Evercore ISI Upgrades Consolidated Edison (NYSE:ED) to Strong-Buy

Consolidated Edison (NYSE:ED) was upgraded by equities research analysts at Evercore ISI from a “hold” rating to a “strong-buy” rating in a report released on Friday,Zacks.com reports.

Other equities research analysts also recently issued reports about the stock. Jefferies Financial Group began coverage on shares of Consolidated Edison in a report on Wednesday, October 9th. They set a “hold” rating and a $108.00 price target for the company. Scotiabank boosted their target price on shares of Consolidated Edison from $85.00 to $90.00 and gave the company a “sector underperform” rating in a report on Tuesday, August 20th. Barclays cut their price target on shares of Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating on the stock in a research note on Friday. Morgan Stanley boosted their price objective on shares of Consolidated Edison from $82.00 to $87.00 and gave the company an “underweight” rating in a research note on Wednesday, September 25th. Finally, UBS Group increased their target price on Consolidated Edison from $105.00 to $106.00 and gave the stock a “neutral” rating in a research report on Friday, September 20th. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have given a buy rating and two have issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, Consolidated Edison currently has an average rating of “Hold” and a consensus price target of $98.35.

Consolidated Edison Stock Performance

Shares of ED opened at $98.48 on Friday. The company has a 50-day simple moving average of $103.29 and a 200-day simple moving average of $97.99. The company has a quick ratio of 0.97, a current ratio of 1.04 and a debt-to-equity ratio of 1.08. The company has a market capitalization of $34.11 billion, a PE ratio of 18.55, a P/E/G ratio of 3.31 and a beta of 0.36. Consolidated Edison has a 52-week low of $85.85 and a 52-week high of $107.75.

Consolidated Edison (NYSE:ED) last posted its earnings results on Thursday, November 7th. The utilities provider reported $1.68 earnings per share for the quarter, beating the consensus estimate of $1.56 by $0.12. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.75%. The firm had revenue of $4.09 billion during the quarter, compared to the consensus estimate of $4.02 billion. Equities research analysts predict that Consolidated Edison will post 5.33 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Consolidated Edison

A number of hedge funds have recently bought and sold shares of the business. Hsbc Holdings PLC lifted its holdings in Consolidated Edison by 0.8% during the 2nd quarter. Hsbc Holdings PLC now owns 1,502,523 shares of the utilities provider’s stock worth $134,323,000 after buying an additional 11,785 shares during the last quarter. Dimensional Fund Advisors LP lifted its holdings in Consolidated Edison by 11.0% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,273,115 shares of the utilities provider’s stock worth $113,845,000 after buying an additional 125,859 shares during the last quarter. Swiss National Bank lifted its holdings in Consolidated Edison by 0.3% during the 3rd quarter. Swiss National Bank now owns 1,026,500 shares of the utilities provider’s stock worth $106,889,000 after buying an additional 3,500 shares during the last quarter. Clean Energy Transition LLP lifted its holdings in Consolidated Edison by 227.9% during the 2nd quarter. Clean Energy Transition LLP now owns 897,553 shares of the utilities provider’s stock worth $80,259,000 after buying an additional 623,787 shares during the last quarter. Finally, AQR Capital Management LLC lifted its holdings in Consolidated Edison by 5.5% during the 2nd quarter. AQR Capital Management LLC now owns 709,713 shares of the utilities provider’s stock worth $63,413,000 after buying an additional 36,991 shares during the last quarter. Institutional investors and hedge funds own 66.29% of the company’s stock.

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.