Zacks Investment Research lowered shares of Consolidated Edison (NYSE:ED) from a buy rating to a hold rating in a research report released on Friday.
According to Zacks, “Consolidated Edison has a favorable rate decisions history by regulatory authorities, which will likely encourage it to invest more in infrastructure improvements. It continues to follow a systematic capital investment plan for infrastructure development and the expansion of renewable assets. The company is also making notable progress in generating renewable energy. Moreover, the company outperformed the broader industry in past one year. However, the company faces interest rate risk owing to variable rate debt and to new debt financing, needed to fund capital requirements. It also faces commodity price risk related to the purchase and sale of its electricity, gas and related derivative instruments. The management believes that a 10% decline in market prices may result in a decline in fair value of $66 million for the derivative instruments used by the company to hedge purchases of electricity and gas.”
Several other brokerages have also commented on ED. JPMorgan Chase & Co. assumed coverage on Consolidated Edison in a research note on Friday, January 12th. They set an underweight rating and a $78.00 price target on the stock. Guggenheim reissued a hold rating and set a $88.00 price target on shares of Consolidated Edison in a research note on Wednesday, January 3rd. ValuEngine raised Consolidated Edison from a hold rating to a buy rating in a research note on Sunday, December 31st. Bank of America assumed coverage on Consolidated Edison in a research note on Tuesday, October 24th. They set a buy rating and a $92.00 price target on the stock. Finally, KeyCorp reissued a hold rating on shares of Consolidated Edison in a research note on Friday, October 20th. Six analysts have rated the stock with a sell rating, six have given a hold rating and three have assigned a buy rating to the stock. The company currently has an average rating of Hold and an average target price of $80.29.
Shares of Consolidated Edison (ED) opened at $78.27 on Friday. Consolidated Edison has a twelve month low of $72.13 and a twelve month high of $89.70. The firm has a market capitalization of $24,269.08, a P/E ratio of 19.57, a price-to-earnings-growth ratio of 9.16 and a beta of 0.10. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.79 and a quick ratio of 0.70.
Consolidated Edison (NYSE:ED) last announced its quarterly earnings data on Thursday, November 2nd. The utilities provider reported $1.47 earnings per share for the quarter, missing the Zacks’ consensus estimate of $1.54 by ($0.07). Consolidated Edison had a net margin of 10.42% and a return on equity of 8.42%. The business had revenue of $3.21 billion during the quarter, compared to analysts’ expectations of $3.14 billion. During the same period in the prior year, the firm posted $1.51 EPS. equities research analysts forecast that Consolidated Edison will post 4.1 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, March 15th. Investors of record on Wednesday, February 14th will be given a dividend of $0.715 per share. This is an increase from Consolidated Edison’s previous quarterly dividend of $0.69. This represents a $2.86 annualized dividend and a dividend yield of 3.65%. The ex-dividend date is Tuesday, February 13th. Consolidated Edison’s payout ratio is currently 69.00%.
Several institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. raised its holdings in Consolidated Edison by 2.4% in the 2nd quarter. Vanguard Group Inc. now owns 21,821,324 shares of the utilities provider’s stock valued at $1,763,600,000 after acquiring an additional 516,860 shares during the last quarter. APG Asset Management N.V. raised its holdings in Consolidated Edison by 38.2% in the 3rd quarter. APG Asset Management N.V. now owns 4,055,555 shares of the utilities provider’s stock valued at $327,202,000 after acquiring an additional 1,121,200 shares during the last quarter. Legal & General Group Plc raised its holdings in Consolidated Edison by 5.2% in the 3rd quarter. Legal & General Group Plc now owns 2,930,589 shares of the utilities provider’s stock valued at $236,432,000 after acquiring an additional 144,652 shares during the last quarter. Janus Henderson Group PLC raised its holdings in Consolidated Edison by 25.3% in the 3rd quarter. Janus Henderson Group PLC now owns 2,883,134 shares of the utilities provider’s stock valued at $232,610,000 after acquiring an additional 582,457 shares during the last quarter. Finally, Swiss National Bank raised its holdings in Consolidated Edison by 0.8% in the 3rd quarter. Swiss National Bank now owns 2,135,071 shares of the utilities provider’s stock valued at $172,258,000 after acquiring an additional 17,800 shares during the last quarter. Hedge funds and other institutional investors own 55.49% of the company’s stock.
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About Consolidated Edison
Consolidated Edison, Inc (Con Edison) is a holding company. The Company operates through its subsidiaries, which include Consolidated Edison Company of New York, Inc (CECONY), Orange and Rockland Utilities, Inc (O&R), Con Edison Clean Energy Businesses, Inc (the Clean Energy Businesses) and Con Edison Transmission, Inc (Con Edison Transmission).
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