Consolidated Edison Inc (ED) Price Target Raised to $80.00 at Morgan Stanley
Consolidated Edison Inc (NYSE:ED) had its target price boosted by equities researchers at Morgan Stanley from $78.00 to $80.00 in a research note issued to investors on Friday. The brokerage currently has an “underweight” rating on the utilities provider’s stock. Morgan Stanley’s price target would suggest a potential downside of 6.47% from the company’s previous close.
A number of other research firms have also commented on ED. BidaskClub lowered shares of Consolidated Edison from a “strong-buy” rating to a “buy” rating in a research note on Saturday, June 24th. Zacks Investment Research upgraded shares of Consolidated Edison from a “hold” rating to a “buy” rating and set a $89.00 price objective on the stock in a research note on Thursday, May 18th. BMO Capital Markets reiterated a “hold” rating and set a $80.00 price objective on shares of Consolidated Edison in a research note on Monday, May 15th. Finally, Jefferies Group LLC lowered shares of Consolidated Edison from a “buy” rating to a “hold” rating and lowered their price objective for the company from $88.00 to $83.50 in a research note on Tuesday, June 13th. Five equities research analysts have rated the stock with a sell rating, eight have given a hold rating and one has assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $77.12.
Consolidated Edison (ED) traded up 0.93% during mid-day trading on Friday, hitting $85.53. The stock had a trading volume of 1,505,377 shares. Consolidated Edison has a 12-month low of $68.76 and a 12-month high of $85.68. The company has a 50-day moving average of $83.37 and a 200-day moving average of $80.62. The firm has a market cap of $26.14 billion, a PE ratio of 20.69 and a beta of 0.09.
Consolidated Edison (NYSE:ED) last released its quarterly earnings results on Thursday, August 3rd. The utilities provider reported $0.58 earnings per share for the quarter, missing the Zacks’ consensus estimate of $0.61 by $0.03. The business had revenue of $2.63 billion for 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 period last year, the firm posted $0.60 EPS. Analysts expect that Consolidated Edison will post $4.09 earnings per share for the current year.
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In related news, CEO Joseph P. Oates sold 1,908 shares of Consolidated Edison stock in a transaction on Wednesday, August 23rd. The shares were sold at an average price of $83.87, for a total value of $160,023.96. Following the completion of the sale, the chief executive officer now owns 24,017 shares of the company’s stock, valued at approximately $2,014,305.79. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders have acquired a total of 471 shares of company stock valued at $39,202 in the last three months. Company insiders own 0.20% of the company’s stock.
Several hedge funds have recently added to or reduced their stakes in ED. BlackRock Inc. raised its holdings in Consolidated Edison by 1.8% in the 2nd quarter. BlackRock Inc. now owns 24,544,339 shares of the utilities provider’s stock worth $1,983,672,000 after acquiring an additional 439,840 shares during the period. Vanguard Group Inc. raised its holdings in Consolidated Edison by 2.4% in the 2nd quarter. Vanguard Group Inc. now owns 21,821,324 shares of the utilities provider’s stock worth $1,763,600,000 after acquiring an additional 516,860 shares during the period. State Street Corp raised its holdings in Consolidated Edison by 0.4% in the 1st quarter. State Street Corp now owns 19,962,044 shares of the utilities provider’s stock worth $1,550,245,000 after acquiring an additional 77,044 shares during the period. Bank of New York Mellon Corp raised its holdings in Consolidated Edison by 34.1% in the 1st quarter. Bank of New York Mellon Corp now owns 3,478,494 shares of the utilities provider’s stock worth $270,138,000 after acquiring an additional 884,788 shares during the period. Finally, APG Asset Management N.V. raised its holdings in Consolidated Edison by 1.3% in the 1st quarter. APG Asset Management N.V. now owns 3,121,650 shares of the utilities provider’s stock worth $242,427,000 after acquiring an additional 39,537 shares during the period. 55.09% of the stock is owned by institutional investors and hedge funds.
Consolidated Edison Company Profile
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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