Fintel reports that on August 16, 2023, B of A Securities maintained coverage of Consolidated Edison (NYSE:ED) with a Buy recommendation.
Analyst Price Forecast Suggests 6.25% Upside
As of August 2, 2023, the average one-year price target for Consolidated Edison is 93.16. The forecasts range from a low of 74.74 to a high of $108.15. The average price target represents an increase of 6.25% from its latest reported closing price of 87.68.
See our leaderboard of companies with the largest price target upside.
The projected annual revenue for Consolidated Edison is 14,872MM, a decrease of 4.31%. The projected annual non-GAAP EPS is 4.94.
Consolidated Edison Declares $0.81 Dividend
On July 20, 2023 the company declared a regular quarterly dividend of $0.81 per share ($3.24 annualized). Shareholders of record as of August 16, 2023 will receive the payment on September 15, 2023. Previously, the company paid $0.81 per share.
At the current share price of $87.68 / share, the stock's dividend yield is 3.70%.
Looking back five years and taking a sample every week, the average dividend yield has been 3.69%, the lowest has been 3.10%, and the highest has been 4.68%. The standard deviation of yields is 0.36 (n=236).
The current dividend yield is 0.02 standard deviations above the historical average.
Additionally, the company's dividend payout ratio is 0.45. The payout ratio tells us how much of a company's income is paid out in dividends. A payout ratio of one (1.0) means 100% of the company's income is paid in a dividend. A payout ratio greater than one means the company is dipping into savings in order to maintain its dividend - not a healthy situation. Companies with few growth prospects are expected to pay out most of their income in dividends, which typically means a payout ratio between 0.5 and 1.0. Companies with good growth prospects are expected to retain some earnings in order to invest in those growth prospects, which translates to a payout ratio of zero to 0.5.
The company's 3-Year dividend growth rate is 0.06%, demonstrating that it has increased its dividend over time.
What is the Fund Sentiment?
There are 1794 funds or institutions reporting positions in Consolidated Edison. This is a decrease of 15 owner(s) or 0.83% in the last quarter. Average portfolio weight of all funds dedicated to ED is 0.22%, a decrease of 12.32%. Total shares owned by institutions decreased in the last three months by 3.07% to 244,536K shares. 
The put/call ratio of ED is 0.70, indicating a bullish outlook.
What are Other Shareholders Doing?
VTSMX - Vanguard Total Stock Market Index Fund Investor Shares holds 10,992K shares representing 3.19% ownership of the company. In it's prior filing, the firm reported owning 10,789K shares, representing an increase of 1.85%. The firm decreased its portfolio allocation in ED by 5.57% over the last quarter.
VIMSX - Vanguard Mid-Cap Index Fund Investor Shares holds 8,293K shares representing 2.40% ownership of the company. In it's prior filing, the firm reported owning 8,252K shares, representing an increase of 0.49%. The firm decreased its portfolio allocation in ED by 2.35% over the last quarter.
VFINX - Vanguard 500 Index Fund Investor Shares holds 8,281K shares representing 2.40% ownership of the company. In it's prior filing, the firm reported owning 8,203K shares, representing an increase of 0.93%. The firm decreased its portfolio allocation in ED by 6.03% over the last quarter.
Geode Capital Management holds 7,949K shares representing 2.30% ownership of the company. In it's prior filing, the firm reported owning 7,794K shares, representing an increase of 1.95%. The firm decreased its portfolio allocation in ED by 5.10% over the last quarter.
Legal & General Group holds 6,173K shares representing 1.79% ownership of the company. In it's prior filing, the firm reported owning 6,111K shares, representing an increase of 1.00%. The firm decreased its portfolio allocation in ED by 13.19% over the last quarter.
Consolidated Edison Background Information
(This description is provided by the company.)
Consolidated Edison, Inc. is one of the nation's largest investor-owned energy-delivery companies, with approximately $12 billion in annual revenues and $63 billion in assets. The company provides a wide range of energy-related products and services to its customers through the following subsidiaries: Consolidated Edison Company of New York, Inc., a regulated utility providing electric service in New York City and New York's Westchester County, gas service in Manhattan, the Bronx, parts of Queens and parts of Westchester, and steam service in Manhattan; Orange and Rockland Utilities, Inc. (O&R), a regulated utility serving customers in a 1,300-square-mile-area in southeastern New York State and northern New Jersey; Con Edison Clean Energy Businesses, Inc., the second-largest solar developer in the United States and the seventh-largest worldwide, which, through its subsidiaries develops, owns and operates renewable and sustainable energy infrastructure projects and provides energy-related products and services to wholesale and retail customers; and Con Edison Transmission, Inc., which falls primarily under the oversight of the Federal Energy Regulatory Commission and through its subsidiaries invests in electric transmission projects supporting its parent company's effort to transition to clean, renewable energy. Con Edison Transmission manages, through joint ventures, both electric and gas assets while seeking to develop electric transmission projects that will bring clean, renewable electricity to customers, focusing on New York, New England, the Mid-Atlantic states and the Midwest.
Additional reading:
- 2nd Quarter 2023 Earnings Release Presentation August 3, 2023 2 Available Information On August 3, 2023, Consolidated Edison, Inc. issued a press release reporting its second quarter 2023 earnings and filed with the Securities and Exchange Commission
- Media Relations Consolidated Edison, Inc. 212 460 4111 (24 hours) 4 Irving Place New York, NY 10003 www.conEdison.com
- CONSOLIDATED EDISON, INC. 2023 LONG TERM INCENTIVE PLAN
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