Consolidated Edison (ED) Upgraded to Buy at Zacks Investment Research

Zacks Investment Research upgraded shares of Consolidated Edison (NYSE:ED) from a hold rating to a buy rating in a report issued on Thursday, January 18th. They currently have $89.00 target price on the utilities provider’s stock.

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.”

ED has been the topic of several other research reports. Evercore ISI lowered shares of Consolidated Edison from an in-line rating to an underperform rating and set a $74.00 price target on the stock. in a research report on Tuesday, September 26th. KeyCorp reiterated a hold rating on shares of Consolidated Edison in a research report on Friday, October 20th. Bank of America assumed coverage on shares of Consolidated Edison in a research report on Tuesday, October 24th. They set a buy rating and a $92.00 price objective on the stock. ValuEngine upgraded shares of Consolidated Edison from a hold rating to a buy rating in a research report on Friday, November 10th. Finally, JPMorgan Chase & Co. assumed coverage on shares of Consolidated Edison in a research report on Friday, January 12th. They set an underweight rating and a $78.00 price objective on the stock. Four analysts have rated the stock with a sell rating, seven have assigned a hold rating and three have given a buy rating to the company’s stock. The stock presently has an average rating of Hold and an average price target of $81.86.

Consolidated Edison (NYSE ED) traded up $2.16 during trading on Thursday, reaching $76.89. 2,778,255 shares of the company’s stock traded hands, compared to its average volume of 2,509,864. The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.70 and a current ratio of 0.79. The firm has a market capitalization of $23,841.21, a price-to-earnings ratio of 19.22, a price-to-earnings-growth ratio of 9.00 and a beta of 0.03. Consolidated Edison has a 12-month low of $72.63 and a 12-month high of $89.70.

The business also recently announced a quarterly dividend, which will be paid on Thursday, March 15th. Shareholders of record on Wednesday, February 14th will be paid a dividend of $0.715 per share. The ex-dividend date is Tuesday, February 13th. This represents a $2.86 dividend on an annualized basis and a dividend yield of 3.72%. This is a positive change from Consolidated Edison’s previous quarterly dividend of $0.69. Consolidated Edison’s dividend payout ratio (DPR) is 69.00%.

Large investors have recently modified their holdings of the business. WFG Advisors LP boosted its stake in shares of Consolidated Edison by 19.6% during the 2nd quarter. WFG Advisors LP now owns 1,308 shares of the utilities provider’s stock valued at $106,000 after buying an additional 214 shares during the period. AllSquare Wealth Management LLC acquired a new stake in shares of Consolidated Edison during the 3rd quarter valued at $113,000. Calton & Associates Inc. acquired a new stake in shares of Consolidated Edison during the 4th quarter valued at $119,000. Asset Dedication LLC acquired a new stake in shares of Consolidated Edison during the 4th quarter valued at $183,000. Finally, Round Table Services LLC acquired a new stake in shares of Consolidated Edison during the 4th quarter valued at $200,000. 56.02% of the stock is owned by institutional investors.

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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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