Scotiabank Forecasts Strong Price Appreciation for Consolidated Edison (NYSE:ED) Stock

Consolidated Edison (NYSE:ED) had its target price boosted by Scotiabank from $100.00 to $101.00 in a report issued on Monday,Benzinga reports. The firm presently has a “sector perform” rating on the utilities provider’s stock. Scotiabank’s target price would suggest a potential upside of 2.60% from the company’s previous close.

A number of other research analysts also recently issued reports on the stock. Mizuho boosted their target price on shares of Consolidated Edison from $92.00 to $95.00 and gave the company a “neutral” rating in a research report on Monday, February 3rd. Barclays upped their price objective on shares of Consolidated Edison from $92.00 to $95.00 and gave the company an “underweight” rating in a report on Monday. Evercore ISI cut shares of Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, January 21st. Finally, Morgan Stanley decreased their target price on Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating for the company in a research report on Friday, November 22nd. Two analysts have rated the stock with a sell rating, seven have given a hold rating, two have issued a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $101.10.

Consolidated Edison Stock Performance

Shares of ED opened at $98.44 on Monday. The company has a current ratio of 1.01, a quick ratio of 0.93 and a debt-to-equity ratio of 1.07. The firm’s fifty day simple moving average is $92.09 and its two-hundred day simple moving average is $97.96. Consolidated Edison has a 12 month low of $85.85 and a 12 month high of $107.75. The stock has a market capitalization of $34.10 billion, a P/E ratio of 18.79, a price-to-earnings-growth ratio of 3.05 and a beta of 0.39.

Consolidated Edison (NYSE:ED) last released its earnings results on Thursday, February 20th. The utilities provider reported $0.98 EPS for the quarter, topping the consensus estimate of $0.97 by $0.01. The business had revenue of $3.67 billion during the quarter, compared to analysts’ expectations of $3.63 billion. Consolidated Edison had a return on equity of 8.62% and a net margin of 11.93%. As a group, analysts predict that Consolidated Edison will post 5.62 EPS for the current year.

Hedge Funds Weigh In On Consolidated Edison

Several large investors have recently bought and sold shares of the stock. Capital Performance Advisors LLP purchased a new stake in shares of Consolidated Edison in the third quarter valued at about $27,000. AlphaMark Advisors LLC bought a new stake in Consolidated Edison in the 4th quarter worth about $27,000. Ashton Thomas Securities LLC purchased a new stake in Consolidated Edison in the 3rd quarter valued at about $30,000. OFI Invest Asset Management purchased a new stake in Consolidated Edison in the 4th quarter valued at about $35,000. Finally, Fairway Wealth LLC bought a new position in shares of Consolidated Edison during the 4th quarter worth approximately $36,000. 66.29% of the stock is currently owned by institutional investors.

Consolidated Edison Company Profile

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.