Consolidated Edison Inc (ED) Raised to Buy at Zacks Investment Research
Consolidated Edison Inc (NYSE:ED) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Tuesday. The brokerage currently has a $98.00 target price on the utilities provider’s stock. Zacks Investment Research‘s price objective points to a potential upside of 10.97% from the company’s previous close.
According to Zacks, “Consolidated Edison reported mixed results in the third quarter of 2017. While its bottom line missed the Zacks Consensus Estimate for earnings, its top line exceeded the corresponding consensus mark. However, on a year-over-year basis, results were disappointing on both fronts. Consolidated Edison has a favorable rate decisions history 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. Moreover, the company outperformed its broader industry over a year. However, the company faces interest rate risk owing to variable rate debt and to new debt financing needed to fund capital requirements.”
A number of other research analysts also recently commented on the stock. ValuEngine raised shares of Consolidated Edison from a “hold” rating to a “buy” rating in a research report on Friday. Bank of America Corporation assumed coverage on shares of Consolidated Edison in a research report on Tuesday, October 24th. They issued a “buy” rating and a $92.00 price objective for the company. BidaskClub raised shares of Consolidated Edison from a “hold” rating to a “buy” rating in a research report on Tuesday, August 22nd. Jefferies Group LLC reissued a “hold” rating and issued a $83.50 price objective on shares of Consolidated Edison in a research report on Thursday, August 31st. Finally, KeyCorp reissued a “hold” rating on shares of Consolidated Edison in a research report on Friday, October 20th. Five equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have given a buy rating to the stock. Consolidated Edison presently has a consensus rating of “Hold” and an average price target of $79.63.
Consolidated Edison (NYSE:ED) last released its earnings results on Thursday, November 2nd. The utilities provider reported $1.47 earnings per share for the quarter, missing analysts’ consensus estimates of $1.54 by ($0.07). The business had revenue of $3.21 billion during the quarter, compared to the consensus estimate of $3.14 billion. Consolidated Edison had a net margin of 10.42% and a return on equity of 8.42%. During the same period last year, the business posted $1.51 EPS. analysts predict that Consolidated Edison will post 4.1 earnings per share for the current fiscal year.
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In other news, CEO Joseph P. Oates sold 1,908 shares of the firm’s stock in a transaction dated Wednesday, August 23rd. The shares were sold at an average price of $83.87, for a total transaction of $160,023.96. Following the completion of the sale, the chief executive officer now owns 24,017 shares in the company, valued at approximately $2,014,305.79. The transaction was disclosed in a filing with the SEC, which is accessible through this link. In the last 90 days, insiders have bought 183 shares of company stock valued at $15,248. 0.20% of the stock is currently owned by corporate insiders.
A number of institutional investors have recently modified their holdings of the business. Fiera Capital Corp raised its stake in Consolidated Edison by 0.3% in the 2nd quarter. Fiera Capital Corp now owns 4,895 shares of the utilities provider’s stock worth $395,000 after purchasing an additional 13 shares in the last quarter. Sabal Trust CO raised its stake in Consolidated Edison by 0.6% in the 2nd quarter. Sabal Trust CO now owns 2,715 shares of the utilities provider’s stock worth $219,000 after purchasing an additional 15 shares in the last quarter. Teacher Retirement System of Texas raised its stake in Consolidated Edison by 0.6% in the 2nd quarter. Teacher Retirement System of Texas now owns 3,186 shares of the utilities provider’s stock worth $257,000 after purchasing an additional 18 shares in the last quarter. Financial Architects Inc raised its stake in Consolidated Edison by 0.6% in the 2nd quarter. Financial Architects Inc now owns 3,378 shares of the utilities provider’s stock worth $273,000 after purchasing an additional 19 shares in the last quarter. Finally, United Asset Strategies Inc. raised its stake in Consolidated Edison by 0.3% in the 2nd quarter. United Asset Strategies Inc. now owns 6,749 shares of the utilities provider’s stock worth $545,000 after purchasing an additional 21 shares in the last quarter. Institutional investors and hedge funds own 55.30% 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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