KeyCorp Lowers Consolidated Edison (NYSE:ED) Price Target to $94.00

Consolidated Edison (NYSE:ED) had its price target decreased by equities research analysts at KeyCorp from $97.00 to $94.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm currently has an “underweight” rating on the utilities provider’s stock. KeyCorp’s price target points to a potential downside of 16.15% from the stock’s previous close.

Several other research firms have also recently commented on ED. Wells Fargo & Company set a $98.00 target price on Consolidated Edison in a research report on Tuesday, April 21st. Argus set a $112.00 price target on Consolidated Edison in a research report on Tuesday, June 23rd. Weiss Ratings raised Consolidated Edison from a “buy (b-)” rating to a “buy (b)” rating in a report on Friday, April 24th. Barclays cut their price objective on shares of Consolidated Edison from $110.00 to $107.00 and set an “underweight” rating on the stock in a research note on Monday, May 11th. Finally, Mizuho reaffirmed a “neutral” rating and issued a $105.00 price objective on shares of Consolidated Edison in a report on Tuesday, June 2nd. Two investment analysts have rated the stock with a Buy rating, seven have given a Hold rating and six have assigned a Sell rating to the company’s stock. According to data from MarketBeat, the company has an average rating of “Reduce” and a consensus target price of $107.87.

Consolidated Edison Stock Performance

ED opened at $112.11 on Thursday. The business’s 50 day moving average is $108.77 and its 200-day moving average is $108.89. The stock has a market cap of $41.31 billion, a PE ratio of 18.87, a price-to-earnings-growth ratio of 2.79 and a beta of 0.27. The company has a current ratio of 1.19, a quick ratio of 1.09 and a debt-to-equity ratio of 1.00. Consolidated Edison has a twelve month low of $94.96 and a twelve month high of $116.23.

Hedge Funds Weigh In On Consolidated Edison

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Basepoint Wealth LLC bought a new stake in shares of Consolidated Edison in the 4th quarter worth $26,000. JPL Wealth Management LLC bought a new position in Consolidated Edison during the third quarter valued at about $26,000. Westfuller Advisors LLC acquired a new position in Consolidated Edison during the fourth quarter worth about $27,000. Sachetta LLC grew its holdings in Consolidated Edison by 72.9% during the first quarter. Sachetta LLC now owns 242 shares of the utilities provider’s stock worth $27,000 after acquiring an additional 102 shares during the period. Finally, Dorato Capital Management bought a new position in shares of Consolidated Edison during the 4th quarter valued at about $28,000. 66.29% of the stock is owned by institutional investors.

About Consolidated Edison

Consolidated Edison, Inc, commonly known as Con Edison, is an investor-owned energy company that primarily delivers electricity, natural gas and steam to customers in the New York metropolitan area. Its regulated utility operations include the distribution and transmission of electric power, the distribution of natural gas, and the operation of one of the largest district steam systems in the United States, serving commercial, institutional and residential customers in New York City and nearby counties.

The company operates through regulated utility subsidiaries that serve urban and suburban service territories, together with non-utility businesses that develop, own and manage energy infrastructure and clean energy projects.