Consolidated Edison (NYSE:ED) had its price objective boosted by investment analysts at Morgan Stanley from $86.00 to $87.00 in a report released on Thursday, BenzingaRatingsTable reports. The brokerage currently has an “underweight” rating on the utilities provider’s stock. Morgan Stanley’s price target suggests a potential upside of 0.93% from the stock’s current price.
A number of other analysts have also commented on the company. Bank of America raised Consolidated Edison from a “neutral” rating to a “buy” rating and cut their price target for the company from $96.00 to $94.00 in a research note on Friday, April 26th. They noted that the move was a valuation call. Evercore ISI lowered Consolidated Edison from an “in-line” rating to an “underperform” rating and set a $78.07 price target on the stock. in a research note on Tuesday, February 12th. ValuEngine raised Consolidated Edison from a “hold” rating to a “buy” rating in a research note on Friday, March 1st. Credit Suisse Group lifted their price target on Consolidated Edison from $77.00 to $78.00 and gave the company an “underperform” rating in a research note on Monday, February 25th. Finally, Mizuho started coverage on Consolidated Edison in a research note on Monday, March 11th. They set a “neutral” rating and a $85.00 price target on the stock. Five research analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company. Consolidated Edison currently has an average rating of “Hold” and a consensus price target of $78.92.
NYSE:ED traded up $0.69 during trading hours on Thursday, hitting $86.20. The company’s stock had a trading volume of 20,598 shares, compared to its average volume of 2,049,605. The firm has a market capitalization of $27.82 billion, a PE ratio of 19.92, a price-to-earnings-growth ratio of 9.89 and a beta of 0.13. The company has a quick ratio of 0.54, a current ratio of 0.60 and a debt-to-equity ratio of 1.01. Consolidated Edison has a twelve month low of $71.12 and a twelve month high of $86.50.
Consolidated Edison (NYSE:ED) last announced its quarterly earnings results on Thursday, May 2nd. The utilities provider reported $1.39 EPS for the quarter, beating the Zacks’ consensus estimate of $1.35 by $0.04. Consolidated Edison had a return on equity of 8.31% and a net margin of 11.03%. The firm had revenue of $3.51 billion for the quarter, compared to analyst estimates of $3.39 billion. During the same period last year, the firm posted $1.38 earnings per share. On average, analysts anticipate that Consolidated Edison will post 4.35 EPS for the current fiscal year.
Several institutional investors and hedge funds have recently modified their holdings of the company. OLD National Bancorp IN increased its holdings in shares of Consolidated Edison by 0.5% during the first quarter. OLD National Bancorp IN now owns 29,556 shares of the utilities provider’s stock valued at $2,506,000 after acquiring an additional 136 shares in the last quarter. Girard Partners LTD. boosted its position in shares of Consolidated Edison by 3.8% during the fourth quarter. Girard Partners LTD. now owns 4,120 shares of the utilities provider’s stock valued at $315,000 after buying an additional 151 shares during the last quarter. Kaizen Advisory LLC boosted its position in shares of Consolidated Edison by 21.3% during the fourth quarter. Kaizen Advisory LLC now owns 867 shares of the utilities provider’s stock valued at $66,000 after buying an additional 152 shares during the last quarter. Kovack Advisors Inc. boosted its position in shares of Consolidated Edison by 4.0% during the fourth quarter. Kovack Advisors Inc. now owns 4,144 shares of the utilities provider’s stock valued at $317,000 after buying an additional 160 shares during the last quarter. Finally, Cornell Pochily Investment Advisors Inc. boosted its position in shares of Consolidated Edison by 1.5% during the fourth quarter. Cornell Pochily Investment Advisors Inc. now owns 11,545 shares of the utilities provider’s stock valued at $882,000 after buying an additional 167 shares during the last quarter. Institutional investors own 59.86% of the company’s stock.
About Consolidated Edison
Consolidated Edison, Inc, through its subsidiaries, engages in regulated electric, gas, and steam delivery businesses in the United States. The company offers electric services to approximately 3.5 million customers in New York City and Westchester County; gas to approximately 1.1 million customers in Manhattan, the Bronx, parts of Queens, and Westchester County; and steam to approximately 1,622 customers in parts of Manhattan.
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