Consolidated Edison (NYSE:ED) Price Target Increased to $97.00 by Analysts at Wells Fargo & Company

Consolidated Edison (NYSE:ED) had its price objective lifted by research analysts at Wells Fargo & Company from $93.00 to $97.00 in a note issued to investors on Friday, Benzinga reports. The firm presently has an “equal weight” rating on the utilities provider’s stock. Wells Fargo & Company‘s price target indicates a potential upside of 1.51% from the stock’s current price.

A number of other analysts have also recently commented on ED. Barclays lifted their price target on Consolidated Edison from $86.00 to $87.00 and gave the stock an “equal weight” rating in a research report on Thursday, March 14th. KeyCorp upgraded Consolidated Edison from an “underweight” rating to a “sector weight” rating in a research report on Thursday, January 4th. UBS Group lowered their price objective on Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating on the stock in a research report on Friday, February 16th. Royal Bank of Canada cut their target price on shares of Consolidated Edison from $94.00 to $93.00 and set a “sector perform” rating for the company in a report on Friday, February 16th. Finally, 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 report on Monday, April 22nd. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has given a buy rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Hold” and a consensus target price of $87.75.

Consolidated Edison Stock Up 0.3 %

NYSE:ED traded up $0.31 during mid-day trading on Friday, reaching $95.56. The company’s stock had a trading volume of 2,464,123 shares, compared to its average volume of 1,897,431. The company has a quick ratio of 0.94, a current ratio of 1.01 and a debt-to-equity ratio of 1.04. Consolidated Edison has a 1 year low of $80.46 and a 1 year high of $100.44. The stock has a fifty day moving average of $90.06 and a 200-day moving average of $90.08. The firm has a market capitalization of $33.02 billion, a PE ratio of 13.31, a price-to-earnings-growth ratio of 8.92 and a beta of 0.34.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings data on Thursday, May 2nd. The utilities provider reported $2.15 EPS for the quarter, beating the consensus estimate of $1.89 by $0.26. The firm had revenue of $4.28 billion during the quarter, compared to analyst estimates of $4.40 billion. Consolidated Edison had a return on equity of 8.41% and a net margin of 17.19%. The business’s revenue for the quarter was down 2.8% compared to the same quarter last year. During the same quarter in the prior year, the business posted $1.83 EPS. Equities research analysts forecast that Consolidated Edison will post 5.31 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in ED. Financial Gravity Asset Management Inc. grew its stake in shares of Consolidated Edison by 215.6% during the third quarter. Financial Gravity Asset Management Inc. now owns 284 shares of the utilities provider’s stock worth $25,000 after purchasing an additional 194 shares in the last quarter. Turtle Creek Wealth Advisors LLC purchased a new position in shares of Consolidated Edison during the fourth quarter worth about $29,000. Raleigh Capital Management Inc. acquired a new stake in shares of Consolidated Edison in the 4th quarter valued at about $29,000. Tidemark LLC purchased a new position in Consolidated Edison during the 4th quarter worth approximately $29,000. Finally, Bruce G. Allen Investments LLC purchased a new stake in Consolidated Edison in the fourth quarter valued at approximately $31,000. Hedge funds and other institutional investors own 66.29% of the company’s stock.

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.