Wells Fargo & Company Increases Consolidated Edison (NYSE:ED) Price Target to $97.00

Consolidated Edison (NYSE:ED) had its target price lifted by equities researchers at Wells Fargo & Company from $93.00 to $97.00 in a report issued on Friday, Benzinga reports. The firm currently has an “equal weight” rating on the utilities provider’s stock. Wells Fargo & Company‘s price target suggests a potential upside of 1.51% from the company’s previous close.

A number of other research firms have also recently weighed in on ED. Barclays increased their price objective on shares of Consolidated Edison from $86.00 to $87.00 and gave the stock an “equal weight” rating in a report on Thursday, March 14th. Scotiabank lowered their price target on Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating on the stock in a research report on Monday, April 22nd. UBS Group cut their price objective on Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating for the company in a research report on Friday, February 16th. KeyCorp raised Consolidated Edison from an “underweight” rating to a “sector weight” rating in a research report on Thursday, January 4th. Finally, Royal Bank of Canada decreased their price target on Consolidated Edison from $94.00 to $93.00 and set a “sector perform” rating for the company in a research report on Friday, February 16th. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has issued a buy rating to the company. According to MarketBeat.com, Consolidated Edison presently has a consensus rating of “Hold” and a consensus price target of $87.75.

Consolidated Edison Stock Performance

Shares of NYSE ED traded up $0.31 during trading on Friday, reaching $95.56. The stock had a trading volume of 2,465,195 shares, compared to its average volume of 2,284,421. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.94 and a current ratio of 1.01. The stock has a market cap of $33.02 billion, a PE ratio of 18.34, a P/E/G ratio of 8.99 and a beta of 0.34. Consolidated Edison has a one year low of $80.46 and a one year high of $100.44. The firm’s 50 day moving average price is $90.21 and its two-hundred day moving average price is $90.13.

Consolidated Edison (NYSE:ED) last issued its earnings results on Thursday, May 2nd. The utilities provider reported $2.15 earnings per share for the quarter, topping analysts’ consensus estimates of $1.89 by $0.26. Consolidated Edison had a net margin of 12.43% and a return on equity of 8.86%. The company had revenue of $4.28 billion for the quarter, compared to analysts’ expectations of $4.40 billion. During the same period in the prior year, the company earned $1.83 earnings per share. The firm’s revenue was down 2.8% compared to the same quarter last year. On average, research analysts forecast that Consolidated Edison will post 5.31 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Consolidated Edison

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Buck Wealth Strategies LLC increased its position in Consolidated Edison by 1,144.6% in the 1st quarter. Buck Wealth Strategies LLC now owns 76,209 shares of the utilities provider’s stock worth $6,921,000 after purchasing an additional 70,086 shares during the last quarter. Mediolanum International Funds Ltd bought a new stake in shares of Consolidated Edison in the 1st quarter valued at approximately $1,974,000. Callan Capital LLC increased its holdings in Consolidated Edison by 26.6% in the first quarter. Callan Capital LLC now owns 3,452 shares of the utilities provider’s stock worth $313,000 after buying an additional 726 shares during the last quarter. GSA Capital Partners LLP bought a new position in Consolidated Edison during the first quarter valued at approximately $498,000. Finally, BI Asset Management Fondsmaeglerselskab A S raised its position in Consolidated Edison by 369.5% during the first quarter. BI Asset Management Fondsmaeglerselskab A S now owns 20,211 shares of the utilities provider’s stock valued at $1,835,000 after acquiring an additional 15,906 shares in the last quarter. Hedge funds and other institutional investors 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.