Guggenheim Reaffirms Hold Rating for Consolidated Edison (ED)

Consolidated Edison (NYSE:ED)‘s stock had its “hold” rating restated by Guggenheim in a report released on Wednesday. They currently have a $88.00 price objective on the utilities provider’s stock. Guggenheim’s price objective indicates a potential upside of 5.29% from the company’s current price.

Several other analysts have also weighed in on ED. Morgan Stanley boosted their target price on shares of Consolidated Edison from $78.00 to $80.00 and gave the company an “underweight” rating in a research note on Friday, September 8th. Zacks Investment Research upgraded shares of Consolidated Edison from a “hold” rating to a “buy” rating and set a $95.00 target price for the company in a research note on Monday, September 11th. Evercore ISI lowered shares of Consolidated Edison from an “in-line” rating to an “underperform” rating and set a $74.00 target price for the company. in a research note on Tuesday, September 26th. KeyCorp reiterated a “hold” rating on shares of Consolidated Edison in a research note on Friday, October 20th. Finally, Bank of America started coverage on shares of Consolidated Edison in a research note on Tuesday, October 24th. They set a “buy” rating and a $92.00 target price for the company. Five equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and four have assigned a buy rating to the stock. The stock has a consensus rating of “Hold” and a consensus price target of $80.63.

Shares of Consolidated Edison (ED) traded down $1.37 during trading hours on Wednesday, hitting $83.58. 1,998,200 shares of the company were exchanged, compared to its average volume of 1,672,500. The company has a current ratio of 0.79, a quick ratio of 0.70 and a debt-to-equity ratio of 0.97. The company has a market capitalization of $25,690.00, a price-to-earnings ratio of 20.95, a PEG ratio of 9.97 and a beta of 0.10. Consolidated Edison has a fifty-two week low of $72.13 and a fifty-two week high of $89.70.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings results on Thursday, November 2nd. The utilities provider reported $1.47 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $1.54 by ($0.07). The company had revenue of $3.21 billion during the quarter, compared to the consensus estimate of $3.14 billion. Consolidated Edison had a return on equity of 8.42% and a net margin of 10.42%. During the same quarter last year, the firm posted $1.51 EPS. analysts forecast that Consolidated Edison will post 4.09 earnings per share for the current fiscal year.

Several institutional investors and hedge funds have recently made changes to their positions in ED. WFG Advisors LP boosted its holdings in shares of Consolidated Edison by 19.6% during the second quarter. WFG Advisors LP now owns 1,308 shares of the utilities provider’s stock valued at $106,000 after acquiring an additional 214 shares during the period. AllSquare Wealth Management LLC acquired a new position in shares of Consolidated Edison during the third quarter valued at $113,000. Exencial Wealth Advisors LLC acquired a new position in shares of Consolidated Edison during the second quarter valued at $204,000. Day & Ennis LLC acquired a new position in shares of Consolidated Edison during the second quarter valued at $205,000. Finally, Tower Bridge Advisors acquired a new position in shares of Consolidated Edison during the third quarter valued at $208,000. 55.50% of the stock is owned by institutional investors.

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About Consolidated Edison

Consolidated Edison, Inc (Con Edison) is a holding company. The Company operates through its subsidiaries, which include Consolidated Edison Company of New York, Inc (CECONY), Orange and Rockland Utilities, Inc (O&R), Con Edison Clean Energy Businesses, Inc (the Clean Energy Businesses) and Con Edison Transmission, Inc (Con Edison Transmission).

Analyst Recommendations for Consolidated Edison (NYSE:ED)

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