Barclays Lowers Consolidated Edison (NYSE:ED) to Underweight

Consolidated Edison (NYSE:ED) was downgraded by stock analysts at Barclays from an “equal weight” rating to an “underweight” rating in a research note issued to investors on Monday, Marketbeat.com reports. They currently have a $92.00 price target on the utilities provider’s stock, down from their previous price target of $97.00. Barclays‘s price objective points to a potential downside of 1.34% from the company’s current price.

Several other equities analysts have also commented on ED. Wells Fargo & Company increased their price target on shares of Consolidated Edison from $93.00 to $97.00 and gave the company an “equal weight” rating in a research note on Friday, May 3rd. Scotiabank dropped their price target on shares of Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating on the stock in a research note on Monday, April 22nd. Mizuho increased their price target on shares of Consolidated Edison from $93.00 to $95.00 and gave the company a “neutral” rating in a research note on Tuesday, May 28th. UBS Group increased their price target on shares of Consolidated Edison from $92.00 to $96.00 and gave the company a “neutral” rating in a research note on Friday, July 19th. Finally, Morgan Stanley dropped their price target on shares of Consolidated Edison from $80.00 to $76.00 and set an “underweight” rating on the stock in a research note on Monday, June 24th. Four research analysts have rated the stock with a sell rating, seven have issued a hold rating, one has issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $89.04.

Consolidated Edison Stock Down 1.5 %

ED stock opened at $93.25 on Monday. The company’s 50 day moving average price is $92.07 and its 200 day moving average price is $91.13. The company has a debt-to-equity ratio of 1.01, a quick ratio of 0.92 and a current ratio of 0.99. Consolidated Edison has a fifty-two week low of $80.46 and a fifty-two week high of $98.85. The firm has a market capitalization of $32.25 billion, a price-to-earnings ratio of 17.90, a PEG ratio of 2.39 and a beta of 0.34.

Consolidated Edison (NYSE:ED) last released 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 8.79%. The firm had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4.40 billion. During the same period in the prior year, the firm earned $1.83 earnings per share. The business’s quarterly revenue was down 2.8% compared to the same quarter last year. On average, equities research analysts anticipate that Consolidated Edison will post 5.33 EPS for the current fiscal year.

Institutional Investors Weigh In On Consolidated Edison

Hedge funds have recently modified their holdings of the stock. Beacon Capital Management LLC lifted its holdings in shares of Consolidated Edison by 2,307.7% during the first quarter. Beacon Capital Management LLC now owns 313 shares of the utilities provider’s stock worth $28,000 after purchasing an additional 300 shares during the period. Turtle Creek Wealth Advisors LLC acquired a new stake in shares of Consolidated Edison during the fourth quarter worth $29,000. Raleigh Capital Management Inc. acquired a new stake in shares of Consolidated Edison during the fourth quarter worth $29,000. Tidemark LLC acquired a new stake in shares of Consolidated Edison during the fourth quarter worth $29,000. Finally, CVA Family Office LLC acquired a new stake in shares of Consolidated Edison during the fourth quarter worth $32,000. 66.29% of the stock is owned by institutional investors and hedge funds.

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.