Consolidated Edison (NYSE:ED) had its price target increased by investment analysts at UBS Group from $96.00 to $98.00 in a research report issued on Monday, BenzingaRatingsTable reports. The brokerage presently has a “neutral” rating on the utilities provider’s stock. UBS Group’s price objective indicates a potential upside of 5.06% from the company’s current price.
Other research analysts have also recently issued reports about the company. Wells Fargo & Co increased their price target on Consolidated Edison from $94.00 to $95.00 and gave the company a “market perform” rating in a research note on Monday. Credit Suisse Group dropped their price target on Consolidated Edison from $87.00 to $86.00 and set an “underperform” rating for the company in a research note on Thursday, August 8th. ValuEngine cut Consolidated Edison from a “buy” rating to a “hold” rating in a research note on Thursday, August 1st. Morgan Stanley dropped their price target on Consolidated Edison from $90.00 to $89.00 and set an “underweight” rating for the company in a research note on Thursday, October 17th. Finally, KeyCorp increased their price target on Consolidated Edison from $98.00 to $100.00 and gave the company an “overweight” rating in a research note on Monday. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating and two have assigned a buy rating to the stock. Consolidated Edison presently has a consensus rating of “Hold” and an average price target of $88.73.
Shares of ED opened at $93.28 on Monday. Consolidated Edison has a 52 week low of $73.29 and a 52 week high of $94.97. The stock has a market capitalization of $30.39 billion, a price-to-earnings ratio of 21.59, a PEG ratio of 10.53 and a beta of 0.07. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.56 and a current ratio of 0.62. The stock has a fifty day moving average of $92.03 and a 200-day moving average of $88.10.
Consolidated Edison (NYSE:ED) last announced its quarterly earnings results on Thursday, August 1st. The utilities provider reported $0.58 EPS for the quarter, missing the Zacks’ consensus estimate of $0.60 by ($0.02). Consolidated Edison had a net margin of 10.71% and a return on equity of 8.04%. The firm had revenue of $2.74 billion during the quarter, compared to the consensus estimate of $2.67 billion. During the same quarter in the previous year, the company posted $0.61 earnings per share. As a group, equities analysts forecast that Consolidated Edison will post 4.34 EPS for the current year.
A number of large investors have recently made changes to their positions in ED. BlackRock Inc. raised its position in Consolidated Edison by 7.5% during the 2nd quarter. BlackRock Inc. now owns 31,370,484 shares of the utilities provider’s stock worth $2,750,563,000 after purchasing an additional 2,198,264 shares during the last quarter. Nuveen Asset Management LLC raised its position in Consolidated Edison by 2,416.3% during the 2nd quarter. Nuveen Asset Management LLC now owns 1,501,642 shares of the utilities provider’s stock worth $131,665,000 after purchasing an additional 1,441,965 shares during the last quarter. Vanguard Group Inc. raised its position in Consolidated Edison by 3.0% during the 2nd quarter. Vanguard Group Inc. now owns 26,943,155 shares of the utilities provider’s stock worth $2,362,375,000 after purchasing an additional 781,260 shares during the last quarter. Luminus Management LLC bought a new position in Consolidated Edison during the 2nd quarter worth $63,060,000. Finally, Zimmer Partners LP bought a new position in Consolidated Edison during the 2nd quarter worth $57,848,000. 59.80% of the stock is owned by institutional investors and hedge funds.
About Consolidated Edison
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.
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