Consolidated Edison (NYSE:ED) Hits New 1-Year High – Here’s Why

Consolidated Edison, Inc. (NYSE:ED) shares hit a new 52-week high during mid-day trading on Tuesday . The stock traded as high as $106.41 and last traded at $106.05, with a volume of 721553 shares changing hands. The stock had previously closed at $103.04.

Wall Street Analysts Forecast Growth

A number of analysts recently commented on the company. Wells Fargo & Company lifted their price objective on Consolidated Edison from $97.00 to $105.00 and gave the stock an “equal weight” rating in a research report on Friday, August 2nd. Morgan Stanley boosted their price target on shares of Consolidated Edison from $82.00 to $87.00 and gave the stock an “underweight” rating in a research note on Wednesday, September 25th. Bank of America raised their price objective on shares of Consolidated Edison from $97.00 to $109.00 and gave the company a “buy” rating in a research note on Monday, August 5th. Scotiabank upped their target price on shares of Consolidated Edison from $85.00 to $90.00 and gave the company a “sector underperform” rating in a research report on Tuesday, August 20th. Finally, Guggenheim increased their price target on Consolidated Edison from $88.00 to $91.00 and gave the company a “neutral” rating in a research note on Friday, August 2nd. Four research analysts have rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $96.46.

Consolidated Edison Stock Performance

The stock’s 50 day moving average is $102.58 and its two-hundred day moving average is $96.42. The stock has a market capitalization of $36.54 billion, a price-to-earnings ratio of 20.28, a price-to-earnings-growth ratio of 3.46 and a beta of 0.36. The company has a current ratio of 1.04, a quick ratio of 0.97 and a debt-to-equity ratio of 1.08.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings data on Thursday, August 1st. The utilities provider reported $0.59 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.57 by $0.02. The business had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.08 billion. Consolidated Edison had a return on equity of 8.67% and a net margin of 12.03%. During the same period last year, the company earned $0.61 earnings per share. Analysts expect that Consolidated Edison, Inc. will post 5.3 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Wednesday, November 13th will be given a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.14%. Consolidated Edison’s dividend payout ratio is presently 63.72%.

Institutional Inflows and Outflows

A number of hedge funds have recently added to or reduced their stakes in ED. Beacon Capital Management LLC boosted its stake in shares of Consolidated Edison by 2,307.7% during the 1st quarter. Beacon Capital Management LLC now owns 313 shares of the utilities provider’s stock worth $28,000 after buying an additional 300 shares during the last quarter. Pathway Financial Advisers LLC bought a new stake in Consolidated Edison during the first quarter worth about $33,000. TruNorth Capital Management LLC acquired a new position in Consolidated Edison during the second quarter valued at approximately $33,000. Versant Capital Management Inc grew its stake in Consolidated Edison by 380.2% in the second quarter. Versant Capital Management Inc now owns 413 shares of the utilities provider’s stock valued at $37,000 after purchasing an additional 327 shares in the last quarter. Finally, Future Financial Wealth Managment LLC acquired a new position in shares of Consolidated Edison during the 1st quarter worth approximately $48,000. Institutional investors own 66.29% of the company’s stock.

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.