Consolidated Edison (NYSE:ED) Price Target Raised to $91.00 at Morgan Stanley

Consolidated Edison (NYSE:ED) had its price objective lifted by equities research analysts at Morgan Stanley from $85.00 to $91.00 in a research note issued to investors on Thursday,Benzinga reports. The brokerage currently has an “underweight” rating on the utilities provider’s stock. Morgan Stanley’s price objective would suggest a potential downside of 15.10% from the company’s current price.

Other research analysts have also recently issued reports about the stock. Scotiabank lifted their price objective on shares of Consolidated Edison from $100.00 to $101.00 and gave the company a “sector perform” rating in a report on Monday, February 24th. Barclays lifted their price objective on shares of Consolidated Edison from $92.00 to $95.00 and gave the stock an “underweight” rating in a research report on Monday, February 24th. Mizuho upped their price target on shares of Consolidated Edison from $92.00 to $95.00 and gave the company a “neutral” rating in a research note on Monday, February 3rd. Evercore ISI cut shares of Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 21st. Finally, UBS Group upped their price target on shares of Consolidated Edison from $105.00 to $110.00 and gave the company a “neutral” rating in a research note on Tuesday, February 25th. Two investment analysts have rated the stock with a sell rating, seven have given a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, Consolidated Edison has a consensus rating of “Hold” and a consensus target price of $102.10.

Consolidated Edison Price Performance

Shares of NYSE ED traded down $0.30 during trading hours on Thursday, hitting $107.19. 200,005 shares of the stock were exchanged, compared to its average volume of 1,986,727. Consolidated Edison has a 1-year low of $87.16 and a 1-year high of $108.43. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.93 and a current ratio of 1.01. The company has a market cap of $37.17 billion, a PE ratio of 20.46, a price-to-earnings-growth ratio of 3.05 and a beta of 0.30. The company’s fifty day simple moving average is $97.12 and its two-hundred day simple moving average is $98.32.

Consolidated Edison (NYSE:ED) last released its quarterly earnings results on Thursday, February 20th. The utilities provider reported $0.98 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.97 by $0.01. Consolidated Edison had a net margin of 11.93% and a return on equity of 8.62%. The firm had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $3.63 billion. On average, sell-side analysts predict that Consolidated Edison will post 5.62 EPS for the current year.

Hedge Funds Weigh In On Consolidated Edison

Institutional investors and hedge funds have recently made changes to their positions in the business. AlphaMark Advisors LLC bought a new position in shares of Consolidated Edison during the 4th quarter valued at $27,000. Fairway Wealth LLC purchased a new stake in shares of Consolidated Edison in the 4th quarter worth about $36,000. Wood Tarver Financial Group LLC purchased a new position in Consolidated Edison during the 4th quarter valued at about $35,000. OFI Invest Asset Management purchased a new position in Consolidated Edison during the 4th quarter valued at about $35,000. Finally, Centricity Wealth Management LLC purchased a new position in Consolidated Edison during the 4th quarter valued at about $39,000. 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.