Consolidated Edison (NYSE:ED) Sets New 52-Week High – Time to Buy?

Consolidated Edison, Inc. (NYSE:ED) reached a new 52-week high on Monday . The company traded as high as $107.97 and last traded at $106.55, with a volume of 809232 shares changing hands. The stock had previously closed at $103.64.

Wall Street Analysts Forecast Growth

ED has been the subject of several analyst reports. Scotiabank increased their target price on Consolidated Edison from $100.00 to $101.00 and gave the company a “sector perform” rating in a report on Monday, February 24th. Barclays increased their price objective on Consolidated Edison from $92.00 to $95.00 and gave the company an “underweight” rating in a research note on Monday, February 24th. Evercore ISI downgraded shares of Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 21st. Morgan Stanley dropped their price target on shares of Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating for the company in a research report on Friday, November 22nd. Finally, UBS Group boosted their price objective on shares of Consolidated Edison from $105.00 to $110.00 and gave the company a “neutral” rating in a research report on Tuesday, February 25th. Two analysts have rated the stock with a sell rating, seven have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the company. According to data from MarketBeat.com, Consolidated Edison has an average rating of “Hold” and an average target price of $101.50.

Consolidated Edison Stock Up 2.8 %

The company has a market capitalization of $36.96 billion, a P/E ratio of 20.34, a price-to-earnings-growth ratio of 3.05 and a beta of 0.30. The company has a 50-day moving average of $94.39 and a two-hundred day moving average of $98.01. The company has a quick ratio of 0.93, a current ratio of 1.01 and a debt-to-equity ratio of 1.07.

Consolidated Edison (NYSE:ED) last announced its earnings results on Thursday, February 20th. The utilities provider reported $0.98 EPS for the quarter, beating analysts’ consensus estimates of $0.97 by $0.01. The firm had revenue of $3.67 billion for the quarter, compared to analysts’ expectations of $3.63 billion. Consolidated Edison had a net margin of 11.93% and a return on equity of 8.62%. On average, research analysts predict that Consolidated Edison, Inc. will post 5.62 EPS for the current year.

Consolidated Edison Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Wednesday, February 19th will be issued a $0.85 dividend. This represents a $3.40 annualized dividend and a yield of 3.19%. This is an increase from Consolidated Edison’s previous quarterly dividend of $0.83. The ex-dividend date is Wednesday, February 19th. Consolidated Edison’s dividend payout ratio (DPR) is presently 64.89%.

Institutional Investors Weigh In On Consolidated Edison

Several hedge funds and other institutional investors have recently made changes to their positions in ED. Capital Performance Advisors LLP bought a new stake in Consolidated Edison during the third quarter valued at about $27,000. AlphaMark Advisors LLC bought a new position in shares of Consolidated Edison during the 4th quarter valued at approximately $27,000. Ashton Thomas Securities LLC bought a new position in shares of Consolidated Edison during the 3rd quarter valued at approximately $30,000. OFI Invest Asset Management purchased a new position in Consolidated Edison during the fourth quarter valued at approximately $35,000. Finally, Wood Tarver Financial Group LLC bought a new position in shares of Consolidated Edison in the fourth quarter worth approximately $35,000. 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.