Consolidated Edison Inc (NYSE:ED) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research report issued to clients and investors on Monday, August 7th.
According to Zacks, “Consolidated Edison posted disappointing results in the second quarter, when compared with the Zacks Consensus Estimate. Evidently, the company missed the mark on both the top and bottom-line fronts. Results also saw a downward movement year over year. On a brighter note, the company raised the lower end of its earnings per share guidance range for 2017. Moreover, Consolidated Edison has a history of favorable rate decisions by regulatory authorities, which will likely encourage it to invest more in infrastructure improvements. The company is also making notable progress in generating renewable energy. Yet, the company underperformed its broader industry in the past one year. Also, disruption in wholesale energy markets may affect its ability to meet customers’ energy needs and thereby adversely affect its performance. Again, stringent utility regulations and interruption in operation of its generating units could be detrimental to growth.”
Several other research firms have also weighed in on ED. BidaskClub lowered Consolidated Edison from a “strong-buy” rating to a “buy” rating in a research report on Saturday, June 24th. Jefferies Group LLC downgraded Consolidated Edison from a “buy” rating to a “hold” rating and dropped their target price for the stock from $88.00 to $83.50 in a report on Tuesday, June 13th. BMO Capital Markets reissued a “hold” rating and issued a $80.00 target price on shares of Consolidated Edison in a report on Monday, May 15th. UBS AG boosted their target price on Consolidated Edison from $72.00 to $75.00 and gave the stock a “sell” rating in a report on Monday, May 15th. Finally, Deutsche Bank AG downgraded Consolidated Edison from a “hold” rating to a “sell” rating and set a $74.00 target price on the stock. in a report on Monday, May 8th. Five investment analysts have rated the stock with a sell rating and nine have given a hold rating to the company’s stock. The company currently has an average rating of “Hold” and a consensus price target of $76.96.
Shares of Consolidated Edison (ED) traded up 0.61% during midday trading on Monday, hitting $83.53. 2,024,020 shares of the company were exchanged. Consolidated Edison has a one year low of $68.76 and a one year high of $85.13. The company has a market capitalization of $25.53 billion, a P/E ratio of 20.21 and a beta of 0.08. The company has a 50-day moving average of $82.08 and a 200 day moving average of $79.65.
Consolidated Edison (NYSE:ED) last released its quarterly earnings results on Thursday, August 3rd. The utilities provider reported $0.58 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.61 by $0.03. Consolidated Edison had a net margin of 10.57% and a return on equity of 8.59%. The firm had revenue of $2.63 billion for the quarter, compared to the consensus estimate of $2.79 billion. During the same quarter in the prior year, the firm earned $0.60 earnings per share. On average, equities research analysts expect that Consolidated Edison will post $4.09 earnings per share for the current fiscal year.
A number of hedge funds have recently bought and sold shares of the stock. Armbruster Capital Management Inc. boosted its stake in shares of Consolidated Edison by 127.3% in the second quarter. Armbruster Capital Management Inc. now owns 1,250 shares of the utilities provider’s stock worth $101,000 after buying an additional 700 shares during the last quarter. Stuart Chaussee & Associates Inc. boosted its stake in shares of Consolidated Edison by 138.3% in the first quarter. Stuart Chaussee & Associates Inc. now owns 1,370 shares of the utilities provider’s stock worth $106,000 after buying an additional 795 shares during the last quarter. WFG Advisors LP boosted its stake in shares of Consolidated Edison by 19.6% in the second quarter. WFG Advisors LP now owns 1,308 shares of the utilities provider’s stock worth $106,000 after buying an additional 214 shares during the last quarter. Oakworth Capital Inc. boosted its stake in shares of Consolidated Edison by 10.5% in the second quarter. Oakworth Capital Inc. now owns 1,447 shares of the utilities provider’s stock worth $117,000 after buying an additional 137 shares during the last quarter. Finally, Tompkins Financial Corp bought a new stake in shares of Consolidated Edison during the first quarter worth approximately $118,000. Institutional investors own 54.90% of the company’s stock.
About Consolidated Edison
Consolidated Edison, Inc (Con Edison) is a holding company. The Company operates through its subsidiaries, which include Consolidated Edison Company of New York, Inc (CECONY), Orange and Rockland Utilities, Inc (O&R), Con Edison Clean Energy Businesses, Inc (the Clean Energy Businesses) and Con Edison Transmission, Inc (Con Edison Transmission).
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