Consolidated Edison Inc (ED) Lowered to Hold at Zacks Investment Research
Consolidated Edison Inc (NYSE:ED) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Tuesday.
According to Zacks, “Consolidated Edison has a history of favorable rate decisions by regulatory authorities, which will likely encourage it to invest more in infrastructure improvements. A stable financial position backed by a strong cash generation capacity enables the company to follow a disciplined capital spending program. The company is also making notable progress in generating renewable energy. Moreover, the company outperformed its broader industry in the last year. However, disruption in wholesale energy markets may affect its ability to meet customers’ energy needs and thereby adversely affect its performance. Also, the company faces interest rate risk owing to variable rate debt and to new debt financing needed to fund capital requirements.”
Several other equities analysts have also commented on ED. Evercore ISI lowered shares of Consolidated Edison from an “in-line” rating to an “underperform” rating and set a $74.00 price target for the company. in a research report on Tuesday, September 26th. BidaskClub upgraded shares of Consolidated Edison from a “sell” rating to a “hold” rating in a report on Monday, July 24th. Jefferies Group LLC lowered shares of Consolidated Edison from a “buy” rating to a “hold” rating and decreased their price target for the company from $88.00 to $83.50 in a report on Tuesday, June 13th. Finally, Morgan Stanley boosted their price objective on shares of Consolidated Edison from $75.00 to $78.00 and gave the company an “underweight” rating in a research note on Thursday, August 10th. Five research analysts have rated the stock with a sell rating, seven have given a hold rating and one has assigned a buy rating to the stock. The company has an average rating of “Hold” and an average price target of $77.29.
Consolidated Edison (NYSE ED) traded down 0.28% during mid-day trading on Tuesday, reaching $80.88. 421,243 shares of the company traded hands. The stock has a market capitalization of $24.72 billion, a PE ratio of 19.57 and a beta of 0.09. Consolidated Edison has a 52-week low of $68.76 and a 52-week high of $86.16. The stock has a 50-day moving average of $83.43 and a 200 day moving average of $81.48.
Consolidated Edison (NYSE:ED) last posted its quarterly earnings data on Thursday, August 3rd. The utilities provider reported $0.58 EPS for the quarter, missing the Zacks’ consensus estimate of $0.61 by ($0.03). The company had revenue of $2.63 billion for 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 period in the prior year, the company earned $0.60 EPS. Equities research analysts expect 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 business’s stock in a transaction dated 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 legal filing with the SEC, which is available at the SEC website. Insiders acquired 158 shares of company stock worth $13,022 over the last three months. 0.20% of the stock is currently owned by corporate insiders.
Hedge funds have recently bought and sold shares of the company. Ameriprise Financial Inc. lifted its position in Consolidated Edison by 3.8% during the 1st quarter. Ameriprise Financial Inc. now owns 215,980 shares of the utilities provider’s stock worth $16,770,000 after acquiring an additional 8,002 shares in the last quarter. Family Legacy Inc. purchased a new position in Consolidated Edison in the 1st quarter worth approximately $254,000. Northwestern Mutual Investment Management Company LLC boosted its holdings in Consolidated Edison by 76.2% in the 1st quarter. Northwestern Mutual Investment Management Company LLC now owns 61,666 shares of the utilities provider’s stock worth $4,789,000 after acquiring an additional 26,674 shares during the period. Northwestern Mutual Wealth Management Co. boosted its holdings in Consolidated Edison by 17.0% in the 1st quarter. Northwestern Mutual Wealth Management Co. now owns 4,570 shares of the utilities provider’s stock worth $355,000 after acquiring an additional 663 shares during the period. Finally, Tiedemann Wealth Management LLC purchased a new position in Consolidated Edison in the 1st quarter worth approximately $732,000. Institutional investors and hedge funds own 55.06% of the company’s stock.
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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