In yesterday’s Wall Street session, Consolidated Edison Inc. (NYSE:ED) shares traded at $94.86, down -0.82% from the previous session.
As of this writing, 17 analysts cover Consolidated Edison Inc. (NYSE:ED). The consensus rating among analysts is ‘Underweight’. As we calculate the median target price by taking the range between a high of $103.00 and a low of $74.00, we find $93.00. Given the previous closing price of $95.64, this indicates a potential downside of -2.76 percent. ED stock price is now 1.75% away from the 50-day moving average and 1.22% away from the 200-day moving average. The market capitalization of the company currently stands at $32.91B.
There are 8 analysts who have given it a hold rating, whereas 2 have given it a buy rating. Brokers who have rated the stock have averaged $90.77 as their price target over the next twelve months.
With the price target enhanced from $92 to $103, BofA Securities Upgraded its rating from Neutral to Buy for Consolidated Edison Inc. (NYSE: ED).
In other news, HOGLUND ROBERT N, SVP & CFO bought 147 shares of the company’s stock on Jun 30. The stock was bought for $13,316 at an average price of $90.40. Upon completion of the transaction, the SVP & CFO now directly owns 44,433 shares in the company, valued at $4.21 million. An SEC document containing details of the transaction can be found on the SEC’s website. On Jun 30, Chairman, President & CEO Cawley Timothy bought 75 shares of the business’s stock. A total of $6,778 was incurred on buying the stock at an average price of $90.40. This leaves the insider owning 19,715 shares of the company worth $1.87 million. Insiders disposed of 111,259 shares of company stock worth roughly $10.55 million over the past 1 year. A total of 0.10% of the company’s stock is owned by insiders.
There have been several recent changes in the stakes of large investors in ED stock. A new stake in Consolidated Edison Inc. shares was purchased by CLEAN ENERGY TRANSITION LLP during the first quarter worth $51,368,000. JUPITER ASSET MANAGEMENT LTD invested $31,071,000 in shares of ED during the first quarter. In the first quarter, WORLDQUANT MILLENNIUM ADVISORS LLC acquired a new stake in Consolidated Edison Inc. valued at approximately $21,869,000. TWO SIGMA INVESTMENTS, LP acquired a new stake in ED for approximately $14,598,000. EMPOWER ADVISORY GROUP, LLC purchased a new stake in ED valued at around $11,030,000 in the second quarter.
Monday morning saw Consolidated Edison Inc. (NYSE: ED) opened at $95.93. During the past 12 months, Consolidated Edison Inc. has had a low of $78.10 and a high of $102.21. As of last week, the company has a debt-to-equity ratio of 1.04, a current ratio of 1.20, and a quick ratio of 1.10. According to the stock market information, the enterprise value for the company is $54.66B, which is based on a 13.51 price-to-earnings ratio, a 2.21 price-to-earnings-growth ratio, and a beta of 0.36. The fifty day moving average price for ED is $93.21 and a two-hundred day moving average price translates $93.78 for the stock.
The latest earnings results from Consolidated Edison Inc. (NYSE: ED) was released for Mar, 2023. According to the Utilities – Regulated Electric Company, earnings per share came in at $1.83, beating analysts’ expectations of $1.58 by 0.25. This compares to $1.70 EPS in the same period last year. The net profit margin was 15.60% and return on equity was 12.10% for ED. The company reported revenue of $4.4 billion for the quarter, compared to $4.06 billion a year earlier. Comparatively to last year’s same quarter, the company’s quarterly revenue rose 8.45 percent. For the current quarter, analysts expect ED to generate $3.31B in revenue.
Moreover, the firm recently paid out its quarterly dividend on 09/15/2023. Investors who held shares on 08/16/2023 were paid a $0.81 dividend. On an annualized basis, this represents a $3.24 dividend and a 3.42% percent yield. There was an ex-dividend date of 08/15/2023 for this dividend. In terms of dividend payout ratio, ED is presently at 45.10%.
Consolidated Edison Inc.(ED) 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 3.6 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. 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 543 circuit miles of transmission lines; 15 transmission substations; 63 distribution substations; 87,951 in-service line transformers; 3,869 pole miles of overhead distribution lines; and 2,320 miles of underground distribution lines, as well as 4,359 miles of mains and 377,741 service lines for natural gas distribution. Further, the company owns, develops, and operates 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. Consolidated Edison, Inc. was founded in 1823 and is based in New York, New York.
