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

Shares of Consolidated Edison, Inc. (NYSE:ED) hit a new 52-week high during trading on Tuesday . The stock traded as high as $106.41 and last traded at $106.05, with a volume of 721553 shares trading hands. The stock had previously closed at $103.04.

Analyst Upgrades and Downgrades

A number of equities analysts have recently commented on ED shares. Bank of America lifted their price target on shares of Consolidated Edison from $97.00 to $109.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Scotiabank lifted their target price on shares of Consolidated Edison from $85.00 to $90.00 and gave the stock a “sector underperform” rating in a report on Tuesday, August 20th. Guggenheim upped their price target on shares of Consolidated Edison from $88.00 to $91.00 and gave the company a “neutral” rating in a report on Friday, August 2nd. Barclays lifted their price objective on Consolidated Edison from $92.00 to $98.00 and gave the stock an “underweight” rating in a research note on Monday, August 5th. Finally, Jefferies Financial Group initiated coverage on Consolidated Edison in a research note on Wednesday, October 9th. They set a “hold” rating and a $108.00 target price for the company. Four analysts have rated the stock with a sell rating, eight have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Consolidated Edison currently has a consensus rating of “Hold” and a consensus target price of $96.46.

Consolidated Edison Stock Performance

The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.97 and a current ratio of 1.04. The firm has a 50 day moving average price of $102.58 and a two-hundred day moving average price of $96.42. The company has a market capitalization of $36.54 billion, a P/E ratio of 20.28, a price-to-earnings-growth ratio of 3.46 and a beta of 0.36.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings results on Thursday, August 1st. The utilities provider reported $0.59 earnings per share for the quarter, beating analysts’ consensus estimates of $0.57 by $0.02. Consolidated Edison had a return on equity of 8.67% and a net margin of 12.03%. The firm had revenue of $3.22 billion for the quarter, compared to analysts’ expectations of $3.08 billion. During the same period in the prior year, the business posted $0.61 earnings per share. On average, research analysts expect that Consolidated Edison, Inc. will post 5.3 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Stockholders of record on Wednesday, November 13th will be issued a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a dividend yield of 3.14%. Consolidated Edison’s payout ratio is 63.72%.

Hedge Funds Weigh In On Consolidated Edison

Institutional investors and hedge funds have recently bought and sold shares of the business. Beacon Capital Management LLC raised its holdings in shares of Consolidated Edison by 2,307.7% in the first 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 during the last quarter. Pathway Financial Advisers LLC acquired a new position in shares of Consolidated Edison during the first quarter worth approximately $33,000. TruNorth Capital Management LLC acquired a new position in shares of Consolidated Edison during the second quarter worth approximately $33,000. Versant Capital Management Inc grew its stake in shares of Consolidated Edison by 380.2% during the second quarter. Versant Capital Management Inc now owns 413 shares of the utilities provider’s stock valued at $37,000 after purchasing an additional 327 shares during the last quarter. Finally, Future Financial Wealth Managment LLC acquired a new stake in shares of Consolidated Edison in the first quarter valued at approximately $48,000. Institutional investors and hedge funds 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.