Consolidated Edison (ED) Rating Increased to Buy at Zacks Investment Research

Consolidated Edison (NYSE:ED) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a note issued to investors on Wednesday. The brokerage currently has a $94.00 target price on the utilities provider’s stock. Zacks Investment Research‘s price target indicates a potential upside of 14.89% from the stock’s previous close.

According to Zacks, “Consolidated Edison has a favorable rate decisions history 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. Moreover, the company outperformed its broader industry over a year. However, the company faces interest rate risk owing to variable rate debt and to new debt financing needed to fund capital requirements.”

ED has been the topic of several other research reports. Evercore ISI lowered shares of Consolidated Edison from an “in-line” rating to an “underperform” rating and set a $74.00 price target on the stock. in a research note on Tuesday, September 26th. KeyCorp restated a “hold” rating on shares of Consolidated Edison in a research note on Friday, October 20th. Bank of America started coverage on shares of Consolidated Edison in a research note on Tuesday, October 24th. They set a “buy” rating and a $92.00 price target on the stock. ValuEngine raised shares of Consolidated Edison from a “hold” rating to a “buy” rating in a report on Friday, November 10th. Finally, Morgan Stanley upped their price objective on shares of Consolidated Edison from $78.00 to $80.00 and gave the stock an “underweight” rating in a report on Friday, September 8th. Five research analysts have rated the stock with a sell rating, six have given a hold rating and three have issued a buy rating to the company’s stock. Consolidated Edison has a consensus rating of “Hold” and a consensus target price of $80.95.

Shares of Consolidated Edison (NYSE:ED) traded down $0.97 on Wednesday, hitting $81.82. 2,289,700 shares of the stock traded hands, compared to its average volume of 2,057,400. Consolidated Edison has a 52 week low of $72.13 and a 52 week high of $89.70. The firm has a market cap of $25,350.00, a price-to-earnings ratio of 20.51, a price-to-earnings-growth ratio of 9.72 and a beta of 0.10. The company has a current ratio of 0.79, a quick ratio of 0.70 and a debt-to-equity ratio of 0.97.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings results on Thursday, November 2nd. The utilities provider reported $1.47 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $1.54 by ($0.07). Consolidated Edison had a return on equity of 8.42% and a net margin of 10.42%. The business had revenue of $3.21 billion for the quarter, compared to analyst estimates of $3.14 billion. During the same quarter last year, the company earned $1.51 EPS. research analysts anticipate that Consolidated Edison will post 4.09 EPS for the current year.

Several hedge funds and other institutional investors have recently bought and sold shares of the stock. QUANTRES ASSET MANAGEMENT Ltd boosted its holdings in shares of Consolidated Edison by 60.7% during the 4th quarter. QUANTRES ASSET MANAGEMENT Ltd now owns 14,300 shares of the utilities provider’s stock worth $1,215,000 after buying an additional 5,400 shares during the period. Atlantic Trust Group LLC boosted its holdings in Consolidated Edison by 18.1% in the 3rd quarter. Atlantic Trust Group LLC now owns 34,059 shares of the utilities provider’s stock valued at $2,747,000 after purchasing an additional 5,210 shares during the period. Parametric Portfolio Associates LLC boosted its holdings in Consolidated Edison by 5.6% in the 3rd quarter. Parametric Portfolio Associates LLC now owns 1,109,470 shares of the utilities provider’s stock valued at $89,512,000 after purchasing an additional 59,098 shares during the period. AXA boosted its holdings in Consolidated Edison by 0.4% in the 3rd quarter. AXA now owns 206,730 shares of the utilities provider’s stock valued at $16,679,000 after purchasing an additional 904 shares during the period. Finally, Steward Partners Investment Advisory LLC bought a new stake in Consolidated Edison in the 3rd quarter valued at $251,000. 55.50% of the stock is owned by institutional investors and hedge funds.

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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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