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 research report issued on Thursday, MarketBeat Ratings reports. The brokerage currently has a $100.00 price target on the utilities provider’s stock, up from their prior price target of $90.00. Scotiabank’s price objective suggests a potential upside of 7.89% from the company’s previous close.

Other analysts also recently issued reports about the company. Jefferies Financial Group initiated coverage on Consolidated Edison in a report on Wednesday, October 9th. They set a “hold” rating and a $108.00 price target for the company. 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 note on Friday, November 22nd. UBS Group increased their price target on shares of Consolidated Edison from $105.00 to $106.00 and gave the company a “neutral” rating in a research note on Friday, September 20th. Evercore ISI upgraded shares of Consolidated Edison from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 8th. Finally, Barclays dropped their target price on shares of Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating on the stock in a research report on Friday, November 8th. Two research analysts have rated the stock with a sell rating, nine have issued a hold rating, two have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $99.96.

Consolidated Edison Stock Up 0.1 %

ED stock opened at $92.69 on Thursday. The company’s 50 day moving average price is $100.02 and its 200 day moving average price is $98.14. The firm has a market capitalization of $32.11 billion, a price-to-earnings ratio of 17.46, a PEG ratio of 3.11 and a beta of 0.36. Consolidated Edison has a fifty-two week low of $85.85 and a fifty-two week high of $107.75. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.93 and a current ratio of 1.01.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings data on Thursday, November 7th. The utilities provider reported $1.68 EPS for the quarter, beating analysts’ consensus estimates of $1.56 by $0.12. The company had revenue of $4.09 billion for the quarter, compared to the consensus estimate of $4.02 billion. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. On average, equities research analysts anticipate that Consolidated Edison will post 5.34 EPS for the current fiscal year.

Hedge Funds Weigh In On Consolidated Edison

Several institutional investors have recently added to or reduced their stakes in ED. Retirement Planning Co of New England Inc. lifted its position in Consolidated Edison by 4.2% during the 2nd quarter. Retirement Planning Co of New England Inc. now owns 2,501 shares of the utilities provider’s stock worth $224,000 after acquiring an additional 100 shares during the period. Benjamin F. Edwards & Company Inc. lifted its holdings in shares of Consolidated Edison by 13.0% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 868 shares of the utilities provider’s stock worth $78,000 after purchasing an additional 100 shares during the period. TD Private Client Wealth LLC grew its position in Consolidated Edison by 4.7% in the 3rd quarter. TD Private Client Wealth LLC now owns 2,334 shares of the utilities provider’s stock valued at $243,000 after buying an additional 104 shares during the last quarter. D.A. Davidson & CO. increased its stake in Consolidated Edison by 1.1% in the 3rd quarter. D.A. Davidson & CO. now owns 11,142 shares of the utilities provider’s stock valued at $1,160,000 after buying an additional 124 shares during the period. Finally, Townsquare Capital LLC increased its stake in Consolidated Edison by 2.4% in the 3rd quarter. Townsquare Capital LLC now owns 5,574 shares of the utilities provider’s stock valued at $580,000 after buying an additional 130 shares during the period. Institutional investors and hedge funds 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.