Citigroup Issues Positive Forecast for Consolidated Edison (NYSE:ED) Stock Price

Consolidated Edison (NYSE:ED) had its price target upped by Citigroup from $116.00 to $120.00 in a report released on Wednesday,Benzinga reports. The firm currently has a “buy” rating on the utilities provider’s stock. Citigroup’s target price would suggest a potential upside of 15.26% from the company’s current price.

Several other research analysts have also commented on the company. Morgan Stanley boosted their price target on Consolidated Edison from $85.00 to $91.00 and gave the stock an “underweight” rating in a research report on Thursday, March 20th. Evercore ISI lowered shares of Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 21st. Scotiabank lifted their price objective on shares of Consolidated Edison from $100.00 to $101.00 and gave the stock a “sector perform” rating in a research report on Monday, February 24th. Barclays increased their target price on shares of Consolidated Edison from $92.00 to $95.00 and gave the company an “underweight” rating in a research report on Monday, February 24th. Finally, Mizuho lifted their price target on shares of Consolidated Edison from $92.00 to $95.00 and gave the stock a “neutral” rating in a report on Monday, February 3rd. Two analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have issued a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat, Consolidated Edison currently has an average rating of “Hold” and an average price target of $102.80.

Consolidated Edison Stock Down 1.8 %

Shares of Consolidated Edison stock traded down $1.94 during trading on Wednesday, hitting $104.11. 690,594 shares of the stock traded hands, compared to its average volume of 2,816,460. Consolidated Edison has a 52-week low of $87.28 and a 52-week high of $114.87. The stock’s fifty day simple moving average is $102.16 and its 200 day simple moving average is $98.79. The firm has a market cap of $37.50 billion, a P/E ratio of 19.86, a price-to-earnings-growth ratio of 3.05 and a beta of 0.27. The company has a current ratio of 1.01, a quick ratio of 0.93 and a debt-to-equity ratio of 1.07.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, February 20th. The utilities provider reported $0.98 EPS for the quarter, beating the consensus estimate of $0.97 by $0.01. Consolidated Edison had a net margin of 11.93% and a return on equity of 8.62%. The business had revenue of $3.67 billion during the quarter, compared to analyst estimates of $3.63 billion. On average, equities analysts predict that Consolidated Edison will post 5.62 earnings per share for the current fiscal year.

Institutional Trading of Consolidated Edison

Several institutional investors and hedge funds have recently bought and sold shares of ED. Vanguard Group Inc. increased its stake in shares of Consolidated Edison by 1.2% in the fourth quarter. Vanguard Group Inc. now owns 42,455,662 shares of the utilities provider’s stock worth $3,788,319,000 after acquiring an additional 488,752 shares during the period. Geode Capital Management LLC lifted its holdings in shares of Consolidated Edison by 1.5% in the 4th quarter. Geode Capital Management LLC now owns 8,984,022 shares of the utilities provider’s stock valued at $799,684,000 after buying an additional 130,234 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in shares of Consolidated Edison by 6.0% in the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,820,449 shares of the utilities provider’s stock worth $430,129,000 after buying an additional 271,088 shares during the last quarter. Norges Bank acquired a new stake in Consolidated Edison during the fourth quarter worth about $399,824,000. Finally, Northern Trust Corp raised its position in Consolidated Edison by 10.2% during the fourth quarter. Northern Trust Corp now owns 4,207,753 shares of the utilities provider’s stock valued at $375,458,000 after acquiring an additional 390,708 shares in the last quarter. 66.29% of the stock is currently 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.