Consolidated Edison (ED) Lifted to Buy at ValuEngine

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Consolidated Edison (NYSE:ED) was upgraded by ValuEngine from a “hold” rating to a “buy” rating in a report issued on Monday, ValuEngine reports.

A number of other equities analysts have also issued reports on the company. Bank of America raised Consolidated Edison from a “neutral” rating to a “buy” rating and decreased their price objective for the stock from $96.00 to $94.00 in a report on Friday, April 26th. They noted that the move was a valuation call. Credit Suisse Group set a $80.00 price objective on Consolidated Edison and gave the stock a “sell” rating in a report on Monday, April 22nd. Mizuho assumed coverage on Consolidated Edison in a report on Monday, March 11th. They issued a “neutral” rating and a $85.00 price objective for the company. Zacks Investment Research lowered Consolidated Edison from a “buy” rating to a “hold” rating in a report on Monday, February 25th. Finally, Evercore ISI lowered Consolidated Edison from an “in-line” rating to an “underperform” rating and set a $78.07 price objective for the company. in a report on Tuesday, February 12th. Five investment analysts have rated the stock with a sell rating, seven have issued a hold rating and two have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $78.42.

ED stock traded up $0.74 on Monday, reaching $86.04. The company’s stock had a trading volume of 2,648,790 shares, compared to its average volume of 2,052,231. Consolidated Edison has a 52 week low of $71.12 and a 52 week high of $86.50. The firm has a market capitalization of $27.90 billion, a price-to-earnings ratio of 19.92, a price-to-earnings-growth ratio of 9.66 and a beta of 0.13. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.60 and a quick ratio of 0.54.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings data on Thursday, May 2nd. The utilities provider reported $1.39 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.35 by $0.04. Consolidated Edison had a return on equity of 8.31% and a net margin of 11.03%. The business had revenue of $3.51 billion during the quarter, compared to analyst estimates of $3.39 billion. During the same period in the prior year, the company posted $1.38 EPS. On average, equities analysts anticipate that Consolidated Edison will post 4.35 EPS for the current fiscal year.

A number of hedge funds and other institutional investors have recently modified their holdings of the business. Field & Main Bank acquired a new stake in shares of Consolidated Edison during the 1st quarter valued at $30,000. Willingdon Wealth Management acquired a new stake in shares of Consolidated Edison during the 1st quarter valued at $31,000. Financial Gravity Companies Inc. acquired a new stake in shares of Consolidated Edison during the 4th quarter valued at $28,000. Financial Gravity Wealth Inc. acquired a new stake in shares of Consolidated Edison during the 1st quarter valued at $32,000. Finally, Sontag Advisory LLC acquired a new stake in shares of Consolidated Edison during the 4th quarter valued at $30,000. 59.57% of the stock is owned by hedge funds and other institutional investors.

About Consolidated Edison

Consolidated Edison, Inc, through its subsidiaries, engages in regulated electric, gas, and steam delivery businesses in the United States. The company offers electric services to approximately 3.5 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 1,622 customers in parts of Manhattan.

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Analyst Recommendations for Consolidated Edison (NYSE:ED)

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