Scotiabank Increases Consolidated Edison (NYSE:ED) Price Target to $90.00

Consolidated Edison (NYSE:ED) had its price objective raised by analysts at Scotiabank from $85.00 to $90.00 in a research note issued to investors on Tuesday, Benzinga reports. The brokerage presently has a “sector underperform” rating on the utilities provider’s stock. Scotiabank’s target price would suggest a potential downside of 10.37% from the company’s current price.

Other equities research analysts have also recently issued reports about the company. Guggenheim raised their target price on Consolidated Edison from $88.00 to $91.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. UBS Group raised their price objective on Consolidated Edison from $92.00 to $96.00 and gave the company a “neutral” rating in a report on Friday, July 19th. Barclays upped their target price on Consolidated Edison from $92.00 to $98.00 and gave the stock an “underweight” rating in a research note on Monday, August 5th. Bank of America boosted their price target on shares of Consolidated Edison from $97.00 to $109.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Finally, Morgan Stanley decreased their price objective on shares of Consolidated Edison from $80.00 to $76.00 and set an “underweight” rating on the stock in a report on Monday, June 24th. Four equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, one has given a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat, Consolidated Edison currently has a consensus rating of “Hold” and an average price target of $92.19.

Consolidated Edison Stock Up 0.2 %

Consolidated Edison stock opened at $100.41 on Tuesday. The business’s 50-day moving average price is $94.44 and its 200 day moving average price is $92.39. The company has a quick ratio of 0.92, a current ratio of 0.99 and a debt-to-equity ratio of 1.01. The firm has a market cap of $34.73 billion, a price-to-earnings ratio of 19.27, a price-to-earnings-growth ratio of 2.56 and a beta of 0.34. Consolidated Edison has a 52 week low of $80.46 and a 52 week high of $105.99.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings data on Thursday, August 1st. The utilities provider reported $0.59 EPS for the quarter, topping analysts’ consensus estimates of $0.57 by $0.02. Consolidated Edison had a net margin of 12.03% and a return on equity of 8.70%. The business had revenue of $3.22 billion for the quarter, compared to analysts’ expectations of $3.08 billion. During the same quarter last year, the company earned $0.61 EPS. As a group, sell-side analysts anticipate that Consolidated Edison will post 5.31 earnings per share for the current year.

Hedge Funds Weigh In On Consolidated Edison

Several institutional investors and hedge funds have recently bought and sold shares of ED. SVB Wealth LLC purchased a new position in Consolidated Edison in the fourth quarter worth approximately $222,000. Greenleaf Trust grew its holdings in shares of Consolidated Edison by 31.0% during the 4th quarter. Greenleaf Trust now owns 7,405 shares of the utilities provider’s stock worth $674,000 after purchasing an additional 1,754 shares during the period. abrdn plc raised its holdings in Consolidated Edison by 30.2% in the 4th quarter. abrdn plc now owns 311,894 shares of the utilities provider’s stock valued at $28,373,000 after buying an additional 72,273 shares during the period. Lindbrook Capital LLC lifted its position in Consolidated Edison by 169.4% in the fourth quarter. Lindbrook Capital LLC now owns 835 shares of the utilities provider’s stock valued at $76,000 after buying an additional 525 shares during the last quarter. Finally, Signaturefd LLC boosted its stake in Consolidated Edison by 5.0% during the fourth quarter. Signaturefd LLC now owns 10,460 shares of the utilities provider’s stock worth $952,000 after buying an additional 501 shares during the period. 66.29% of the stock is currently 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.