Consolidated Edison (NYSE:ED) had its price objective hoisted by equities research analysts at Morgan Stanley from $87.00 to $91.00 in a research report issued to clients and investors on Friday, BenzingaRatingsTable reports. The firm currently has an “underweight” rating on the utilities provider’s stock. Morgan Stanley’s target price indicates a potential upside of 3.67% from the stock’s current price.
Other research analysts have also recently issued research reports about the stock. KeyCorp initiated coverage on shares of Consolidated Edison in a report on Tuesday, June 4th. They issued a “sector weight” rating for the company. Credit Suisse Group set a $80.00 target price on shares of Consolidated Edison and gave the stock a “sell” rating in a report on Monday, April 22nd. ValuEngine lowered shares of Consolidated Edison from a “buy” rating to a “hold” rating in a research report on Thursday, April 4th. Zacks Investment Research lowered shares of Consolidated Edison from a “buy” rating to a “hold” rating in a research report on Monday, February 25th. Finally, Mizuho assumed coverage on shares of Consolidated Edison in a research report on Monday, March 11th. They issued a “neutral” rating and a $85.00 price objective on the stock. Five equities research analysts have rated the stock with a sell rating, eight have given a hold rating and two have given a buy rating to the stock. The company presently has an average rating of “Hold” and an average price target of $79.26.
Shares of NYSE ED opened at $87.78 on Friday. The company has a market cap of $28.69 billion, a P/E ratio of 20.32, a PEG ratio of 10.02 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 52-week low of $72.35 and a 52-week high of $90.51.
Consolidated Edison (NYSE:ED) last issued its quarterly earnings data on Thursday, May 2nd. The utilities provider reported $1.39 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $1.35 by $0.04. The firm had revenue of $3.51 billion during the quarter, compared to analysts’ expectations of $3.39 billion. Consolidated Edison had a net margin of 11.03% and a return on equity of 8.31%. During the same quarter in the previous year, the company earned $1.38 earnings per share. As a group, equities research analysts predict that Consolidated Edison will post 4.38 earnings per share for the current year.
Several institutional investors and hedge funds have recently bought and sold shares of the company. Norges Bank bought a new position in Consolidated Edison in the 4th quarter valued at approximately $266,741,000. Oregon Public Employees Retirement Fund raised its holdings in Consolidated Edison by 7,452.3% in the 4th quarter. Oregon Public Employees Retirement Fund now owns 2,577,390 shares of the utilities provider’s stock valued at $34,000 after buying an additional 2,543,263 shares during the last quarter. Millennium Management LLC raised its holdings in Consolidated Edison by 2,195.8% in the 4th quarter. Millennium Management LLC now owns 1,142,312 shares of the utilities provider’s stock valued at $87,341,000 after buying an additional 1,092,555 shares during the last quarter. BlackRock Inc. raised its holdings in Consolidated Edison by 3.8% in the 4th quarter. BlackRock Inc. now owns 28,920,573 shares of the utilities provider’s stock valued at $2,211,265,000 after buying an additional 1,052,035 shares during the last quarter. Finally, D. E. Shaw & Co. Inc. bought a new position in Consolidated Edison in the 4th quarter valued at approximately $73,086,000. Institutional investors own 59.44% of the company’s stock.
Consolidated Edison Company Profile
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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