Morgan Stanley Lowers Consolidated Edison (NYSE:ED) Price Target to $80.00

Consolidated Edison (NYSE:EDGet Rating) had its price target reduced by equities research analysts at Morgan Stanley from $82.00 to $80.00 in a report issued on Monday, Stock Target Advisor reports. The firm presently has an “underweight” rating on the utilities provider’s stock. Morgan Stanley’s price target would suggest a potential downside of 18.48% from the stock’s current price.

Other analysts have also recently issued reports about the stock. KeyCorp lifted their target price on shares of Consolidated Edison from $71.00 to $72.00 and gave the stock an “underweight” rating in a research note on Wednesday, April 20th. Wolfe Research upgraded shares of Consolidated Edison from an “underperform” rating to a “peer perform” rating and set a $82.00 price objective for the company in a research note on Thursday, February 17th. Credit Suisse Group began coverage on Consolidated Edison in a research report on Monday, April 25th. They issued a “neutral” rating and a $100.00 target price on the stock. Royal Bank of Canada lifted their price target on Consolidated Edison from $88.00 to $89.00 and gave the stock a “sector perform” rating in a research report on Monday, March 28th. Finally, Mizuho increased their price objective on Consolidated Edison from $90.00 to $94.00 and gave the company a “buy” rating in a report on Thursday, March 10th. Six research analysts have rated the stock with a sell rating, six have given a hold rating and one has assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Hold” and a consensus target price of $84.58.

ED traded up $2.32 during trading on Monday, hitting $98.13. The stock had a trading volume of 20,136 shares, compared to its average volume of 2,070,486. The stock has a 50 day simple moving average of $94.41 and a two-hundred day simple moving average of $87.14. The company has a debt-to-equity ratio of 1.10, a quick ratio of 0.93 and a current ratio of 1.01. Consolidated Edison has a twelve month low of $71.17 and a twelve month high of $99.22. The company has a market capitalization of $34.77 billion, a PE ratio of 22.66, a PEG ratio of 10.57 and a beta of 0.23.

Consolidated Edison (NYSE:EDGet Rating) last posted its quarterly earnings data on Thursday, May 5th. The utilities provider reported $1.47 earnings per share for the quarter, missing analysts’ consensus estimates of $1.51 by ($0.04). Consolidated Edison had a return on equity of 7.66% and a net margin of 10.88%. The business had revenue of $4.06 billion during the quarter, compared to analyst estimates of $3.71 billion. During the same period in the previous year, the business earned $1.43 EPS. On average, equities research analysts anticipate that Consolidated Edison will post 4.49 EPS for the current year.

In related news, Director John Mcavoy sold 74,715 shares of Consolidated Edison stock in a transaction dated Tuesday, February 22nd. The stock was sold at an average price of $84.69, for a total value of $6,327,613.35. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In the last 90 days, insiders have purchased 536 shares of company stock worth $49,448. 0.13% of the stock is owned by company insiders.

A number of institutional investors have recently added to or reduced their stakes in the stock. Commonwealth Equity Services LLC raised its stake in shares of Consolidated Edison by 1.8% in the fourth quarter. Commonwealth Equity Services LLC now owns 398,054 shares of the utilities provider’s stock valued at $33,962,000 after acquiring an additional 6,850 shares in the last quarter. Daiwa Securities Group Inc. raised its holdings in Consolidated Edison by 6.4% during the fourth quarter. Daiwa Securities Group Inc. now owns 20,367 shares of the utilities provider’s stock worth $1,738,000 after purchasing an additional 1,219 shares in the last quarter. Insight Folios Inc raised its position in Consolidated Edison by 5.9% in the fourth quarter. Insight Folios Inc now owns 64,222 shares of the utilities provider’s stock worth $5,479,000 after acquiring an additional 3,571 shares in the last quarter. The Manufacturers Life Insurance Company boosted its holdings in Consolidated Edison by 3.8% during the third quarter. The Manufacturers Life Insurance Company now owns 323,297 shares of the utilities provider’s stock worth $23,468,000 after buying an additional 11,862 shares in the last quarter. Finally, Frontier Wealth Management LLC acquired a new stake in shares of Consolidated Edison in the 4th quarter worth approximately $216,000. Hedge funds and other institutional investors own 65.73% of the company’s stock.

About Consolidated Edison (Get Rating)

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 3.5 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 1,555 customers in parts of Manhattan.

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