Consolidated Edison (NYSE:ED) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a research report issued on Thursday.
According to Zacks, “Consolidated Edison has a favorable rate decisions history by regulatory authorities, which will likely encourage it to invest more in infrastructure improvements. It continues to follow a systematic capital investment plan for infrastructure development and the expansion of renewable assets. The company is also making notable progress in generating renewable energy. Moreover, the company outperformed the broader industry in past one year. However, the company faces interest rate risk owing to variable rate debt and to new debt financing needed to fund capital requirements. Also, adverse decisions by the commissions in pending regulatory cases may negatively impact Consolidated Edison’s earnings.”
Several other equities analysts have also commented on ED. Morgan Stanley raised their price target on Consolidated Edison from $78.00 to $80.00 and gave the company an “underweight” rating in a research note on Friday, September 8th. Evercore ISI lowered Consolidated Edison from an “in-line” rating to an “underperform” rating and set a $74.00 price target on the stock. in a research note on Tuesday, September 26th. KeyCorp restated a “hold” rating on shares of Consolidated Edison in a research note on Friday, October 20th. Bank of America started coverage on Consolidated Edison in a research note on Tuesday, October 24th. They issued a “buy” rating and a $92.00 target price on the stock. Finally, ValuEngine upgraded Consolidated Edison from a “hold” rating to a “buy” rating in a research note on Friday, November 10th. Five research analysts have rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the company. The company presently has a consensus rating of “Hold” and a consensus target price of $80.95.
Consolidated Edison (NYSE:ED) last announced its quarterly earnings results on Thursday, November 2nd. The utilities provider reported $1.47 EPS for the quarter, missing the consensus estimate of $1.54 by ($0.07). The firm had revenue of $3.21 billion for the quarter, compared to analysts’ expectations of $3.14 billion. Consolidated Edison had a net margin of 10.42% and a return on equity of 8.42%. During the same quarter in the prior year, the business posted $1.51 EPS. analysts forecast that Consolidated Edison will post 4.09 EPS for the current year.
A number of institutional investors and hedge funds have recently bought and sold shares of the business. Fiera Capital Corp grew its stake in Consolidated Edison by 0.3% in the second quarter. Fiera Capital Corp now owns 4,895 shares of the utilities provider’s stock valued at $395,000 after purchasing an additional 13 shares during the last quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS boosted its holdings in Consolidated Edison by 0.3% in the second quarter. Commonwealth of Pennsylvania Public School Empls Retrmt SYS now owns 22,688 shares of the utilities provider’s stock worth $1,834,000 after acquiring an additional 59 shares in the last quarter. First Allied Advisory Services Inc. boosted its holdings in Consolidated Edison by 1.1% in the second quarter. First Allied Advisory Services Inc. now owns 9,812 shares of the utilities provider’s stock worth $792,000 after acquiring an additional 106 shares in the last quarter. Bank of Hawaii boosted its holdings in Consolidated Edison by 0.7% in the second quarter. Bank of Hawaii now owns 16,649 shares of the utilities provider’s stock worth $1,346,000 after acquiring an additional 116 shares in the last quarter. Finally, Veritable L.P. boosted its holdings in Consolidated Edison by 1.9% in the second quarter. Veritable L.P. now owns 8,764 shares of the utilities provider’s stock worth $708,000 after acquiring an additional 161 shares in the last quarter. Institutional investors own 55.50% of the company’s stock.
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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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