Consolidated Edison (NYSE:ED) Price Target Raised to $91.00 at Morgan Stanley

Consolidated Edison (NYSE:ED) had its price target lifted by research analysts at Morgan Stanley from $85.00 to $91.00 in a report issued on Thursday,Benzinga reports. The brokerage currently has an “underweight” rating on the utilities provider’s stock. Morgan Stanley’s price objective would suggest a potential downside of 15.10% from the company’s current price.

ED has been the topic of a number of other research reports. UBS Group upped their price target on shares of Consolidated Edison from $105.00 to $110.00 and gave the company a “neutral” rating in a research note on Tuesday, February 25th. Mizuho increased their target price on shares of Consolidated Edison from $92.00 to $95.00 and gave the stock a “neutral” rating in a report on Monday, February 3rd. Evercore ISI lowered shares of Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 21st. Barclays increased their price objective on shares of Consolidated Edison from $92.00 to $95.00 and gave the company an “underweight” rating in a research report on Monday, February 24th. Finally, Scotiabank increased their price objective on shares of Consolidated Edison from $100.00 to $101.00 and gave the company a “sector perform” rating in a research report on Monday, February 24th. Two equities research analysts have rated the stock with a sell rating, seven have given a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Consolidated Edison currently has a consensus rating of “Hold” and an average price target of $102.10.

Consolidated Edison Stock Performance

NYSE ED traded down $0.30 during trading hours on Thursday, hitting $107.19. 200,005 shares of the company’s stock traded hands, compared to its average volume of 1,986,727. The business’s fifty day moving average price is $97.12 and its two-hundred day moving average price is $98.32. The company has a current ratio of 1.01, a quick ratio of 0.93 and a debt-to-equity ratio of 1.07. The firm has a market capitalization of $37.17 billion, a P/E ratio of 20.46, a P/E/G ratio of 3.05 and a beta of 0.30. Consolidated Edison has a 52 week low of $87.16 and a 52 week high of $108.43.

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

Institutional Investors Weigh In On Consolidated Edison

Institutional investors have recently added to or reduced their stakes in the stock. Wilmington Savings Fund Society FSB acquired a new stake in Consolidated Edison in the 3rd quarter valued at $776,000. JPMorgan Chase & Co. raised its holdings in shares of Consolidated Edison by 4.0% during the 3rd quarter. JPMorgan Chase & Co. now owns 2,145,128 shares of the utilities provider’s stock worth $223,373,000 after acquiring an additional 82,985 shares during the period. Hennessy Advisors Inc. raised its holdings in Consolidated Edison by 2.8% in the 4th quarter. Hennessy Advisors Inc. now owns 143,136 shares of the utilities provider’s stock valued at $12,772,000 after buying an additional 3,900 shares during the period. Gateway Investment Advisers LLC raised its holdings in Consolidated Edison by 102.7% in the 4th quarter. Gateway Investment Advisers LLC now owns 430,279 shares of the utilities provider’s stock valued at $38,394,000 after buying an additional 217,981 shares during the period. Finally, Jones Financial Companies Lllp raised its holdings in Consolidated Edison by 81.4% in the 4th quarter. Jones Financial Companies Lllp now owns 9,921 shares of the utilities provider’s stock valued at $885,000 after buying an additional 4,451 shares during the period. Institutional investors and hedge funds own 66.29% of the company’s stock.

About Consolidated Edison

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.