Barclays Raises Consolidated Edison (NYSE:ED) Price Target to $97.00

Consolidated Edison (NYSE:ED) had its price objective raised by research analysts at Barclays from $89.00 to $97.00 in a research report issued to clients and investors on Tuesday, Benzinga reports. The brokerage currently has an “equal weight” rating on the utilities provider’s stock. Barclays‘s target price would indicate a potential upside of 0.73% from the stock’s current price.

Several other research firms also recently commented on ED. Scotiabank dropped 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 report on Monday, April 22nd. Royal Bank of Canada reduced their price objective on shares of Consolidated Edison from $94.00 to $93.00 and set a “sector perform” rating for the company in a research note on Friday, February 16th. Wells Fargo & Company raised their price target on Consolidated Edison from $93.00 to $97.00 and gave the stock an “equal weight” rating in a report on Friday. Finally, UBS Group decreased their price objective on Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating on the stock in a research note on Friday, February 16th. Four investment analysts have rated the stock with a sell rating, eight 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 target price of $88.46.

Consolidated Edison Stock Performance

NYSE ED traded up $0.17 during trading hours on Tuesday, reaching $96.30. 533,508 shares of the company were exchanged, compared to its average volume of 1,883,385. The company has a quick ratio of 0.92, a current ratio of 0.99 and a debt-to-equity ratio of 1.01. The stock has a market capitalization of $33.30 billion, a P/E ratio of 18.49, a P/E/G ratio of 8.99 and a beta of 0.34. Consolidated Edison has a 1 year low of $80.46 and a 1 year high of $100.32. The business’s 50 day simple moving average is $90.41 and its 200-day simple moving average is $90.21.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, May 2nd. The utilities provider reported $2.15 EPS for the quarter, topping analysts’ consensus estimates of $1.89 by $0.26. Consolidated Edison had a net margin of 12.43% and a return on equity of 8.79%. The company had revenue of $4.28 billion for the quarter, compared to analysts’ expectations of $4.40 billion. During the same quarter in the previous year, the firm posted $1.83 EPS. Consolidated Edison’s revenue was down 2.8% on a year-over-year basis. On average, equities research analysts expect that Consolidated Edison will post 5.31 earnings per share for the current year.

Institutional Trading of Consolidated Edison

Institutional investors have recently modified their holdings of the company. Norges Bank bought a new position in shares of Consolidated Edison during the fourth quarter valued at approximately $243,511,000. Newport Trust Company LLC purchased a new stake in Consolidated Edison in the third quarter worth about $51,134,000. International Assets Investment Management LLC boosted its position in Consolidated Edison by 9,063.6% during the 4th quarter. International Assets Investment Management LLC now owns 519,028 shares of the utilities provider’s stock valued at $47,216,000 after acquiring an additional 513,364 shares in the last quarter. J.P. Morgan Private Wealth Advisors LLC purchased a new position in shares of Consolidated Edison during the 3rd quarter worth approximately $39,556,000. Finally, Northern Trust Corp boosted its position in shares of Consolidated Edison by 8.2% during the third quarter. Northern Trust Corp now owns 4,484,026 shares of the utilities provider’s stock valued at $383,519,000 after purchasing an additional 340,239 shares in the last quarter. 66.29% of the stock is currently owned by hedge funds and other institutional investors.

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.