edison from $104.00 to $99.00 and set an "underweight" rating for the company in a report on Friday, November 8th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating, two have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, the company has an average rating of "Hold" and an average target price of $99.96.

Consolidated Edison Stock Down 0.2 %

NYSE ED traded down $0.14 on Thursday, reaching $92.61. The company had a trading volume of 2,020,275 shares, compared to its average volume of 1,897,031. The stock has a market capitalization of $32.08 billion, a P/E ratio of 17.47, a P/E/G ratio of 3.18 and a beta of 0.36. The company's fifty day moving average is $100.45 and its 200 day moving average is $98.19. Consolidated Edison has a 52-week low of $85.85 and a 52-week high of $107.75. The company has a quick ratio of 0.93, a current ratio of 1.01 and a debt-to-equity ratio of 1.07.

Consolidated Edison (NYSE:ED - Get Free Report) last announced its earnings results on Thursday, November 7th. The utilities provider reported $1.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.56 by $0.12. Consolidated Edison had a return on equity of 8.70% and a net margin of 12.27%. The firm had revenue of $4.09 billion during the quarter, compared to analyst estimates of $4.02 billion. Sell-side analysts anticipate that Consolidated Edison will post 5.34 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, December 16th. Shareholders of record on Wednesday, November 13th will be paid a $0.83 dividend. The ex-dividend date is Wednesday, November 13th. This represents a $3.32 annualized dividend and a yield of 3.58%. Consolidated Edison's dividend payout ratio is currently 62.52%.

Institutional Inflows and Outflows

Several large investors have recently added to or reduced their stakes in ED. Capital Performance Advisors LLP bought a new position in Consolidated Edison in the 3rd quarter worth about $27,000. Ashton Thomas Securities LLC bought a new stake in shares of Consolidated Edison during the 3rd quarter valued at about $30,000. Cultivar Capital Inc. bought a new stake in shares of Consolidated Edison during the 2nd quarter valued at about $54,000. Future Financial Wealth Managment LLC bought a new stake in shares of Consolidated Edison during the 3rd quarter valued at about $55,000. Finally, FSA Wealth Management LLC bought a new stake in shares of Consolidated Edison during the 3rd quarter valued at about $55,000. Institutional investors 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.