Consolidated Edison Inc (ED) Stock Rating Reaffirmed by Jefferies Group LLC
Consolidated Edison Inc (NYSE:ED)‘s stock had its “hold” rating reiterated by analysts at Jefferies Group LLC in a report issued on Thursday. They currently have a $83.50 price target on the utilities provider’s stock. Jefferies Group LLC’s price objective would suggest a potential downside of 0.91% from the stock’s current price.
A number of other equities analysts also recently weighed in on ED. BMO Capital Markets reiterated a “hold” rating and issued a $80.00 target price on shares of Consolidated Edison in a report on Friday, May 5th. Deutsche Bank AG downgraded Consolidated Edison from a “hold” rating to a “sell” rating and set a $74.00 target price on the stock. in a report on Monday, May 8th. UBS AG upped their target price on Consolidated Edison from $72.00 to $75.00 and gave the company a “sell” rating in a report on Monday, May 8th. Morgan Stanley upped their target price on Consolidated Edison from $77.00 to $78.00 and gave the company an “underweight” rating in a report on Monday, May 8th. Finally, Zacks Investment Research upgraded Consolidated Edison from a “hold” rating to a “buy” rating and set a $89.00 price objective on the stock in a report on Friday, May 12th. Five research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average price target of $76.96.
Consolidated Edison (ED) traded up 0.23% during midday trading on Thursday, reaching $84.27. 1,328,945 shares of the company were exchanged. The stock has a market capitalization of $25.76 billion, a price-to-earnings ratio of 20.39 and a beta of 0.08. Consolidated Edison has a 52-week low of $68.76 and a 52-week high of $85.13. The firm’s 50-day moving average price is $82.53 and its 200 day moving average price is $80.00.
Consolidated Edison (NYSE:ED) last issued its earnings results on Thursday, August 3rd. The utilities provider reported $0.58 earnings per share for the quarter, missing analysts’ consensus estimates of $0.61 by $0.03. The business had revenue of $2.63 billion during the quarter, compared to analyst estimates of $2.79 billion. Consolidated Edison had a net margin of 10.57% and a return on equity of 8.59%. During the same quarter in the prior year, the company earned $0.60 EPS. Equities analysts predict that Consolidated Edison will post $4.09 earnings per share for the current year.
In other Consolidated Edison news, CEO Joseph P. Oates sold 1,908 shares of the stock in a transaction that occurred on Wednesday, August 23rd. The stock was sold at an average price of $83.87, for a total transaction of $160,023.96. Following the transaction, the chief executive officer now owns 24,017 shares in the company, valued at $2,014,305.79. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In the last quarter, insiders have acquired 392 shares of company stock worth $32,600. Corporate insiders own 0.20% of the company’s stock.
Several large investors have recently bought and sold shares of the stock. Armbruster Capital Management Inc. boosted its stake in Consolidated Edison by 127.3% in the second quarter. Armbruster Capital Management Inc. now owns 1,250 shares of the utilities provider’s stock valued at $101,000 after buying an additional 700 shares in the last quarter. Stuart Chaussee & Associates Inc. boosted its stake in Consolidated Edison by 138.3% in the first quarter. Stuart Chaussee & Associates Inc. now owns 1,370 shares of the utilities provider’s stock valued at $106,000 after buying an additional 795 shares in the last quarter. WFG Advisors LP boosted its stake in Consolidated Edison by 19.6% in the second quarter. WFG Advisors LP now owns 1,308 shares of the utilities provider’s stock valued at $106,000 after buying an additional 214 shares in the last quarter. Oakworth Capital Inc. boosted its stake in Consolidated Edison by 10.5% in the second quarter. Oakworth Capital Inc. now owns 1,447 shares of the utilities provider’s stock valued at $117,000 after buying an additional 137 shares in the last quarter. Finally, Enterprise Financial Services Corp boosted its stake in Consolidated Edison by 2.5% in the first quarter. Enterprise Financial Services Corp now owns 1,555 shares of the utilities provider’s stock valued at $121,000 after buying an additional 38 shares in the last quarter. 55.07% of the stock is owned by institutional investors.
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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