Consolidated Edison Inc (ED) Price Target Raised to $78.00 at Morgan Stanley
Consolidated Edison Inc (NYSE:ED) had its target price upped by investment analysts at Morgan Stanley from $75.00 to $78.00 in a research report issued on Thursday. The firm currently has an “underweight” rating on the utilities provider’s stock. Morgan Stanley’s price objective points to a potential downside of 6.74% from the stock’s previous close.
Several other equities analysts also recently commented on the company. Zacks Investment Research upgraded Consolidated Edison from a “hold” rating to a “buy” rating and set a $89.00 target price for the company in a research report on Thursday, May 18th. Deutsche Bank AG downgraded Consolidated Edison from a “hold” rating to a “sell” rating and set a $74.00 target price for the company. in a research report on Monday, May 8th. 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 research report on Sunday, April 23rd. BMO Capital Markets reiterated a “hold” rating and issued a $80.00 target price on shares of Consolidated Edison in a research report on Monday, May 15th. Finally, BidaskClub downgraded Consolidated Edison from a “strong-buy” rating to a “buy” rating in a research report on Saturday, June 24th. Five analysts have rated the stock with a sell rating and nine have issued a hold rating to the company. The company presently has a consensus rating of “Hold” and a consensus price target of $76.96.
Shares of Consolidated Edison (NYSE:ED) traded up 0.46% during mid-day trading on Thursday, hitting $83.64. The stock had a trading volume of 1,427,935 shares. The stock’s 50-day moving average price is $82.08 and its 200 day moving average price is $79.18. Consolidated Edison has a 1-year low of $68.76 and a 1-year high of $85.13. The company has a market capitalization of $25.57 billion, a P/E ratio of 20.24 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 EPS 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 the consensus estimate 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 prior year, the business posted $0.60 earnings per share. On average, analysts predict that Consolidated Edison will post $4.09 EPS for the current fiscal year.
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In related news, Director Linda S. Sanford purchased 900 shares of the firm’s stock in a transaction dated Wednesday, May 17th. The stock was bought at an average price of $79.74 per share, with a total value of $71,766.00. Following the completion of the purchase, the director now owns 8,748 shares in the company, valued at approximately $697,565.52. The acquisition was disclosed in a filing with the SEC, which is accessible through this hyperlink. In the last three months, insiders bought 1,319 shares of company stock valued at $106,510. Insiders own 0.20% of the company’s stock.
A number of large investors have recently added to or reduced their stakes in ED. Engineers Gate Manager LP acquired a new stake in Consolidated Edison during the third quarter valued at approximately $3,065,000. BlackRock Fund Advisors boosted its stake in Consolidated Edison by 4.0% in the third quarter. BlackRock Fund Advisors now owns 8,718,296 shares of the utilities provider’s stock valued at $656,488,000 after buying an additional 334,665 shares in the last quarter. Retirement Systems of Alabama boosted its stake in Consolidated Edison by 3.9% in the second quarter. Retirement Systems of Alabama now owns 155,065 shares of the utilities provider’s stock valued at $12,473,000 after buying an additional 5,864 shares in the last quarter. National Pension Service boosted its stake in Consolidated Edison by 8.5% in the third quarter. National Pension Service now owns 217,915 shares of the utilities provider’s stock valued at $16,409,000 after buying an additional 17,106 shares in the last quarter. Finally, Elkfork Partners LLC acquired a new stake in Consolidated Edison during the fourth quarter valued at approximately $3,505,000. 55.61% of the stock is owned by institutional investors and hedge funds.
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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