Consolidated Edison Inc (ED) Stock Rating Reaffirmed by KeyCorp
Consolidated Edison Inc (NYSE:ED)‘s stock had its “hold” rating reissued by equities researchers at KeyCorp in a research report issued on Friday. KeyCorp also issued estimates for Consolidated Edison’s Q3 2017 earnings at $1.52 EPS.
Several other brokerages have also weighed in on ED. Morgan Stanley boosted their price objective on Consolidated Edison from $75.00 to $78.00 and gave the company an “underweight” rating in a report on Thursday, August 10th. Jefferies Group LLC reissued a “hold” rating and issued a $83.50 price objective on shares of Consolidated Edison in a report on Thursday, August 31st. BidaskClub lowered Consolidated Edison from a “strong-buy” rating to a “buy” rating in a report on Saturday, June 24th. Finally, Zacks Investment Research raised Consolidated Edison from a “hold” rating to a “buy” rating and set a $92.00 price objective for the company in a report on Friday, September 22nd. Five analysts have rated the stock with a sell rating, seven have assigned a hold rating and one has given a buy rating to the stock. Consolidated Edison has a consensus rating of “Hold” and a consensus target price of $77.77.
Shares of Consolidated Edison (ED) traded up 0.02% during mid-day trading on Friday, hitting $84.86. The company had a trading volume of 1,358,675 shares. Consolidated Edison has a 52-week low of $68.76 and a 52-week high of $86.16. The stock’s 50-day moving average is $83.02 and its 200-day moving average is $81.93. The stock has a market cap of $25.94 billion, a price-to-earnings ratio of 20.53 and a beta of 0.09.
Consolidated Edison (NYSE:ED) last announced its quarterly earnings data on Thursday, August 3rd. The utilities provider reported $0.58 earnings per share for the quarter, missing the Thomson Reuters’ 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 period in the prior year, the firm earned $0.60 earnings per share. Equities analysts forecast that Consolidated Edison will post $4.09 earnings per share for the current year.
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In other news, CEO Joseph P. Oates sold 1,908 shares of the business’s stock in a transaction that occurred on Wednesday, August 23rd. The stock was sold at an average price of $83.87, for a total transaction of $160,023.96. Following the completion of the transaction, the chief executive officer now directly owns 24,017 shares in the company, valued at $2,014,305.79. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Over the last quarter, insiders have bought 158 shares of company stock valued at $13,022. Insiders own 0.20% of the company’s stock.
Hedge funds and other institutional investors have recently modified their holdings of the company. Armbruster Capital Management Inc. raised its holdings in Consolidated Edison by 127.3% during the second quarter. Armbruster Capital Management Inc. now owns 1,250 shares of the utilities provider’s stock worth $101,000 after purchasing an additional 700 shares in the last quarter. WFG Advisors LP raised its holdings in Consolidated Edison by 19.6% during the second quarter. WFG Advisors LP now owns 1,308 shares of the utilities provider’s stock worth $106,000 after purchasing an additional 214 shares in the last quarter. Oakworth Capital Inc. raised its holdings in Consolidated Edison by 10.5% during the second quarter. Oakworth Capital Inc. now owns 1,447 shares of the utilities provider’s stock worth $117,000 after purchasing an additional 137 shares in the last quarter. Enterprise Financial Services Corp raised its holdings in Consolidated Edison by 6.0% during the second quarter. Enterprise Financial Services Corp now owns 1,648 shares of the utilities provider’s stock worth $133,000 after purchasing an additional 93 shares in the last quarter. Finally, Cypress Capital Management LLC WY raised its holdings in Consolidated Edison by 491.7% during the second quarter. Cypress Capital Management LLC WY now owns 1,775 shares of the utilities provider’s stock worth $143,000 after purchasing an additional 1,475 shares in the last quarter. Institutional investors and hedge funds own 55.05% 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), Con Edison Clean Energy Businesses, Inc (the Clean Energy Businesses) and Con Edison Transmission, Inc (Con Edison Transmission).
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