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.
TRADEMARK VIOLATION NOTICE: This piece of content was first reported by Ticker Report and is the property of of Ticker Report. If you are reading this piece of content on another publication, it was copied illegally and reposted in violation of US and international copyright & trademark law. The original version of this piece of content can be read at https://www.tickerreport.com/banking-finance/2798760/morgan-stanley-increases-consolidated-edison-inc-nyseed-price-target-to-78-00.html.
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).
Receive News & Ratings for Consolidated Edison Inc Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Consolidated Edison Inc and related companies with MarketBeat.com's FREE daily email newsletter.