Barclays Increases Consolidated Edison (NYSE:ED) Price Target to $97.00

Consolidated Edison (NYSE:ED) had its price objective hoisted by equities researchers at Barclays from $89.00 to $97.00 in a research note issued to investors on Tuesday, Benzinga reports. The firm presently has an “equal weight” rating on the utilities provider’s stock. Barclays‘s price target suggests a potential downside of 0.56% from the stock’s previous close.

Several other research firms also recently weighed in on ED. Scotiabank dropped their price target on Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating on the stock in a research note on Monday, April 22nd. Royal Bank of Canada reduced their target price on Consolidated Edison from $94.00 to $93.00 and set a “sector perform” rating for the company in a report on Friday, February 16th. UBS Group reduced their price objective on Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating on the stock in a research report on Friday, February 16th. Finally, Wells Fargo & Company increased their price objective on Consolidated Edison from $93.00 to $97.00 and gave the stock an “equal weight” rating in a research report on Friday, May 3rd. Four investment analysts have rated the stock with a sell rating, eight have given a hold rating and one has assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus price target of $88.46.

Consolidated Edison Stock Up 0.1 %

NYSE ED opened at $97.55 on Tuesday. The company has a quick ratio of 0.92, a current ratio of 0.99 and a debt-to-equity ratio of 1.01. Consolidated Edison has a 52 week low of $80.46 and a 52 week high of $100.08. The firm has a market capitalization of $33.74 billion, a price-to-earnings ratio of 18.72, a PEG ratio of 8.99 and a beta of 0.34. The company has a fifty day moving average of $90.62 and a two-hundred day moving average of $90.28.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, May 2nd. The utilities provider reported $2.15 EPS for the quarter, topping the consensus estimate of $1.89 by $0.26. Consolidated Edison had a net margin of 12.43% and a return on equity of 8.79%. The company had revenue of $4.28 billion for the quarter, compared to the consensus estimate of $4.40 billion. During the same quarter last year, the firm posted $1.83 EPS. The firm’s revenue was down 2.8% compared to the same quarter last year. On average, analysts predict that Consolidated Edison will post 5.31 earnings per share for the current year.

Institutional Trading of Consolidated Edison

A number of institutional investors have recently modified their holdings of the company. Financial Gravity Asset Management Inc. increased its stake 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 worth $25,000 after buying an additional 194 shares during the last quarter. Turtle Creek Wealth Advisors LLC bought a new position in Consolidated Edison in the fourth quarter worth about $29,000. Raleigh Capital Management Inc. bought a new position in Consolidated Edison during the 4th quarter worth $29,000. Tidemark LLC acquired a new stake in shares of Consolidated Edison in the 4th quarter worth about $29,000. Finally, Bruce G. Allen Investments LLC bought a new position in Consolidated Edison in the 4th quarter worth approximately $31,000. Hedge funds and other institutional investors own 66.29% of the company’s stock.

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.