Consolidated Edison (NYSE:ED) Stock Rating Lowered by Wells Fargo & Company

Consolidated Edison (NYSE:EDGet Rating) was downgraded by equities research analysts at Wells Fargo & Company from an “equal weight” rating to a “sell” rating in a research note issued to investors on Tuesday, MarketBeat.com reports. They presently have a $94.00 price objective on the utilities provider’s stock, up from their previous price objective of $85.00. Wells Fargo & Company‘s price objective would indicate a potential upside of 2.16% from the stock’s previous close.

Several other equities research analysts also recently issued reports on the stock. Guggenheim downgraded shares of Consolidated Edison from a “neutral” rating to a “sell” rating and cut their price objective for the stock from $77.00 to $71.00 in a research report on Thursday, January 20th. Morgan Stanley raised their price objective on shares of Consolidated Edison from $75.00 to $82.00 and gave the stock an “underweight” rating in a research report on Wednesday, April 20th. Wolfe Research upgraded shares of Consolidated Edison from an “underperform” rating to a “peer perform” rating and set a $82.00 price target for the company in a research report on Thursday, February 17th. KeyCorp lifted their price target on shares of Consolidated Edison from $71.00 to $72.00 and gave the company an “underweight” rating in a research report on Wednesday, April 20th. Finally, The Goldman Sachs Group lifted their price target on shares of Consolidated Edison from $65.00 to $83.00 and gave the company a “sell” rating in a research report on Thursday, March 31st. Seven equities research analysts have rated the stock with a sell rating, five have issued a hold rating and one has given a buy rating to the company. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $82.83.

Shares of ED stock opened at $92.01 on Tuesday. The firm has a 50 day moving average price of $92.52 and a two-hundred day moving average price of $85.30. The company has a quick ratio of 0.94, a current ratio of 1.02 and a debt-to-equity ratio of 1.11. The company has a market capitalization of $32.59 billion, a PE ratio of 23.90, a price-to-earnings-growth ratio of 10.34 and a beta of 0.23. Consolidated Edison has a 12-month low of $71.17 and a 12-month high of $99.22.

Consolidated Edison (NYSE:EDGet Rating) last issued its quarterly earnings data on Thursday, February 17th. The utilities provider reported $1.00 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.85 by $0.15. The firm had revenue of $3.42 billion during the quarter, compared to the consensus estimate of $2.97 billion. Consolidated Edison had a net margin of 9.84% and a return on equity of 7.63%. During the same period last year, the business posted $0.75 earnings per share. As a group, research analysts expect that Consolidated Edison will post 4.49 EPS for the current year.

In other Consolidated Edison news, Director John Mcavoy sold 74,715 shares of the business’s stock in a transaction that occurred on Tuesday, February 22nd. The shares were sold at an average price of $84.69, for a total transaction of $6,327,613.35. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Over the last 90 days, insiders have acquired 536 shares of company stock valued at $49,448. Company insiders own 0.13% of the company’s stock.

Several hedge funds and other institutional investors have recently bought and sold shares of the business. Transcend Capital Advisors LLC grew its stake in shares of Consolidated Edison by 1.6% during the first quarter. Transcend Capital Advisors LLC now owns 6,717 shares of the utilities provider’s stock worth $636,000 after buying an additional 108 shares during the last quarter. Belpointe Asset Management LLC grew its stake in shares of Consolidated Edison by 2.4% during the first quarter. Belpointe Asset Management LLC now owns 4,583 shares of the utilities provider’s stock worth $433,000 after buying an additional 109 shares during the last quarter. First Command Bank grew its stake in shares of Consolidated Edison by 43.3% during the first quarter. First Command Bank now owns 364 shares of the utilities provider’s stock worth $34,000 after buying an additional 110 shares during the last quarter. Smith Shellnut Wilson LLC ADV grew its stake in shares of Consolidated Edison by 3.4% during the fourth quarter. Smith Shellnut Wilson LLC ADV now owns 3,537 shares of the utilities provider’s stock worth $302,000 after buying an additional 115 shares during the last quarter. Finally, Marino Stram & Associates LLC grew its stake in shares of Consolidated Edison by 0.5% during the first quarter. Marino Stram & Associates LLC now owns 21,227 shares of the utilities provider’s stock worth $2,010,000 after buying an additional 116 shares during the last quarter. 65.73% of the stock is currently owned by hedge funds and other institutional investors.

Consolidated Edison Company Profile (Get Rating)

Consolidated Edison, Inc, through its subsidiaries, engages in the regulated electric, gas, and steam delivery businesses in the United States. It 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 1,555 customers in parts of Manhattan.

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