Consolidated Edison (NYSE:ED) PT Raised to $87.00 at Morgan Stanley

Consolidated Edison (NYSE:ED) had its target price hoisted by investment analysts at Morgan Stanley from $82.00 to $87.00 in a report issued on Wednesday, Benzinga reports. The brokerage presently has an “underweight” rating on the utilities provider’s stock. Morgan Stanley’s price objective suggests a potential downside of 15.64% from the stock’s current price.

Several other brokerages have also issued reports on ED. Mizuho raised their price target on shares of Consolidated Edison from $93.00 to $95.00 and gave the stock a “neutral” rating in a research note on Tuesday, May 28th. Guggenheim raised their price target on shares of Consolidated Edison from $88.00 to $91.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd. Barclays raised their price target on shares of Consolidated Edison from $92.00 to $98.00 and gave the stock an “underweight” rating in a research note on Monday, August 5th. Scotiabank raised their price target on shares of Consolidated Edison from $85.00 to $90.00 and gave the stock a “sector underperform” rating in a research note on Tuesday, August 20th. Finally, UBS Group raised their price target on shares of Consolidated Edison from $105.00 to $106.00 and gave the stock a “neutral” rating in a research note on Friday, September 20th. Four investment analysts have rated the stock with a sell rating, eight have given a hold rating, one has assigned a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, Consolidated Edison presently has a consensus rating of “Hold” and an average price target of $93.81.

Consolidated Edison Price Performance

Shares of NYSE ED opened at $103.13 on Wednesday. Consolidated Edison has a fifty-two week low of $80.46 and a fifty-two week high of $105.99. The stock has a market cap of $35.67 billion, a price-to-earnings ratio of 19.80, a PEG ratio of 3.52 and a beta of 0.36. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.97 and a current ratio of 1.04. The firm’s 50-day simple moving average is $100.77 and its 200 day simple moving average is $94.94.

Consolidated Edison (NYSE:ED) last posted its earnings results on Thursday, August 1st. The utilities provider reported $0.59 EPS for the quarter, topping the consensus estimate of $0.57 by $0.02. Consolidated Edison had a net margin of 12.03% and a return on equity of 8.67%. The firm had revenue of $3.22 billion for the quarter, compared to analysts’ expectations of $3.08 billion. During the same quarter last year, the firm earned $0.61 EPS. As a group, research analysts anticipate that Consolidated Edison will post 5.3 earnings per share for the current fiscal year.

Institutional Trading of Consolidated Edison

Hedge funds have recently made changes to their positions in the stock. Clean Energy Transition LLP lifted its stake in Consolidated Edison by 227.9% in the second quarter. Clean Energy Transition LLP now owns 897,553 shares of the utilities provider’s stock worth $80,259,000 after purchasing an additional 623,787 shares during the last quarter. Acadian Asset Management LLC lifted its stake in Consolidated Edison by 302.3% in the second quarter. Acadian Asset Management LLC now owns 709,172 shares of the utilities provider’s stock worth $63,396,000 after purchasing an additional 532,893 shares during the last quarter. AMF Tjanstepension AB lifted its stake in Consolidated Edison by 243.2% in the second quarter. AMF Tjanstepension AB now owns 497,982 shares of the utilities provider’s stock worth $44,564,000 after purchasing an additional 352,903 shares during the last quarter. Swedbank AB bought a new stake in Consolidated Edison in the first quarter worth $30,515,000. Finally, LPL Financial LLC lifted its stake in Consolidated Edison by 101.3% in the second quarter. LPL Financial LLC now owns 606,594 shares of the utilities provider’s stock worth $54,242,000 after purchasing an additional 305,291 shares during the last quarter. 66.29% of the stock is owned by institutional investors.

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.