Consolidated Edison (NYSE:ED) Rating Increased to Buy at Citigroup

Consolidated Edison (NYSE:ED) was upgraded by equities research analysts at Citigroup from a “neutral” rating to a “buy” rating in a report released on Tuesday, MarketBeat Ratings reports. The brokerage presently has a $116.00 price objective on the utilities provider’s stock, up from their previous price objective of $103.00. Citigroup’s price objective would indicate a potential upside of 9.30% from the company’s current price.

Other equities research analysts have also issued reports about the stock. Guggenheim boosted their price objective on shares of Consolidated Edison from $88.00 to $91.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Morgan Stanley boosted their price objective on shares of Consolidated Edison from $82.00 to $87.00 and gave the stock an “underweight” rating in a report on Wednesday, September 25th. Bank of America boosted their price objective 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. Wells Fargo & Company boosted their price objective on shares of Consolidated Edison from $97.00 to $105.00 and gave the stock an “equal weight” rating in a report on Friday, August 2nd. Finally, Jefferies Financial Group initiated coverage on shares of Consolidated Edison in a report on Wednesday, October 9th. They issued a “hold” rating and a $108.00 price objective for the company. Four analysts have rated the stock with a sell rating, eight have issued a hold rating, two have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Consolidated Edison currently has an average rating of “Hold” and an average target price of $96.46.

Consolidated Edison Price Performance

ED stock opened at $106.13 on Tuesday. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.04 and a quick ratio of 0.97. Consolidated Edison has a one year low of $85.85 and a one year high of $106.41. The stock has a market cap of $36.70 billion, a PE ratio of 20.37, a P/E/G ratio of 3.46 and a beta of 0.36. The firm has a 50 day simple moving average of $102.58 and a two-hundred day simple moving average of $96.42.

Consolidated Edison (NYSE:ED) last released its quarterly earnings results 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 8.67%. The business had revenue of $3.22 billion during the quarter, compared to analysts’ expectations of $3.08 billion. During the same quarter in the previous year, the company earned $0.61 EPS. On average, analysts predict that Consolidated Edison will post 5.3 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several institutional investors have recently added to or reduced their stakes in the stock. Ellsworth Advisors LLC raised its holdings in Consolidated Edison by 3.3% in the 3rd quarter. Ellsworth Advisors LLC now owns 55,511 shares of the utilities provider’s stock worth $5,780,000 after purchasing an additional 1,794 shares in the last quarter. Marshall Financial Group LLC raised its holdings in Consolidated Edison by 0.7% in the 3rd quarter. Marshall Financial Group LLC now owns 26,765 shares of the utilities provider’s stock worth $2,787,000 after purchasing an additional 192 shares in the last quarter. Armstrong Fleming & Moore Inc bought a new position in Consolidated Edison in the 3rd quarter worth $218,000. nVerses Capital LLC bought a new position in Consolidated Edison in the 3rd quarter worth $115,000. Finally, FLC Capital Advisors bought a new position in Consolidated Edison in the 3rd quarter worth $208,000. 66.29% of the stock is currently owned by institutional investors.

About Consolidated Edison

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.