Consolidated Edison, Inc. (NYSE:ED) Declares $0.83 Quarterly Dividend

Consolidated Edison, Inc. (NYSE:ED) declared a quarterly dividend on Thursday, October 17th, RTT News reports. Investors of record on Wednesday, November 13th will be paid a dividend of 0.83 per share by the utilities provider on Monday, December 16th. This represents a $3.32 dividend on an annualized basis and a yield of 3.14%.

Consolidated Edison has increased its dividend by an average of 1.9% per year over the last three years and has raised its dividend annually for the last 51 consecutive years. Consolidated Edison has a dividend payout ratio of 59.1% indicating that its dividend is sufficiently covered by earnings. Equities analysts expect Consolidated Edison to earn $5.61 per share next year, which means the company should continue to be able to cover its $3.32 annual dividend with an expected future payout ratio of 59.2%.

Consolidated Edison Stock Performance

NYSE:ED opened at $105.66 on Friday. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.04 and a quick ratio of 0.97. The company has a market cap of $36.54 billion, a price-to-earnings ratio of 20.28, a PEG ratio of 3.46 and a beta of 0.36. Consolidated Edison has a 1 year low of $85.85 and a 1 year high of $106.45. The stock’s 50 day simple moving average is $102.69 and its two-hundred day simple moving average is $96.48.

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

Analyst Upgrades and Downgrades

Several equities research analysts have weighed in on the company. Scotiabank upped their price objective on Consolidated Edison from $85.00 to $90.00 and gave the company a “sector underperform” rating in a research report on Tuesday, August 20th. Wells Fargo & Company increased their price target on Consolidated Edison from $97.00 to $105.00 and gave the company an “equal weight” rating in a report on Friday, August 2nd. Citigroup upgraded Consolidated Edison from a “neutral” rating to a “buy” rating and raised their price target for the stock from $103.00 to $116.00 in a research report on Tuesday. Morgan Stanley boosted their price objective on shares of Consolidated Edison from $82.00 to $87.00 and gave the company an “underweight” rating in a research report on Wednesday, September 25th. Finally, Guggenheim raised 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. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average target price of $96.46.

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.