Consolidated Edison (NYSE:ED) Rating Lowered to Neutral at Bank of America

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Consolidated Edison (NYSE:ED) was downgraded by Bank of America from a “buy” rating to a “neutral” rating in a research note issued on Thursday, The Fly reports. They currently have a $92.00 price objective on the utilities provider’s stock, down from their prior price objective of $99.00. Bank of America‘s price objective indicates a potential upside of 5.18% from the company’s previous close.

ED has been the subject of several other reports. UBS Group upped their target price on Consolidated Edison from $96.00 to $98.00 and gave the stock a “neutral” rating in a report on Monday, October 21st. Morgan Stanley lowered their target price on Consolidated Edison from $90.00 to $89.00 and set an “underweight” rating for the company in a report on Thursday, October 17th. Credit Suisse Group lowered their target price on Consolidated Edison from $90.00 to $89.00 and set an “underperform” rating for the company in a report on Tuesday, November 5th. Mizuho upgraded Consolidated Edison from a “neutral” rating to a “buy” rating and upped their target price for the stock from $93.00 to $98.00 in a report on Friday, October 25th. Finally, Wells Fargo & Co lowered their target price on Consolidated Edison from $95.00 to $94.00 and set a “market perform” rating for the company in a report on Tuesday, November 5th. Three equities research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $91.61.

ED traded down $0.26 during trading hours on Thursday, reaching $87.47. 1,097,927 shares of the company’s stock traded hands, compared to its average volume of 1,784,711. The firm has a 50-day moving average price of $91.22 and a 200 day moving average price of $88.82. Consolidated Edison has a 52-week low of $73.29 and a 52-week high of $94.97. The company has a quick ratio of 0.52, a current ratio of 0.58 and a debt-to-equity ratio of 1.01. The firm has a market capitalization of $29.36 billion, a PE ratio of 20.25, a PEG ratio of 10.10 and a beta of 0.04.

Consolidated Edison (NYSE:ED) last issued its earnings results on Monday, November 4th. The utilities provider reported $1.54 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.58 by ($0.04). Consolidated Edison had a return on equity of 7.92% and a net margin of 10.98%. The firm had revenue of $3.37 billion during the quarter, compared to analysts’ expectations of $3.50 billion. During the same quarter in the prior year, the company posted $1.57 earnings per share. Equities analysts predict that Consolidated Edison will post 4.32 EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Leavell Investment Management Inc. lifted its stake in shares of Consolidated Edison by 3.3% during the 3rd quarter. Leavell Investment Management Inc. now owns 3,470 shares of the utilities provider’s stock worth $328,000 after purchasing an additional 110 shares during the last quarter. Integrated Wealth Concepts LLC increased its position in Consolidated Edison by 4.1% during the 2nd quarter. Integrated Wealth Concepts LLC now owns 2,912 shares of the utilities provider’s stock valued at $255,000 after buying an additional 115 shares in the last quarter. Glenview State Bank Trust DEPT. increased its position in Consolidated Edison by 4.1% during the 3rd quarter. Glenview State Bank Trust DEPT. now owns 2,935 shares of the utilities provider’s stock valued at $277,000 after buying an additional 115 shares in the last quarter. Wilbanks Smith & Thomas Asset Management LLC increased its position in Consolidated Edison by 2.7% during the 2nd quarter. Wilbanks Smith & Thomas Asset Management LLC now owns 4,380 shares of the utilities provider’s stock valued at $384,000 after buying an additional 116 shares in the last quarter. Finally, 6 Meridian increased its position in Consolidated Edison by 1.9% during the 2nd quarter. 6 Meridian now owns 6,295 shares of the utilities provider’s stock valued at $552,000 after buying an additional 117 shares in the last quarter. Hedge funds and other institutional investors own 60.18% of the company’s stock.

Consolidated Edison Company Profile

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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