Consolidated Edison (NYSE:ED) had its target price lowered by Morgan Stanley from $90.00 to $89.00 in a research note published on Thursday, BenzingaRatingsTable reports. Morgan Stanley currently has an underweight rating on the utilities provider’s stock.
Other equities analysts have also issued reports about the stock. Credit Suisse Group reduced their price target on shares of Consolidated Edison from $87.00 to $86.00 and set an underperform rating for the company in a research report on Thursday, August 8th. Barclays reissued a hold rating and set a $90.00 price target on shares of Consolidated Edison in a research report on Thursday, June 20th. Finally, ValuEngine lowered shares of Consolidated Edison from a buy rating to a hold rating in a research report on Thursday, August 1st. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and one has issued a buy rating to the company. The company presently has an average rating of Hold and an average price target of $85.38.
ED traded up $0.19 during trading on Thursday, reaching $91.49. 1,060,242 shares of the company’s stock were exchanged, compared to its average volume of 1,798,411. Consolidated Edison has a 1 year low of $73.29 and a 1 year high of $94.97. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.62 and a quick ratio of 0.56. The stock has a market capitalization of $30.14 billion, a P/E ratio of 21.18, a price-to-earnings-growth ratio of 10.45 and a beta of 0.07. The company’s fifty day simple moving average is $91.76 and its 200-day simple moving average is $87.95.
Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, August 1st. The utilities provider reported $0.58 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.60 by ($0.02). Consolidated Edison had a return on equity of 8.04% and a net margin of 10.71%. The business had revenue of $2.74 billion for the quarter, compared to analysts’ expectations of $2.67 billion. During the same period in the prior year, the business posted $0.61 earnings per share. Equities analysts forecast that Consolidated Edison will post 4.34 EPS for the current year.
Several hedge funds and other institutional investors have recently modified their holdings of the company. Clearbridge Investments LLC lifted its position in shares of Consolidated Edison by 5.1% in the first quarter. Clearbridge Investments LLC now owns 24,844 shares of the utilities provider’s stock worth $2,107,000 after buying an additional 1,211 shares during the last quarter. Rehmann Capital Advisory Group lifted its position in shares of Consolidated Edison by 134.7% during the 1st quarter. Rehmann Capital Advisory Group now owns 1,042 shares of the utilities provider’s stock worth $88,000 after purchasing an additional 598 shares during the last quarter. FMR LLC lifted its position in shares of Consolidated Edison by 3.8% during the 1st quarter. FMR LLC now owns 181,081 shares of the utilities provider’s stock worth $15,357,000 after purchasing an additional 6,640 shares during the last quarter. Weaver Consulting Group acquired a new position in shares of Consolidated Edison during the 1st quarter worth about $58,000. Finally, Amundi Pioneer Asset Management Inc. lifted its position in shares of Consolidated Edison by 38.6% during the 1st quarter. Amundi Pioneer Asset Management Inc. now owns 414,970 shares of the utilities provider’s stock worth $35,193,000 after purchasing an additional 115,592 shares during the last quarter. 59.80% of the stock is currently owned by institutional investors and hedge funds.
Consolidated Edison Company Profile
Consolidated Edison, Inc, through its subsidiaries, engages in regulated electric, gas, and steam delivery businesses in the United States. The company offers electric services to approximately 3.5 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 1,622 customers in parts of Manhattan.
Featured Story: Futures Contract
Receive News & Ratings for Consolidated Edison Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Consolidated Edison and related companies with MarketBeat.com's FREE daily email newsletter.