Consolidated Edison Inc (NYSE:ED) Price Target Raised to $78.00

Consolidated Edison Inc (NYSE:ED) had its price target upped by stock analysts at Morgan Stanley from $75.00 to $78.00 in a research report issued to clients and investors on Thursday. The brokerage currently has an “underweight” rating on the utilities provider’s stock. Morgan Stanley’s price target indicates a potential downside of 5.88% from the company’s current price.

A number of other equities research analysts have also recently issued reports on ED. UBS AG upped their price target on shares of Consolidated Edison from $72.00 to $75.00 and gave the company a “sell” rating in a report on Monday, May 8th. Zacks Investment Research upgraded shares of Consolidated Edison from a “sell” rating to a “hold” rating in a report on Monday, August 7th. BidaskClub upgraded shares of Consolidated Edison from a “sell” rating to a “hold” rating in a report on Monday, July 24th. Jefferies Group LLC cut shares of Consolidated Edison from a “buy” rating to a “hold” rating and decreased their price target for the company from $88.00 to $83.50 in a report on Tuesday, June 13th. Finally, BMO Capital Markets restated a “hold” rating and set a $80.00 price target on shares of Consolidated Edison in a report on Friday, May 5th. Five analysts have rated the stock with a sell rating and nine have assigned a hold rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $76.96.

Consolidated Edison (ED) opened at 82.87 on Thursday. Consolidated Edison has a 52-week low of $68.76 and a 52-week high of $85.13. The stock has a market capitalization of $25.33 billion, a price-to-earnings ratio of 20.05 and a beta of 0.08. The firm has a 50-day moving average price of $82.01 and a 200 day moving average price of $79.28.

Consolidated Edison (NYSE:ED) last released its quarterly earnings results on Thursday, August 3rd. The utilities provider reported $0.58 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.61 by $0.03. Consolidated Edison had a net margin of 10.57% and a return on equity of 8.59%. The firm had revenue of $2.63 billion for the quarter, compared to the consensus estimate of $2.79 billion. During the same quarter last year, the company earned $0.60 earnings per share. On average, equities research analysts predict that Consolidated Edison will post $4.09 EPS for the current year.

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In related news, Director Linda S. Sanford acquired 900 shares of the business’s stock in a transaction dated Wednesday, May 17th. The stock was acquired at an average price of $79.74 per share, with a total value of $71,766.00. Following the completion of the transaction, the director now owns 8,748 shares of the company’s stock, valued at $697,565.52. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Insiders have bought 1,319 shares of company stock valued at $106,510 in the last ninety days. 0.20% of the stock is owned by company insiders.

A number of hedge funds and other institutional investors have recently bought and sold shares of ED. Welch & Forbes LLC raised its position in Consolidated Edison by 0.3% in the first quarter. Welch & Forbes LLC now owns 3,263 shares of the utilities provider’s stock valued at $254,000 after buying an additional 9 shares during the period. Fiera Capital Corp raised its position in Consolidated Edison by 0.3% in the second quarter. Fiera Capital Corp now owns 4,895 shares of the utilities provider’s stock valued at $395,000 after buying an additional 13 shares during the period. Court Place Advisors LLC raised its position in Consolidated Edison by 0.4% in the first quarter. Court Place Advisors LLC now owns 4,014 shares of the utilities provider’s stock valued at $312,000 after buying an additional 14 shares during the period. Sabal Trust CO raised its position in Consolidated Edison by 0.6% in the second quarter. Sabal Trust CO now owns 2,715 shares of the utilities provider’s stock valued at $219,000 after buying an additional 15 shares during the period. Finally, Teacher Retirement System of Texas raised its position in Consolidated Edison by 0.6% in the second quarter. Teacher Retirement System of Texas now owns 3,186 shares of the utilities provider’s stock valued at $257,000 after buying an additional 18 shares during the period. 55.61% of the stock is owned by hedge funds and other institutional investors.

Consolidated Edison Company Profile

Consolidated Edison, Inc (Con Edison) is a holding company. The Company operates through its subsidiaries, which include Consolidated Edison Company of New York, Inc (CECONY), Orange and Rockland Utilities, Inc (O&R), Con Edison Clean Energy Businesses, Inc (the Clean Energy Businesses) and Con Edison Transmission, Inc (Con Edison Transmission).

Analyst Recommendations for Consolidated Edison (NYSE:ED)

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