Mizuho Begins Coverage on Consolidated Edison (ED)

Share on StockTwits

Mizuho assumed coverage on shares of Consolidated Edison (NYSE:ED) in a research report report published on Monday morning, Marketbeat reports. The firm issued a neutral rating and a $85.00 price objective on the utilities provider’s stock.

Several other equities analysts have also commented on the company. ValuEngine lowered Consolidated Edison from a buy rating to a hold rating in a research report on Wednesday, January 9th. Evercore ISI lowered Consolidated Edison from an in-line rating to an underperform rating and set a $78.07 price objective on the stock. in a research report on Tuesday, February 12th. Bank of America lowered Consolidated Edison from a buy rating to a neutral rating in a research report on Friday, January 18th. Morgan Stanley increased their price objective on Consolidated Edison from $78.00 to $81.00 and gave the company an underweight rating in a research report on Tuesday, February 12th. Finally, Barclays increased their price objective on Consolidated Edison from $79.00 to $83.00 and gave the company a hold rating in a research report on Monday, November 19th. Six analysts have rated the stock with a sell rating, eight have issued a hold rating and one has given a buy rating to the company’s stock. The company presently has an average rating of Hold and an average target price of $77.39.

Shares of Consolidated Edison stock opened at $84.98 on Monday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.56 and a current ratio of 0.62. The stock has a market cap of $27.35 billion, a PE ratio of 19.67, a PEG ratio of 6.49 and a beta of 0.12. Consolidated Edison has a 12 month low of $71.12 and a 12 month high of $85.57.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings data on Thursday, February 21st. The utilities provider reported $0.77 EPS for the quarter, beating the consensus estimate of $0.75 by $0.02. The firm had revenue of $2.95 billion for the quarter, compared to analyst estimates of $2.89 billion. Consolidated Edison had a return on equity of 8.42% and a net margin of 11.20%. The company’s revenue was down .4% on a year-over-year basis. During the same period in the prior year, the company earned $0.80 EPS. Research analysts forecast that Consolidated Edison will post 4.36 EPS for the current year.

The business also recently announced a quarterly dividend, which will be paid on Friday, March 15th. Investors of record on Wednesday, February 13th will be issued a dividend of $0.74 per share. The ex-dividend date of this dividend is Tuesday, February 12th. This is a boost from Consolidated Edison’s previous quarterly dividend of $0.72. This represents a $2.96 annualized dividend and a yield of 3.48%. Consolidated Edison’s dividend payout ratio is currently 68.52%.

Hedge funds have recently modified their holdings of the stock. Victory Capital Management Inc. lifted its holdings in Consolidated Edison by 0.4% in the 3rd quarter. Victory Capital Management Inc. now owns 255,645 shares of the utilities provider’s stock worth $19,478,000 after buying an additional 1,050 shares during the period. Daiwa Securities Group Inc. lifted its holdings in Consolidated Edison by 6.5% in the 3rd quarter. Daiwa Securities Group Inc. now owns 11,612 shares of the utilities provider’s stock worth $885,000 after buying an additional 710 shares during the period. HL Financial Services LLC purchased a new stake in Consolidated Edison in the 3rd quarter worth approximately $458,000. Commonwealth Equity Services LLC lifted its holdings in Consolidated Edison by 3.6% in the 3rd quarter. Commonwealth Equity Services LLC now owns 373,191 shares of the utilities provider’s stock worth $28,433,000 after buying an additional 12,795 shares during the period. Finally, Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in Consolidated Edison by 1.7% in the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 1,220,059 shares of the utilities provider’s stock worth $92,956,000 after buying an additional 20,162 shares during the period. Institutional investors own 61.53% of the company’s stock.

About Consolidated Edison

Consolidated Edison, Inc, through its subsidiaries, engages in regulated electric, gas, and steam delivery businesses in the United States. The company offers electric services to approximately 3.4 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 1,600 customers in parts of Manhattan.

Recommended Story: What are retained earnings?

Analyst Recommendations for Consolidated Edison (NYSE:ED)

Receive News & Ratings for Consolidated Edison Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Consolidated Edison and related companies with MarketBeat.com's FREE daily email newsletter.

Leave a Reply