Consolidated Edison, Inc. (NYSE:ED) Given Average Recommendation of “Hold” by Analysts

Consolidated Edison, Inc. (NYSE:ED) has been given a consensus rating of “Hold” by the thirteen research firms that are presently covering the company, Marketbeat Ratings reports. Two equities research analysts have rated the stock with a sell recommendation, seven have issued a hold recommendation, two have assigned a buy recommendation and two have given a strong buy recommendation to the company. The average 12-month price objective among brokerages that have updated their coverage on the stock in the last year is $100.64.

A number of equities analysts have weighed in on the company. Barclays decreased their price target on Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating for the company in a report on Friday, November 8th. Citigroup upgraded shares of Consolidated Edison from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $103.00 to $116.00 in a report on Tuesday, October 15th. Jefferies Financial Group started coverage on shares of Consolidated Edison in a research report on Wednesday, October 9th. They issued a “hold” rating and a $108.00 price objective for the company. Scotiabank raised Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and lifted their target price for the stock from $90.00 to $100.00 in a research report on Thursday, December 12th. Finally, Morgan Stanley reduced their price target on Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating for the company in a report on Friday, November 22nd.

Consolidated Edison Price Performance

ED opened at $90.22 on Thursday. Consolidated Edison has a 52-week low of $85.85 and a 52-week high of $107.75. The company has a 50 day moving average of $93.72 and a two-hundred day moving average of $97.90. The company has a market cap of $31.25 billion, a P/E ratio of 16.99, a P/E/G ratio of 2.81 and a beta of 0.38. The company has a quick ratio of 0.93, a current ratio of 1.01 and a debt-to-equity ratio of 1.07.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings results on Thursday, November 7th. The utilities provider reported $1.68 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.56 by $0.12. Consolidated Edison had a return on equity of 8.70% and a net margin of 12.27%. The firm had revenue of $4.09 billion during the quarter, compared to the consensus estimate of $4.02 billion. On average, analysts expect that Consolidated Edison will post 5.35 earnings per share for the current year.

Institutional Investors Weigh In On Consolidated Edison

Several institutional investors and hedge funds have recently made changes to their positions in ED. Point72 Asset Management L.P. boosted its holdings in Consolidated Edison by 1,766.0% in the third quarter. Point72 Asset Management L.P. now owns 988,961 shares of the utilities provider’s stock worth $102,980,000 after purchasing an additional 935,962 shares during the period. Clean Energy Transition LLP raised its holdings in shares of Consolidated Edison by 227.9% during the second quarter. Clean Energy Transition LLP now owns 897,553 shares of the utilities provider’s stock worth $80,259,000 after purchasing an additional 623,787 shares during the period. FMR LLC lifted its position in shares of Consolidated Edison by 82.3% in the 3rd quarter. FMR LLC now owns 1,268,424 shares of the utilities provider’s stock worth $132,081,000 after buying an additional 572,530 shares during the last quarter. International Assets Investment Management LLC boosted its holdings in shares of Consolidated Edison by 10,262.1% in the 3rd quarter. International Assets Investment Management LLC now owns 553,546 shares of the utilities provider’s stock valued at $57,641,000 after buying an additional 548,204 shares during the period. Finally, National Bank of Canada FI grew its position in shares of Consolidated Edison by 350.6% during the 3rd quarter. National Bank of Canada FI now owns 620,705 shares of the utilities provider’s stock valued at $64,634,000 after buying an additional 482,953 shares during the last quarter. 66.29% of the stock is owned by institutional investors and hedge funds.

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.