Consolidated Edison Inc (NYSE:ED) Upgraded at Zacks Investment Research
Consolidated Edison Inc (NYSE:ED) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Monday.
According to Zacks, “Consolidated Edison posted disappointing results in the second quarter, when compared with the Zacks Consensus Estimate. Evidently, the company missed the mark on both the top and bottom-line fronts. Results also saw a downward movement year over year. On a brighter note, the company raised the lower end of its earnings per share guidance range for 2017. Moreover, Consolidated Edison has a history of favorable rate decisions by regulatory authorities, which will likely encourage it to invest more in infrastructure improvements. The company is also making notable progress in generating renewable energy. Yet, the company underperformed its broader industry in the past one year. Also, disruption in wholesale energy markets may affect its ability to meet customers’ energy needs and thereby adversely affect its performance. Again, stringent utility regulations and interruption in operation of its generating units could be detrimental to growth.”
ED has been the topic of several other reports. BMO Capital Markets reiterated a “hold” rating and issued a $80.00 target price on shares of Consolidated Edison in a report on Friday, May 5th. Barclays PLC reiterated an “equal weight” rating and issued a $82.00 target price (up from $76.00) on shares of Consolidated Edison in a report on Sunday, April 23rd. Deutsche Bank AG boosted their target price on shares of Consolidated Edison from $72.00 to $74.00 and gave the company a “hold” rating in a report on Tuesday, April 11th. BidaskClub lowered shares of Consolidated Edison from a “strong-buy” rating to a “buy” rating in a report on Saturday, June 24th. Finally, Jefferies Group LLC lowered shares of Consolidated Edison from a “buy” rating to a “hold” rating and decreased their target price for the company from $88.00 to $83.50 in a report on Tuesday, June 13th. Five equities research analysts have rated the stock with a sell rating and ten have given a hold rating to the stock. The company currently has an average rating of “Hold” and an average price target of $76.82.
Shares of Consolidated Edison (NYSE ED) opened at 82.72 on Monday. The company has a 50-day moving average of $82.24 and a 200-day moving average of $78.85. Consolidated Edison has a 52-week low of $68.76 and a 52-week high of $85.13. The stock has a market capitalization of $25.26 billion, a price-to-earnings ratio of 19.05 and a beta of 0.08.
Consolidated Edison (NYSE:ED) last posted its earnings results on Thursday, August 3rd. The utilities provider reported $0.58 earnings per share for the quarter, missing the consensus estimate of $0.61 by $0.03. The firm had revenue of $2.63 billion during the quarter, compared to analyst estimates of $2.79 billion. Consolidated Edison had a net margin of 10.57% and a return on equity of 8.59%. During the same quarter in the previous year, the firm earned $0.60 earnings per share. Equities research analysts anticipate that Consolidated Edison will post $4.09 EPS for the current year.
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In other Consolidated Edison news, Director Linda S. Sanford bought 900 shares of the business’s stock in a transaction that occurred on Wednesday, May 17th. The shares were purchased at an average cost of $79.74 per share, with a total value of $71,766.00. Following the purchase, the director now directly owns 8,748 shares in the company, valued at $697,565.52. The acquisition was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders bought a total of 1,319 shares of company stock worth $106,510 over the last three months. Insiders own 0.20% of the company’s stock.
A number of large investors have recently made changes to their positions in the company. BlackRock Inc. increased its stake in shares of Consolidated Edison by 1,771.1% in the first quarter. BlackRock Inc. now owns 24,104,499 shares of the utilities provider’s stock valued at $1,871,955,000 after buying an additional 22,816,233 shares during the last quarter. Bank of New York Mellon Corp increased its stake in shares of Consolidated Edison by 34.1% in the first quarter. Bank of New York Mellon Corp now owns 3,478,494 shares of the utilities provider’s stock valued at $270,138,000 after buying an additional 884,788 shares during the last quarter. Vanguard Group Inc. increased its stake in shares of Consolidated Edison by 3.5% in the first quarter. Vanguard Group Inc. now owns 21,304,464 shares of the utilities provider’s stock valued at $1,654,504,000 after buying an additional 725,857 shares during the last quarter. Renaissance Technologies LLC increased its stake in shares of Consolidated Edison by 145.9% in the first quarter. Renaissance Technologies LLC now owns 1,178,300 shares of the utilities provider’s stock valued at $91,507,000 after buying an additional 699,200 shares during the last quarter. Finally, Morgan Stanley increased its stake in shares of Consolidated Edison by 28.0% in the first quarter. Morgan Stanley now owns 2,971,665 shares of the utilities provider’s stock valued at $230,778,000 after buying an additional 649,615 shares during the last quarter. 55.61% of the stock is currently owned by hedge funds and other institutional investors.
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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