Consolidated Edison (NYSE:ED) Price Target Raised to $87.00

Consolidated Edison (NYSE:ED) had its price objective increased by Barclays from $86.00 to $87.00 in a research note issued to investors on Thursday, Benzinga reports. The brokerage presently has an “equal weight” rating on the utilities provider’s stock. Barclays‘s target price points to a potential downside of 2.24% from the company’s current price.

ED has been the subject of several other research reports. Royal Bank of Canada reduced their price target on shares of Consolidated Edison from $94.00 to $93.00 and set a “sector perform” rating for the company in a research report on Friday, February 16th. JPMorgan Chase & Co. upped their price target on shares of Consolidated Edison from $84.00 to $87.00 and gave the company an “underweight” rating in a research report on Wednesday, November 29th. Scotiabank upped their price target on shares of Consolidated Edison from $90.00 to $91.00 and gave the company a “sector underperform” rating in a research report on Tuesday, February 20th. UBS Group reduced their price target on shares of Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating for the company in a research report on Friday, February 16th. Finally, KeyCorp upgraded shares of Consolidated Edison from an “underweight” rating to a “sector weight” rating in a research report on Thursday, January 4th. Four investment analysts have rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the stock. According to MarketBeat, Consolidated Edison currently has an average rating of “Hold” and an average target price of $87.96.

Consolidated Edison Stock Up 0.1 %

Shares of NYSE:ED traded up $0.05 during trading on Thursday, hitting $88.99. 1,354,953 shares of the company were exchanged, compared to its average volume of 1,811,254. The stock has a market capitalization of $30.75 billion, a P/E ratio of 12.39, a PEG ratio of 8.36 and a beta of 0.35. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.01 and a quick ratio of 0.94. Consolidated Edison has a 12-month low of $80.46 and a 12-month high of $100.92. The firm’s 50 day moving average price is $89.39 and its 200-day moving average price is $89.50.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings data on Thursday, February 15th. The utilities provider reported $1.00 earnings per share for the quarter, topping the consensus estimate of $0.98 by $0.02. Consolidated Edison had a net margin of 17.19% and a return on equity of 8.41%. The business had revenue of $3.44 billion during the quarter, compared to the consensus estimate of $3.70 billion. During the same quarter in the previous year, the firm earned $0.81 EPS. The company’s revenue was down 14.6% compared to the same quarter last year. On average, research analysts predict that Consolidated Edison will post 5.3 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Consolidated Edison

Institutional investors and hedge funds have recently made changes to their positions in the stock. Financial Gravity Asset Management Inc. grew its stake in Consolidated Edison by 215.6% in the 3rd quarter. Financial Gravity Asset Management Inc. now owns 284 shares of the utilities provider’s stock valued at $25,000 after acquiring an additional 194 shares during the last quarter. Main Street Group LTD acquired a new stake in Consolidated Edison in the 4th quarter valued at about $25,000. Level Financial Advisors Inc. acquired a new stake in shares of Consolidated Edison during the 3rd quarter worth about $26,000. Retirement Group LLC boosted its stake in shares of Consolidated Edison by 74.8% during the 4th quarter. Retirement Group LLC now owns 271 shares of the utilities provider’s stock worth $26,000 after purchasing an additional 116 shares during the last quarter. Finally, Missouri Trust & Investment Co acquired a new stake in shares of Consolidated Edison during the 2nd quarter worth about $27,000. 64.53% of the stock is owned by institutional investors and hedge funds.

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.