Consolidated Edison (NYSE:ED) Downgraded by Evercore ISI to “Hold”

Consolidated Edison (NYSE:ED) was downgraded by equities researchers at Evercore ISI from a “strong-buy” rating to a “hold” rating in a research report issued on Tuesday,Zacks.com reports.

A number of other research analysts have also weighed in on ED. Scotiabank raised shares of Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and raised their target price for the stock from $90.00 to $100.00 in a research note on Thursday, December 12th. Morgan Stanley lowered their price target on shares of Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating on the stock in a research report on Friday, November 22nd. Jefferies Financial Group started coverage on shares of Consolidated Edison in a research note on Wednesday, October 9th. They set a “hold” rating and a $108.00 target price on the stock. Citigroup raised shares of Consolidated Edison from a “neutral” rating to a “buy” rating and increased their price target for the company from $103.00 to $116.00 in a research note on Tuesday, October 15th. Finally, Barclays reduced their price target on shares of Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating on the stock in a research report on Friday, November 8th. Two research analysts have rated the stock with a sell rating, eight have issued a hold rating, two have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $100.64.

Consolidated Edison Stock Performance

Shares of ED opened at $90.75 on Tuesday. The stock has a 50-day moving average of $93.08 and a two-hundred day moving average of $97.98. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.93 and a current ratio of 1.01. The stock has a market cap of $31.44 billion, a P/E ratio of 17.09, a P/E/G ratio of 2.97 and a beta of 0.38. Consolidated Edison has a one year low of $85.85 and a one year high of $107.75.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings data on Thursday, November 7th. The utilities provider reported $1.68 earnings per share for the quarter, topping analysts’ consensus estimates of $1.56 by $0.12. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. The business had revenue of $4.09 billion during the quarter, compared to the consensus estimate of $4.02 billion. As a group, research analysts predict that Consolidated Edison will post 5.35 EPS for the current year.

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Capital Performance Advisors LLP purchased a new stake in Consolidated Edison in the third quarter valued at $27,000. AlphaMark Advisors LLC acquired a new stake in shares of Consolidated Edison during the fourth quarter worth $27,000. Ashton Thomas Securities LLC purchased a new stake in Consolidated Edison in the 3rd quarter valued at approximately $30,000. Future Financial Wealth Managment LLC purchased a new stake in shares of Consolidated Edison in the third quarter valued at approximately $55,000. Finally, FSA Wealth Management LLC acquired a new position in shares of Consolidated Edison during the 3rd quarter worth $55,000. Institutional investors and hedge funds own 66.29% of the company’s stock.

About Consolidated Edison

Consolidated Edison, Inc, through its subsidiaries, engages in the regulated electric, gas, and steam delivery businesses in the United States. It offers electric services to approximately 3.7 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 1,530 customers in parts of Manhattan.