Consolidated Edison (NYSE:ED) Given New $94.00 Price Target at Wells Fargo & Co

Consolidated Edison (NYSE:ED) had its target price cut by equities research analysts at Wells Fargo & Co from $95.00 to $94.00 in a research report issued to clients and investors on Tuesday, Stock Target Advisor reports. The brokerage currently has a “market perform” rating on the utilities provider’s stock. Wells Fargo & Co‘s price objective would suggest a potential upside of 6.07% from the company’s current price.

Several other research firms have also recently issued reports on ED. ValuEngine cut Consolidated Edison from a “buy” rating to a “hold” rating in a research report on Thursday, August 1st. Morgan Stanley cut their price objective on Consolidated Edison from $90.00 to $89.00 and set an “underweight” rating for the company in a research report on Thursday, October 17th. UBS Group increased their price objective on Consolidated Edison from $96.00 to $98.00 and gave the stock a “neutral” rating in a research report on Monday, October 21st. Credit Suisse Group cut their price objective on Consolidated Edison from $90.00 to $89.00 and set an “underperform” rating for the company in a research report on Tuesday. Finally, Bank of America increased their price objective on Consolidated Edison from $99.00 to $101.00 and gave the stock a “buy” rating in a research report on Monday, October 28th. Three investment analysts have rated the stock with a sell rating, five have assigned a hold rating and three have given a buy rating to the company. Consolidated Edison currently has a consensus rating of “Hold” and an average target price of $92.51.

NYSE:ED opened at $88.62 on Tuesday. The stock has a fifty day moving average price of $92.45 and a two-hundred day moving average price of $88.65. The stock has a market capitalization of $30.26 billion, a price-to-earnings ratio of 20.51, a PEG ratio of 10.50 and a beta of 0.04. The company has a debt-to-equity ratio of 1.03, a quick ratio of 0.56 and a current ratio of 0.62. Consolidated Edison has a 1 year low of $73.29 and a 1 year high of $94.97.

Consolidated Edison (NYSE:ED) last released its quarterly earnings data on Monday, November 4th. The utilities provider reported $1.54 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $1.58 by ($0.04). The business had revenue of $3.37 billion during the quarter, compared to analysts’ expectations of $3.50 billion. Consolidated Edison had a return on equity of 8.04% and a net margin of 10.71%. During the same quarter in the previous year, the company posted $1.57 EPS. On average, analysts predict that Consolidated Edison will post 4.34 EPS for the current year.

Hedge funds have recently made changes to their positions in the company. FTB Advisors Inc. increased its position in shares of Consolidated Edison by 220.2% in the second quarter. FTB Advisors Inc. now owns 285 shares of the utilities provider’s stock valued at $25,000 after buying an additional 196 shares in the last quarter. Krane Funds Advisors LLC purchased a new position in shares of Consolidated Edison in the second quarter valued at $25,000. Coastal Capital Group Inc. purchased a new position in shares of Consolidated Edison in the second quarter valued at $26,000. 1 North Wealth Services LLC purchased a new position in shares of Consolidated Edison in the third quarter valued at $28,000. Finally, Golden State Wealth Management LLC purchased a new position in shares of Consolidated Edison in the third quarter valued at $32,000. Institutional investors and hedge funds own 59.80% of the company’s stock.

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.

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