Scotiabank Lowers Consolidated Edison (NYSE:ED) Price Target to $85.00

Consolidated Edison (NYSE:ED) had its target price dropped by equities research analysts at Scotiabank from $91.00 to $85.00 in a research report issued to clients and investors on Monday, Benzinga reports. The firm presently has a “sector underperform” rating on the utilities provider’s stock. Scotiabank’s target price would suggest a potential downside of 8.43% from the stock’s previous close.

Several other analysts have also commented on the stock. Barclays lifted their price objective on shares of Consolidated Edison from $86.00 to $87.00 and gave the stock an “equal weight” rating in a research report on Thursday, March 14th. Royal Bank of Canada dropped their price objective on Consolidated Edison from $94.00 to $93.00 and set a “sector perform” rating on the stock in a research note on Friday, February 16th. KeyCorp upgraded shares of Consolidated Edison from an “underweight” rating to a “sector weight” rating in a research report on Thursday, January 4th. UBS Group lowered their price target on shares of Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating on the stock in a research report on Friday, February 16th. Finally, LADENBURG THALM/SH SH assumed coverage on shares of Consolidated Edison in a research note on Wednesday, January 3rd. They set a “neutral” rating and a $92.50 price target on the stock. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and an average target price of $87.54.

Consolidated Edison Stock Performance

ED stock opened at $92.83 on Monday. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 1.04. The firm has a market cap of $32.07 billion, a PE ratio of 12.93, a P/E/G ratio of 8.65 and a beta of 0.35. The business has a 50 day moving average of $89.16 and a 200-day moving average of $89.80. Consolidated Edison has a 12-month low of $80.46 and a 12-month high of $100.92.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings data on Thursday, February 15th. The utilities provider reported $1.00 earnings per share for the quarter, topping the consensus estimate of $0.98 by $0.02. The business had revenue of $3.44 billion for the quarter, compared to analysts’ expectations of $3.70 billion. Consolidated Edison had a return on equity of 8.41% and a net margin of 17.19%. The business’s revenue was down 14.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.81 earnings per share. As a group, sell-side analysts expect that Consolidated Edison will post 5.3 earnings per share for the current year.

Institutional Trading of Consolidated Edison

A number of large investors have recently modified their holdings of the business. Norges Bank purchased a new position in Consolidated Edison in the fourth quarter worth $243,511,000. Newport Trust Company LLC bought a new stake in Consolidated Edison in the 3rd quarter worth approximately $51,134,000. International Assets Investment Management LLC boosted its stake in Consolidated Edison by 9,063.6% in the fourth quarter. International Assets Investment Management LLC now owns 519,028 shares of the utilities provider’s stock worth $47,216,000 after buying an additional 513,364 shares in the last quarter. J.P. Morgan Private Wealth Advisors LLC bought a new position in Consolidated Edison during the third quarter valued at approximately $39,556,000. Finally, Northern Trust Corp lifted its holdings in shares of Consolidated Edison by 8.2% in the 3rd quarter. Northern Trust Corp now owns 4,484,026 shares of the utilities provider’s stock worth $383,519,000 after acquiring an additional 340,239 shares during the last quarter. Institutional investors own 66.29% of the company’s stock.

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.