Morgan Stanley Raises Consolidated Edison (ED) Price Target to $77.00

Consolidated Edison (NYSE:ED) had its price objective hoisted by Morgan Stanley from $74.00 to $77.00 in a research report released on Monday morning. Morgan Stanley currently has an underweight rating on the utilities provider’s stock.

ED has been the subject of a number of other research reports. Guggenheim restated a hold rating and issued a $88.00 target price on shares of Consolidated Edison in a research note on Wednesday, January 3rd. Zacks Investment Research upgraded Consolidated Edison from a hold rating to a buy rating and set a $94.00 target price for the company in a research note on Wednesday, January 3rd. ValuEngine upgraded Consolidated Edison from a hold rating to a buy rating in a research note on Sunday, December 31st. JPMorgan Chase initiated coverage on Consolidated Edison in a research note on Friday, January 12th. They issued an underweight rating and a $78.00 target price for the company. Finally, UBS initiated coverage on Consolidated Edison in a research note on Friday, February 2nd. They issued a neutral rating and a $80.00 target price for the company. Five equities research analysts have rated the stock with a sell rating, six have issued a hold rating and three have given a buy rating to the company’s stock. Consolidated Edison currently has a consensus rating of Hold and a consensus price target of $81.59.

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NYSE ED opened at $78.01 on Monday. Consolidated Edison has a fifty-two week low of $73.73 and a fifty-two week high of $89.70. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.72 and a quick ratio of 0.65. The company has a market capitalization of $24,145.79, a price-to-earnings ratio of 19.07, a price-to-earnings-growth ratio of 4.56 and a beta of 0.05.

Consolidated Edison (NYSE:ED) last released its quarterly earnings data on Thursday, February 15th. The utilities provider reported $0.80 earnings per share for the quarter, topping the consensus estimate of $0.78 by $0.02. Consolidated Edison had a return on equity of 8.51% and a net margin of 12.67%. The business had revenue of $2.96 billion during the quarter, compared to analysts’ expectations of $2.64 billion. During the same quarter last year, the business posted $0.69 EPS. The business’s revenue was up 9.4% on a year-over-year basis. research analysts expect that Consolidated Edison will post 4.26 earnings per share for the current year.

A number of large investors have recently made changes to their positions in ED. APG Asset Management N.V. raised its stake in Consolidated Edison by 28.4% during the fourth quarter. APG Asset Management N.V. now owns 5,209,155 shares of the utilities provider’s stock valued at $368,519,000 after buying an additional 1,153,600 shares during the last quarter. BlackRock Inc. raised its stake in Consolidated Edison by 2.7% during the fourth quarter. BlackRock Inc. now owns 25,916,294 shares of the utilities provider’s stock valued at $2,201,589,000 after buying an additional 680,592 shares during the last quarter. Renaissance Technologies LLC raised its stake in Consolidated Edison by 40.7% during the fourth quarter. Renaissance Technologies LLC now owns 2,099,400 shares of the utilities provider’s stock valued at $178,344,000 after buying an additional 607,000 shares during the last quarter. Teacher Retirement System of Texas raised its stake in Consolidated Edison by 1,929.5% during the fourth quarter. Teacher Retirement System of Texas now owns 237,872 shares of the utilities provider’s stock valued at $20,207,000 after buying an additional 226,151 shares during the last quarter. Finally, Amundi Pioneer Asset Management Inc. raised its stake in Consolidated Edison by 53.9% during the fourth quarter. Amundi Pioneer Asset Management Inc. now owns 640,734 shares of the utilities provider’s stock valued at $54,431,000 after buying an additional 224,421 shares during the last quarter. Institutional investors and hedge funds own 56.59% of the company’s stock.

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Consolidated Edison Company Profile

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).

Analyst Recommendations for Consolidated Edison (NYSE:ED)

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