Consolidated Edison (NYSE:ED) Given New $97.00 Price Target at Barclays

Consolidated Edison (NYSE:ED) had its price objective lifted by analysts at Barclays from $89.00 to $97.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage currently has an “equal weight” rating on the utilities provider’s stock. Barclays‘s price target would indicate a potential downside of 0.56% from the company’s previous close.

Other analysts have also issued research reports about the stock. Wells Fargo & Company raised their target price on shares of Consolidated Edison from $93.00 to $97.00 and gave the company an “equal weight” rating in a research report on Friday, May 3rd. Royal Bank of Canada lowered their target price on shares of Consolidated Edison from $94.00 to $93.00 and set a “sector perform” rating on the stock in a report on Friday, February 16th. Scotiabank lowered their price objective on shares of Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating on the stock in a research report on Monday, April 22nd. Finally, UBS Group dropped their price objective on Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating on the stock in a report on Friday, February 16th. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus target price of $88.46.

Consolidated Edison Stock Performance

Shares of NYSE:ED opened at $97.55 on Tuesday. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.99 and a quick ratio of 0.92. The stock has a market capitalization of $33.74 billion, a price-to-earnings ratio of 18.72, a price-to-earnings-growth ratio of 8.99 and a beta of 0.34. The business’s fifty day moving average price is $90.62 and its two-hundred day moving average price is $90.28. Consolidated Edison has a fifty-two week low of $80.46 and a fifty-two week high of $100.08.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings data on Thursday, May 2nd. The utilities provider reported $2.15 earnings per share for the quarter, topping the consensus estimate of $1.89 by $0.26. The firm had revenue of $4.28 billion for the quarter, compared to analysts’ expectations of $4.40 billion. Consolidated Edison had a return on equity of 8.79% and a net margin of 12.43%. The company’s quarterly revenue was down 2.8% compared to the same quarter last year. During the same quarter last year, the business earned $1.83 EPS. As a group, analysts predict that Consolidated Edison will post 5.31 EPS for the current fiscal year.

Institutional Investors Weigh In On Consolidated Edison

A number of large investors have recently modified their holdings of ED. Financial Gravity Asset Management Inc. lifted its holdings in Consolidated Edison by 215.6% in the third quarter. Financial Gravity Asset Management Inc. now owns 284 shares of the utilities provider’s stock worth $25,000 after buying an additional 194 shares during the period. Turtle Creek Wealth Advisors LLC bought a new position in shares of Consolidated Edison in the 4th quarter worth approximately $29,000. Raleigh Capital Management Inc. purchased a new position in shares of Consolidated Edison in the 4th quarter valued at approximately $29,000. Tidemark LLC purchased a new position in shares of Consolidated Edison in the 4th quarter valued at approximately $29,000. Finally, Bruce G. Allen Investments LLC bought a new stake in shares of Consolidated Edison during the fourth quarter valued at approximately $31,000. Institutional investors own 66.29% of the company’s stock.

About Consolidated Edison

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 3.7 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 1,530 customers in parts of Manhattan.