Consolidated Edison Inc (NYSE:ED) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday. The brokerage currently has a $98.00 price objective on the utilities provider’s stock. Zacks Investment Research‘s price target indicates a potential upside of 10.97% from the company’s previous close.
According to Zacks, “Consolidated Edison reported mixed results in the third quarter of 2017. While its bottom line missed the Zacks Consensus Estimate for earnings, its top line exceeded the corresponding consensus mark. However, on a year-over-year basis, results were disappointing on both fronts. 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 subject of a number of other reports. BidaskClub raised Consolidated Edison from a “hold” rating to a “buy” rating in a research report on Tuesday, August 22nd. Evercore ISI downgraded Consolidated Edison from an “in-line” rating to an “underperform” rating and set a $74.00 target price for the company. in a research note on Tuesday, September 26th. KeyCorp reissued a “hold” rating on shares of Consolidated Edison in a research note on Friday, October 20th. Bank of America Corporation started coverage on Consolidated Edison in a research note on Tuesday, October 24th. They set a “buy” rating and a $92.00 target price for the company. Finally, ValuEngine raised Consolidated Edison from a “hold” rating to a “buy” rating in a research note on Friday. Five research analysts have rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the company. Consolidated Edison has a consensus rating of “Hold” and a consensus price target of $79.63.
Consolidated Edison (NYSE ED) traded up $1.12 during trading on Tuesday, reaching $88.31. The company’s stock had a trading volume of 1,370,100 shares, compared to its average volume of 1,493,432. Consolidated Edison has a 52 week low of $68.76 and a 52 week high of $88.66. The company has a quick ratio of 0.70, a current ratio of 0.79 and a debt-to-equity ratio of 0.97. The firm has a market cap of $27,320.00, a PE ratio of 21.74, a price-to-earnings-growth ratio of 7.08 and a beta of 0.10.
Consolidated Edison (NYSE:ED) last posted its quarterly earnings data on Thursday, November 2nd. The utilities provider reported $1.47 earnings per share for the quarter, missing analysts’ consensus estimates of $1.54 by ($0.07). Consolidated Edison had a return on equity of 8.42% and a net margin of 10.42%. The company had revenue of $3.21 billion for the quarter, compared to analyst estimates of $3.14 billion. During the same period in the previous year, the business posted $1.51 earnings per share. equities analysts predict that Consolidated Edison will post 4.1 EPS for the current year.
In related news, CEO Joseph P. Oates sold 1,908 shares of the firm’s stock in a transaction that occurred on Wednesday, August 23rd. The stock was sold at an average price of $83.87, for a total value of $160,023.96. Following the completion of the transaction, the chief executive officer now directly owns 24,017 shares of the company’s stock, valued at approximately $2,014,305.79. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders purchased a total of 183 shares of company stock valued at $15,248 over the last ninety days. 0.20% of the stock is currently owned by company insiders.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ED. Janus Henderson Group PLC increased its stake in Consolidated Edison by 6,358.2% in the 2nd quarter. Janus Henderson Group PLC now owns 2,300,677 shares of the utilities provider’s stock valued at $185,940,000 after purchasing an additional 2,265,053 shares in the last quarter. APG Asset Management N.V. increased its stake in Consolidated Edison by 38.2% in the 3rd quarter. APG Asset Management N.V. now owns 4,055,555 shares of the utilities provider’s stock valued at $327,202,000 after purchasing an additional 1,121,200 shares in the last quarter. Vanguard Group Inc. increased its stake in Consolidated Edison by 2.4% in the 2nd quarter. Vanguard Group Inc. now owns 21,821,324 shares of the utilities provider’s stock valued at $1,763,600,000 after purchasing an additional 516,860 shares in the last quarter. Balyasny Asset Management LLC increased its stake in Consolidated Edison by 5,924.7% in the 2nd quarter. Balyasny Asset Management LLC now owns 523,427 shares of the utilities provider’s stock valued at $42,303,000 after purchasing an additional 514,739 shares in the last quarter. Finally, BlackRock Inc. increased its stake in Consolidated Edison by 1.8% in the 2nd quarter. BlackRock Inc. now owns 24,544,339 shares of the utilities provider’s stock valued at $1,983,672,000 after purchasing an additional 439,840 shares in the last quarter. 55.30% of the stock is owned by hedge funds and other institutional investors.
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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