Consolidated Edison (NYSE:ED) Raised to Strong-Buy at Evercore ISI

Consolidated Edison (NYSE:ED) was upgraded by equities researchers at Evercore ISI from a “hold” rating to a “strong-buy” rating in a research report issued to clients and investors on Friday,Zacks.com reports.

Several other analysts also recently weighed in on the company. UBS Group lifted their target price on Consolidated Edison from $105.00 to $106.00 and gave the company a “neutral” rating in a research note on Friday, September 20th. Bank of America lifted their price target on Consolidated Edison from $97.00 to $109.00 and gave the company a “buy” rating in a research report on Monday, August 5th. Morgan Stanley lifted their price target on Consolidated Edison from $82.00 to $87.00 and gave the company an “underweight” rating in a research report on Wednesday, September 25th. Guggenheim lifted their price target on Consolidated Edison from $88.00 to $91.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. Finally, Jefferies Financial Group initiated coverage on Consolidated Edison in a report on Wednesday, October 9th. They issued a “hold” rating and a $108.00 target price on the stock. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have issued a buy rating and two have assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $98.35.

Consolidated Edison Stock Up 0.4 %

Shares of Consolidated Edison stock opened at $98.48 on Friday. The business’s fifty day moving average price is $103.29 and its two-hundred day moving average price is $97.99. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.04 and a quick ratio of 0.97. The company has a market capitalization of $34.11 billion, a P/E ratio of 18.55, a PEG ratio of 3.31 and a beta of 0.36. Consolidated Edison has a 1-year low of $85.85 and a 1-year high of $107.75.

Consolidated Edison (NYSE:ED) last announced its earnings results on Thursday, November 7th. The utilities provider reported $1.68 earnings per share for the quarter, beating the consensus estimate of $1.56 by $0.12. The firm had revenue of $4.09 billion for the quarter, compared to the consensus estimate of $4.02 billion. Consolidated Edison had a return on equity of 8.75% and a net margin of 12.27%. As a group, research analysts forecast that Consolidated Edison will post 5.33 EPS for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of ED. Envestnet Portfolio Solutions Inc. grew its stake in Consolidated Edison by 14.6% in the first quarter. Envestnet Portfolio Solutions Inc. now owns 15,747 shares of the utilities provider’s stock valued at $1,430,000 after purchasing an additional 2,005 shares in the last quarter. Empowered Funds LLC boosted its stake in shares of Consolidated Edison by 21.7% during the 1st quarter. Empowered Funds LLC now owns 13,770 shares of the utilities provider’s stock worth $1,250,000 after acquiring an additional 2,458 shares in the last quarter. Atomi Financial Group Inc. bought a new stake in shares of Consolidated Edison during the 1st quarter worth about $322,000. Sei Investments Co. boosted its stake in shares of Consolidated Edison by 57.4% during the 1st quarter. Sei Investments Co. now owns 244,404 shares of the utilities provider’s stock worth $22,193,000 after acquiring an additional 89,080 shares in the last quarter. Finally, Headlands Technologies LLC bought a new stake in shares of Consolidated Edison during the 1st quarter worth about $181,000. Hedge funds and other institutional investors 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.