Consolidated Edison (NYSE:ED) Shares Up 5% – Time to Buy?

Consolidated Edison, Inc. (NYSE:ED)’s stock price traded up 5% during mid-day trading on Monday . The company traded as high as $94.80 and last traded at $95.13. 1,651,012 shares changed hands during trading, a decline of 23% from the average session volume of 2,147,737 shares. The stock had previously closed at $90.60.

Analysts Set New Price Targets

A number of research analysts recently issued reports on the company. Evercore ISI downgraded Consolidated Edison from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 21st. Morgan Stanley decreased their price target on Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating for the company in a research note on Friday, November 22nd. Scotiabank upgraded Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and raised their price target for the company from $90.00 to $100.00 in a research note on Thursday, December 12th. Barclays decreased their price target on Consolidated Edison from $99.00 to $92.00 and set an “underweight” rating for the company in a research note on Monday. Finally, Jefferies Financial Group started coverage on Consolidated Edison in a research note on Wednesday, October 9th. They issued a “hold” rating and a $108.00 price target for the company. Two equities research 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 stock. Based on data from MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $100.00.

Consolidated Edison Price Performance

The company has a current ratio of 1.01, a quick ratio of 0.93 and a debt-to-equity ratio of 1.07. The company has a 50 day moving average price of $92.88 and a 200 day moving average price of $98.07. The company has a market capitalization of $33.08 billion, a P/E ratio of 17.98, a P/E/G ratio of 2.89 and a beta of 0.38.

Consolidated Edison (NYSE:ED) last released its quarterly earnings results on Thursday, November 7th. The utilities provider reported $1.68 earnings per share for the quarter, topping the consensus estimate of $1.56 by $0.12. Consolidated Edison had a return on equity of 8.70% and a net margin of 12.27%. The business had revenue of $4.09 billion during the quarter, compared to analysts’ expectations of $4.02 billion. On average, equities analysts predict that Consolidated Edison, Inc. will post 5.35 EPS for the current fiscal year.

Consolidated Edison Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Wednesday, February 19th will be issued a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a yield of 3.56%. This is a positive change from Consolidated Edison’s previous quarterly dividend of $0.83. The ex-dividend date of this dividend is Wednesday, February 19th. Consolidated Edison’s dividend payout ratio is currently 62.52%.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently added to or reduced their stakes in ED. Capital Performance Advisors LLP acquired a new stake in shares of Consolidated Edison during the 3rd quarter worth $27,000. AlphaMark Advisors LLC acquired a new position in Consolidated Edison during the fourth quarter worth about $27,000. Ashton Thomas Securities LLC bought a new position in shares of Consolidated Edison in the third quarter worth about $30,000. CGC Financial Services LLC lifted its holdings in shares of Consolidated Edison by 64.0% in the fourth quarter. CGC Financial Services LLC now owns 546 shares of the utilities provider’s stock worth $49,000 after acquiring an additional 213 shares during the last quarter. Finally, Future Financial Wealth Managment LLC bought a new position in shares of Consolidated Edison in the third quarter worth about $55,000. 66.29% of the stock is owned by institutional investors and hedge funds.

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.