Consolidated Edison (NYSE:ED) Raised to Sector Perform at Scotiabank

Consolidated Edison (NYSE:ED) was upgraded by Scotiabank from a “sector underperform” rating to a “sector perform” rating in a note issued to investors on Thursday,Briefing.com Automated Import reports. The brokerage currently has a $100.00 price objective on the utilities provider’s stock, up from their previous price objective of $90.00. Scotiabank’s price target would indicate a potential upside of 7.82% from the company’s previous close.

A number of other research analysts also recently commented on ED. UBS Group increased their price objective on Consolidated Edison from $105.00 to $106.00 and gave the company a “neutral” rating in a report on Friday, September 20th. Barclays dropped 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 note on Friday, November 8th. Morgan Stanley reduced their price objective on shares of Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating for the company in a research report on Friday, November 22nd. Evercore ISI raised shares of Consolidated Edison from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 8th. Finally, Jefferies Financial Group began coverage on shares of Consolidated Edison in a research report on Wednesday, October 9th. They issued a “hold” rating and a $108.00 price target for the company. Two equities research analysts have rated the stock with a sell rating, nine have given a hold rating, two have issued a buy rating and two have given a strong buy rating to the company. According to data from MarketBeat.com, Consolidated Edison currently has an average rating of “Hold” and a consensus price target of $99.96.

Consolidated Edison Stock Down 2.0 %

Shares of Consolidated Edison stock opened at $92.75 on Thursday. 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 has a 52-week low of $85.85 and a 52-week high of $107.75. The company has a market capitalization of $32.13 billion, a P/E ratio of 17.47, a P/E/G ratio of 3.18 and a beta of 0.36. The company has a 50 day moving average of $100.45 and a 200 day moving average of $98.19.

Consolidated Edison (NYSE:ED) last released its quarterly earnings data on Thursday, November 7th. The utilities provider reported $1.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.56 by $0.12. The business had revenue of $4.09 billion during the quarter, compared to analysts’ expectations of $4.02 billion. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. As a group, research analysts forecast that Consolidated Edison will post 5.34 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of institutional investors have recently modified their holdings of ED. Capital Performance Advisors LLP purchased a new position in Consolidated Edison in the 3rd quarter valued at $27,000. Ashton Thomas Securities LLC purchased a new position in Consolidated Edison during the 3rd quarter worth $30,000. FSA Wealth Management LLC acquired a new stake in shares of Consolidated Edison in the 3rd quarter worth $55,000. Future Financial Wealth Managment LLC purchased a new stake in shares of Consolidated Edison in the third quarter valued at about $55,000. Finally, Webster Bank N. A. increased its stake in shares of Consolidated Edison by 189.5% during the third quarter. Webster Bank N. A. now owns 579 shares of the utilities provider’s stock worth $60,000 after acquiring an additional 379 shares during the period. 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.