Consolidated Edison Inc. (NYSE:ED) has been given a $69.00 price target by analysts at Morgan Stanley in a report issued on Wednesday. The firm currently has a a “sell” rating on the stock. Morgan Stanley’s price target points to a potential downside of 9.85% from the stock’s current price.

ED has been the subject of a number of other research reports. Vetr raised shares of Consolidated Edison from a “sell” rating to a “hold” rating and set a $74.71 target price for the company in a research report on Wednesday, September 7th. Citigroup Inc. began coverage on shares of Consolidated Edison in a research report on Friday, August 12th. They set a “neutral” rating and a $76.00 price objective for the company. They noted that the move was a valuation call. Jefferies Group reissued a “hold” rating on shares of Consolidated Edison in a research report on Monday, August 1st. Evercore ISI downgraded shares of Consolidated Edison from a “hold” rating to a “sell” rating and boosted their price objective for the company from $69.50 to $72.50 in a research report on Wednesday, July 6th. Finally, BMO Capital Markets began coverage on shares of Consolidated Edison in a research report on Wednesday, June 22nd. They set a “hold” rating and a $79.00 price objective for the company. Five analysts have rated the stock with a sell rating, four have assigned a hold rating and two have assigned a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average price target of $74.51.

Analyst Recommendations for Consolidated Edison (NYSE:ED)

Consolidated Edison (NYSE:ED) traded up 1.99% during midday trading on Wednesday, reaching $78.06. The company’s stock had a trading volume of 1,712,676 shares. The firm has a market cap of $23.76 billion and a P/E ratio of 20.23. Consolidated Edison has a one year low of $60.30 and a one year high of $81.88. The firm has a 50 day moving average price of $76.29 and a 200 day moving average price of $76.10.

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Consolidated Edison (NYSE:ED) last posted its earnings results on Thursday, August 4th. The company reported $0.60 EPS for the quarter, missing analysts’ consensus estimates of $0.69 by $0.09. Consolidated Edison had a return on equity of 8.88% and a net margin of 9.47%. During the same quarter in the prior year, the company posted $0.78 earnings per share. Equities research analysts forecast that Consolidated Edison will post $3.97 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Shareholders of record on Wednesday, August 17th were paid a $0.67 dividend. This represents a $2.68 annualized dividend and a yield of 3.50%. The ex-dividend date was Monday, August 15th. Consolidated Edison’s payout ratio is currently 69.25%.

A number of hedge funds have recently made changes to their positions in the company. Norges Bank bought a new stake in shares of Consolidated Edison during the fourth quarter valued at approximately $118,109,000. Janus Capital Management LLC boosted its stake in shares of Consolidated Edison by 96.7% in the second quarter. Janus Capital Management LLC now owns 2,229,835 shares of the company’s stock valued at $179,368,000 after buying an additional 1,096,076 shares during the last quarter. BlackRock Fund Advisors boosted its stake in shares of Consolidated Edison by 13.7% in the second quarter. BlackRock Fund Advisors now owns 8,383,631 shares of the company’s stock valued at $674,379,000 after buying an additional 1,012,706 shares during the last quarter. Vanguard Group Inc. boosted its stake in shares of Consolidated Edison by 4.6% in the second quarter. Vanguard Group Inc. now owns 20,038,432 shares of the company’s stock valued at $1,611,891,000 after buying an additional 890,023 shares during the last quarter. Finally, Bank of Montreal Can bought a new stake in shares of Consolidated Edison during the second quarter valued at approximately $48,767,000. Institutional investors and hedge funds own 54.76% of the company’s stock.

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) and Con Edison Transmission, Inc It owns competitive energy businesses. The Company also owns Con Edison Transmission, Inc (Con Edison Transmission), which invests in electric and gas transmission projects through its subsidiaries, Consolidated Edison Transmission, LLC (CET Electric) and Con Edison Gas Midstream, LLC (CET Gas).

5 Day Chart for NYSE:ED

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