Consolidated Edison (ED) Price Target Raised to $77.00

Consolidated Edison (NYSE:ED) had its target price boosted by Morgan Stanley from $71.00 to $77.00 in a research report released on Monday morning. Morgan Stanley currently has an underweight rating on the utilities provider’s stock.

ED has been the topic of several other research reports. Zacks Investment Research cut shares of Consolidated Edison from a hold rating to a sell rating in a research report on Wednesday, April 18th. ValuEngine upgraded shares of Consolidated Edison from a sell rating to a hold rating in a research report on Tuesday, June 26th. Barclays assumed coverage on shares of Consolidated Edison in a research report on Tuesday, July 10th. They issued an equal weight rating and a $81.00 price target on the stock. Finally, JPMorgan Chase & Co. boosted their price target on shares of Consolidated Edison from $75.00 to $78.00 and gave the stock a sell rating in a research report on Tuesday, April 10th. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the stock. The stock presently has a consensus rating of Hold and an average price target of $82.50.

Consolidated Edison opened at $78.54 on Monday, Marketbeat Ratings reports. The company has a market cap of $24.54 billion, a PE ratio of 19.20, a P/E/G ratio of 4.63 and a beta of 0.07. The company has a current ratio of 0.67, a quick ratio of 0.61 and a debt-to-equity ratio of 0.94. Consolidated Edison has a 1 year low of $71.12 and a 1 year high of $89.70.

Consolidated Edison (NYSE:ED) last released its quarterly earnings data on Thursday, May 3rd. The utilities provider reported $1.38 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.33 by $0.05. The firm had revenue of $3.36 billion for the quarter, compared to analysts’ expectations of $3.23 billion. Consolidated Edison had a net margin of 12.86% and a return on equity of 8.61%. The company’s revenue for the quarter was up 4.2% compared to the same quarter last year. During the same quarter last year, the business posted $1.27 earnings per share. analysts anticipate that Consolidated Edison will post 4.26 earnings per share for the current fiscal year.

A number of institutional investors and hedge funds have recently made changes to their positions in the stock. Legal & General Group Plc increased its position in Consolidated Edison by 3.8% in the first quarter. Legal & General Group Plc now owns 3,094,166 shares of the utilities provider’s stock worth $241,174,000 after purchasing an additional 113,375 shares during the last quarter. Robeco Institutional Asset Management B.V. increased its position in Consolidated Edison by 13.1% during the first quarter. Robeco Institutional Asset Management B.V. now owns 1,545,346 shares of the utilities provider’s stock valued at $120,441,000 after acquiring an additional 179,064 shares during the last quarter. Royal Bank of Canada increased its position in Consolidated Edison by 5.5% during the first quarter. Royal Bank of Canada now owns 1,278,754 shares of the utilities provider’s stock valued at $99,668,000 after acquiring an additional 66,172 shares during the last quarter. Schwab Charles Investment Management Inc. increased its position in Consolidated Edison by 4.0% during the first quarter. Schwab Charles Investment Management Inc. now owns 1,164,857 shares of the utilities provider’s stock valued at $90,789,000 after acquiring an additional 44,631 shares during the last quarter. Finally, Wells Fargo & Company MN increased its position in Consolidated Edison by 5.1% during the first quarter. Wells Fargo & Company MN now owns 1,147,012 shares of the utilities provider’s stock valued at $89,398,000 after acquiring an additional 56,002 shares during the last quarter. Institutional investors own 57.09% of the company’s stock.

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).

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