Morgan Stanley Increases Consolidated Edison Inc (NYSE:ED) Price Target to $78.00

Consolidated Edison Inc (NYSE:ED) had its price objective hoisted by analysts at Morgan Stanley from $75.00 to $78.00 in a research note issued to investors on Thursday. The brokerage presently has an “underweight” rating on the utilities provider’s stock. Morgan Stanley’s price target indicates a potential downside of 6.74% from the company’s current price.

Other equities analysts have also issued reports about the company. UBS AG increased their price target on Consolidated Edison from $72.00 to $75.00 and gave the company a “sell” rating in a research note on Monday, May 8th. Zacks Investment Research lowered Consolidated Edison from a “hold” rating to a “sell” rating in a research note on Wednesday, July 5th. BidaskClub lowered Consolidated Edison from a “buy” rating to a “hold” rating in a research note on Saturday, July 1st. BMO Capital Markets reissued a “hold” rating and set a $80.00 price target on shares of Consolidated Edison in a research note on Monday, May 15th. Finally, Deutsche Bank AG lowered Consolidated Edison from a “hold” rating to a “sell” rating and set a $74.00 price target for the company. in a research note on Monday, May 8th. Five investment analysts have rated the stock with a sell rating and nine have assigned a hold rating to the stock. The company presently has an average rating of “Hold” and a consensus target price of $76.96.

Shares of Consolidated Edison (NYSE:ED) traded up 0.46% during mid-day trading on Thursday, hitting $83.64. The stock had a trading volume of 1,427,935 shares. The company has a market cap of $25.57 billion, a PE ratio of 20.24 and a beta of 0.08. The stock’s 50-day moving average is $82.08 and its 200 day moving average is $79.18. Consolidated Edison has a 12 month low of $68.76 and a 12 month high of $85.13.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings results on Thursday, August 3rd. The utilities provider reported $0.58 EPS for the quarter, missing analysts’ consensus estimates of $0.61 by $0.03. Consolidated Edison had a net margin of 10.57% and a return on equity of 8.59%. The firm had revenue of $2.63 billion for the quarter, compared to the consensus estimate of $2.79 billion. During the same period in the previous year, the company posted $0.60 earnings per share. On average, equities research analysts forecast that Consolidated Edison will post $4.09 earnings per share for the current fiscal year.

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In related news, Director Linda S. Sanford acquired 900 shares of the stock in a transaction dated Wednesday, May 17th. The stock was acquired at an average cost of $79.74 per share, with a total value of $71,766.00. Following the purchase, the director now directly owns 8,748 shares of the company’s stock, valued at $697,565.52. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Insiders bought a total of 1,319 shares of company stock valued at $106,510 over the last ninety days. Corporate insiders own 0.20% of the company’s stock.

Several large investors have recently bought and sold shares of the stock. Welch & Forbes LLC raised its stake in Consolidated Edison by 0.3% in the first quarter. Welch & Forbes LLC now owns 3,263 shares of the utilities provider’s stock valued at $254,000 after buying an additional 9 shares during the last quarter. Fiera Capital Corp raised its stake in shares of Consolidated Edison by 0.3% in the second quarter. Fiera Capital Corp now owns 4,895 shares of the utilities provider’s stock worth $395,000 after buying an additional 13 shares in the last quarter. Court Place Advisors LLC raised its stake in shares of Consolidated Edison by 0.4% in the first quarter. Court Place Advisors LLC now owns 4,014 shares of the utilities provider’s stock worth $312,000 after buying an additional 14 shares in the last quarter. Sabal Trust CO raised its stake in shares of Consolidated Edison by 0.6% in the second quarter. Sabal Trust CO now owns 2,715 shares of the utilities provider’s stock worth $219,000 after buying an additional 15 shares in the last quarter. Finally, Teacher Retirement System of Texas raised its stake in shares of Consolidated Edison by 0.6% in the second quarter. Teacher Retirement System of Texas now owns 3,186 shares of the utilities provider’s stock worth $257,000 after buying an additional 18 shares in the last quarter. 55.61% of the stock is owned by institutional investors and hedge funds.

Consolidated Edison Company Profile

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).

Analyst Recommendations for Consolidated Edison (NYSE:ED)

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