Consolidated Edison (NYSE:ED) Stock Price Down 1.9%

Shares of Consolidated Edison, Inc. (NYSE:ED) dropped 1.9% on Thursday . The stock traded as low as $98.64 and last traded at $98.93. Approximately 557,184 shares changed hands during mid-day trading, a decline of 70% from the average daily volume of 1,875,234 shares. The stock had previously closed at $100.86.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. Guggenheim boosted their target price on shares of Consolidated Edison from $88.00 to $91.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. UBS Group boosted their target price on shares of Consolidated Edison from $92.00 to $96.00 and gave the stock a “neutral” rating in a report on Friday, July 19th. Morgan Stanley cut their price objective on shares of Consolidated Edison from $80.00 to $76.00 and set an “underweight” rating on the stock in a report on Monday, June 24th. Mizuho upped their price objective on shares of Consolidated Edison from $93.00 to $95.00 and gave the company a “neutral” rating in a report on Tuesday, May 28th. Finally, Barclays upped their price objective on shares of Consolidated Edison from $92.00 to $98.00 and gave the company an “underweight” rating in a report on Monday, August 5th. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and a consensus price target of $91.81.

Consolidated Edison Trading Down 1.6 %

The company has a quick ratio of 0.92, a current ratio of 0.99 and a debt-to-equity ratio of 1.01. The stock has a 50-day moving average of $93.61 and a 200 day moving average of $92.08. The stock has a market cap of $34.32 billion, a PE ratio of 19.36, a price-to-earnings-growth ratio of 2.56 and a beta of 0.34.

Consolidated Edison (NYSE:ED) last released its quarterly earnings data on Thursday, August 1st. The utilities provider reported $0.59 EPS for the quarter, topping the consensus estimate of $0.57 by $0.02. Consolidated Edison had a return on equity of 8.70% and a net margin of 12.03%. The business had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.08 billion. During the same quarter in the prior year, the firm posted $0.61 EPS. As a group, sell-side analysts anticipate that Consolidated Edison, Inc. will post 5.31 earnings per share for the current year.

Consolidated Edison Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, September 16th. Shareholders of record on Wednesday, August 14th will be given a $0.83 dividend. The ex-dividend date of this dividend is Wednesday, August 14th. This represents a $3.32 annualized dividend and a yield of 3.35%. Consolidated Edison’s dividend payout ratio is presently 63.72%.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently made changes to their positions in the business. Beacon Capital Management LLC lifted its position 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 valued at $28,000 after buying an additional 300 shares in the last quarter. Raleigh Capital Management Inc. acquired a new position in Consolidated Edison in the 4th quarter valued at $29,000. Tidemark LLC acquired a new position in Consolidated Edison in the 4th quarter valued at $29,000. Pathway Financial Advisers LLC acquired a new position in Consolidated Edison in the 1st quarter valued at $33,000. Finally, Atlantic Edge Private Wealth Management LLC acquired a new position in Consolidated Edison in the 4th quarter valued at $33,000. Hedge funds and other 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.