Wells Fargo & Company Raises Consolidated Edison (NYSE:ED) Price Target to $114.00

Consolidated Edison (NYSE:ED) had its target price increased by investment analysts at Wells Fargo & Company from $103.00 to $114.00 in a report released on Friday,Benzinga reports. The brokerage currently has an “equal weight” rating on the utilities provider’s stock. Wells Fargo & Company‘s target price suggests a potential upside of 3.57% from the company’s current price.

A number of other analysts also recently commented on the company. Mizuho upped their price objective on Consolidated Edison from $92.00 to $95.00 and gave the stock a “neutral” rating in a report on Monday, February 3rd. Evercore ISI lowered Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 21st. Citigroup lifted their price objective on Consolidated Edison from $116.00 to $120.00 and gave the company a “buy” rating in a research note on Wednesday, April 9th. Scotiabank boosted their target price on Consolidated Edison from $100.00 to $101.00 and gave the stock a “sector perform” rating in a report on Monday, February 24th. Finally, Morgan Stanley set a $94.00 price target on shares of Consolidated Edison and gave the company an “overweight” rating in a report on Wednesday, April 23rd. One equities research analyst has rated the stock with a sell rating, seven have assigned a hold rating, three have given a buy rating and one has assigned a strong buy rating to the company’s stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and an average target price of $105.70.

Consolidated Edison Price Performance

ED stock opened at $110.07 on Friday. The stock has a market capitalization of $39.65 billion, a price-to-earnings ratio of 21.01, a price-to-earnings-growth ratio of 3.05 and a beta of 0.27. The company has a quick ratio of 0.93, a current ratio of 1.01 and a debt-to-equity ratio of 1.07. Consolidated Edison has a 52-week low of $87.28 and a 52-week high of $114.87. The stock’s fifty day simple moving average is $107.80 and its 200-day simple moving average is $99.80.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings results on Thursday, May 1st. The utilities provider reported $2.25 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $2.30 by ($0.05). Consolidated Edison had a return on equity of 8.62% and a net margin of 11.93%. The business had revenue of $4.80 billion during the quarter, compared to analyst estimates of $4.21 billion. During the same period in the previous year, the business posted $2.15 earnings per share. Equities research analysts expect that Consolidated Edison will post 5.62 EPS for the current year.

Hedge Funds Weigh In On Consolidated Edison

Institutional investors have recently added to or reduced their stakes in the company. Alpine Bank Wealth Management acquired a new position in shares of Consolidated Edison in the first quarter worth about $32,000. Fort Vancouver Investment Management LLC purchased a new stake in Consolidated Edison during the 1st quarter worth approximately $33,000. AlphaMark Advisors LLC acquired a new position in shares of Consolidated Edison in the 4th quarter valued at approximately $27,000. Elite Financial Inc. purchased a new position in shares of Consolidated Edison during the 1st quarter valued at approximately $38,000. Finally, Fairway Wealth LLC acquired a new stake in shares of Consolidated Edison during the fourth quarter worth approximately $36,000. Institutional investors and hedge funds own 66.29% of the company’s stock.

Consolidated Edison Company Profile

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.