Consolidated Edison (NYSE:ED) PT Lowered to $85.00 at Scotiabank

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

Other analysts have also issued research reports about the stock. KeyCorp raised shares of Consolidated Edison from an “underweight” rating to a “sector weight” rating in a research report on Thursday, January 4th. UBS Group cut their price objective on Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating for the company in a research report on Friday, February 16th. LADENBURG THALM/SH SH initiated coverage on shares of Consolidated Edison in a research report on Wednesday, January 3rd. They issued a “neutral” rating and a $92.50 target price on the stock. Royal Bank of Canada dropped their price target on shares of Consolidated Edison from $94.00 to $93.00 and set a “sector perform” rating for the company in a research report on Friday, February 16th. Finally, Barclays upped their price objective on shares of Consolidated Edison from $86.00 to $87.00 and gave the stock an “equal weight” rating in a report on Thursday, March 14th. Four investment analysts have rated the stock with a sell rating, eight have given a hold rating and one has given a buy rating to the stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $87.54.

Consolidated Edison Trading Up 0.1 %

Shares of Consolidated Edison stock opened at $92.83 on Monday. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.01 and a quick ratio of 0.94. The stock’s 50 day simple moving average is $89.16 and its 200-day simple moving average is $89.80. The stock has a market cap of $32.07 billion, a P/E ratio of 12.93, a P/E/G ratio of 8.65 and a beta of 0.35. Consolidated Edison has a 1-year low of $80.46 and a 1-year high of $100.92.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings data on Thursday, February 15th. The utilities provider reported $1.00 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.98 by $0.02. Consolidated Edison had a net margin of 17.19% and a return on equity of 8.41%. The firm had revenue of $3.44 billion during the quarter, compared to analyst estimates of $3.70 billion. During the same quarter in the prior year, the firm posted $0.81 earnings per share. Consolidated Edison’s quarterly revenue was down 14.6% on a year-over-year basis. Analysts predict that Consolidated Edison will post 5.3 EPS for the current fiscal year.

Hedge Funds Weigh In On Consolidated Edison

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Financial Gravity Asset Management Inc. boosted its holdings in shares of Consolidated Edison by 215.6% in the third quarter. Financial Gravity Asset Management Inc. now owns 284 shares of the utilities provider’s stock valued at $25,000 after acquiring an additional 194 shares during the period. Level Financial Advisors Inc. acquired a new stake in Consolidated Edison during the 3rd quarter worth $26,000. Turtle Creek Wealth Advisors LLC purchased a new position in Consolidated Edison during the 4th quarter worth $29,000. Raleigh Capital Management Inc. purchased a new stake in shares of Consolidated Edison in the fourth quarter valued at about $29,000. Finally, Tidemark LLC purchased a new stake in shares of Consolidated Edison in the fourth quarter valued at about $29,000. 66.29% of the stock is owned by institutional investors and hedge funds.

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.