Consolidated Edison (ED) Upgraded by Zacks Investment Research to Buy

Consolidated Edison (NYSE:ED) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Thursday. The firm currently has a $89.00 price target on the utilities provider’s stock. Zacks Investment Research‘s target price indicates a potential upside of 13.69% from the stock’s current price.

According to Zacks, “Consolidated Edison has a favorable rate decisions history by regulatory authorities, which will likely encourage it to invest more in infrastructure improvements. It continues to follow a systematic capital investment plan for infrastructure development and the expansion of renewable assets. The company is also making notable progress in generating renewable energy. Moreover, the company outperformed the broader industry in past one year. However, the company faces interest rate risk owing to variable rate debt and to new debt financing, needed to fund capital requirements.”

Several other equities analysts have also commented on ED. Evercore ISI lowered Consolidated Edison from an “in-line” rating to an “underperform” rating and set a $74.00 target price for the company. in a report on Tuesday, September 26th. JPMorgan Chase & Co. started coverage on Consolidated Edison in a research report on Friday, January 12th. They set an “underweight” rating and a $78.00 price objective for the company. ValuEngine upgraded Consolidated Edison from a “hold” rating to a “buy” rating in a research report on Sunday, December 31st. Guggenheim reiterated a “hold” rating and set a $88.00 price objective on shares of Consolidated Edison in a research report on Wednesday, January 3rd. Finally, Bank of America started coverage on Consolidated Edison in a research report on Tuesday, October 24th. They set a “buy” rating and a $92.00 price objective for the company. Six research analysts have rated the stock with a sell rating, five have given a hold rating and four have issued a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $80.29.

Consolidated Edison (ED) traded down $0.99 during trading hours on Thursday, hitting $78.28. The stock had a trading volume of 2,487,514 shares, compared to its average volume of 1,962,500. The company has a market capitalization of $24,270.00, a price-to-earnings ratio of 19.62, a PEG ratio of 9.25 and a beta of 0.10. Consolidated Edison has a 52 week low of $72.13 and a 52 week high of $89.70. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.79 and a quick ratio of 0.70.

Consolidated Edison (NYSE:ED) last posted its earnings results on Thursday, November 2nd. The utilities provider reported $1.47 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.54 by ($0.07). The company had revenue of $3.21 billion for 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 company posted $1.51 earnings per share. sell-side analysts forecast that Consolidated Edison will post 4.1 EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently modified their holdings of the company. WFG Advisors LP lifted its position in Consolidated Edison by 19.6% in 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 during the period. AllSquare Wealth Management LLC acquired a new stake in Consolidated Edison in the third quarter worth approximately $113,000. Asset Dedication LLC acquired a new stake in Consolidated Edison in the fourth quarter worth approximately $183,000. Day & Ennis LLC acquired a new stake in Consolidated Edison in the second quarter worth approximately $205,000. Finally, Tower Bridge Advisors acquired a new stake in Consolidated Edison in the third quarter worth approximately $208,000. Institutional investors and hedge funds own 55.50% of the company’s stock.

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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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