Consolidated Edison (NYSE:ED) Stock Price Expected to Rise, Barclays Analyst Says

Consolidated Edison (NYSE:ED) had its target price raised by analysts at Barclays from $92.00 to $95.00 in a report released on Monday,Benzinga reports. The brokerage presently has an “underweight” rating on the utilities provider’s stock. Barclays‘s target price points to a potential downside of 3.32% from the company’s current price.

ED has been the topic of a number of other reports. Mizuho increased their price objective on Consolidated Edison from $92.00 to $95.00 and gave the company a “neutral” rating in a report on Monday, February 3rd. Scotiabank upgraded Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and upped their target price for the stock from $90.00 to $100.00 in a research note on Thursday, December 12th. Morgan Stanley lowered their target price on Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating on the stock in a research note on Friday, November 22nd. Finally, Evercore ISI downgraded Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 21st. Two research analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, Consolidated Edison has an average rating of “Hold” and an average target price of $101.00.

Consolidated Edison Trading Up 2.6 %

Shares of NYSE:ED opened at $98.27 on Monday. The business’s 50-day moving average is $92.09 and its 200 day moving average is $97.96. Consolidated Edison has a 1 year low of $85.85 and a 1 year high of $107.75. The firm has a market capitalization of $34.04 billion, a P/E ratio of 18.75, a P/E/G ratio of 3.05 and a beta of 0.39. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.01 and a quick ratio of 0.93.

Consolidated Edison (NYSE:ED) last announced its earnings results on Thursday, February 20th. The utilities provider reported $0.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.97 by $0.01. Consolidated Edison had a return on equity of 8.62% and a net margin of 11.93%. The company had revenue of $3.67 billion for the quarter, compared to analyst estimates of $3.63 billion. On average, research analysts predict that Consolidated Edison will post 5.62 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Consolidated Edison

Several hedge funds and other institutional investors have recently added to or reduced their stakes in ED. Vanguard Group Inc. boosted its holdings in Consolidated Edison by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 42,455,662 shares of the utilities provider’s stock valued at $3,788,319,000 after purchasing an additional 488,752 shares during the period. State Street Corp boosted its holdings in Consolidated Edison by 1.7% in the third quarter. State Street Corp now owns 23,429,218 shares of the utilities provider’s stock valued at $2,439,684,000 after purchasing an additional 399,034 shares during the period. Geode Capital Management LLC boosted its holdings in Consolidated Edison by 1.5% in the fourth quarter. Geode Capital Management LLC now owns 8,984,022 shares of the utilities provider’s stock valued at $799,684,000 after purchasing an additional 130,234 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its holdings in Consolidated Edison by 6.0% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,820,449 shares of the utilities provider’s stock valued at $430,129,000 after purchasing an additional 271,088 shares during the period. Finally, Norges Bank purchased a new position in Consolidated Edison in the fourth quarter valued at $399,824,000. Institutional investors and hedge funds own 66.29% of the company’s stock.

Consolidated Edison Company Profile

Consolidated Edison, Inc, through its subsidiaries, engages in the regulated electric, gas, and steam delivery businesses in the United States. It offers electric services to approximately 3.7 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 1,530 customers in parts of Manhattan.