Consolidated Edison (NYSE:ED) Price Target Increased to $96.00 by Analysts at UBS Group

Consolidated Edison (NYSE:ED) had its price target upped by equities researchers at UBS Group from $92.00 to $96.00 in a research note issued to investors on Friday, Benzinga reports. The brokerage currently has a “neutral” rating on the utilities provider’s stock. UBS Group’s price target would suggest a potential upside of 1.96% from the stock’s current price.

Other equities analysts have also recently issued research reports about the stock. Morgan Stanley dropped their price objective on shares of Consolidated Edison from $80.00 to $76.00 and set an “underweight” rating for the company in a research note on Monday, June 24th. Scotiabank decreased their price objective on Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating on the stock in a report on Monday, April 22nd. Mizuho upped their price objective on Consolidated Edison from $93.00 to $95.00 and gave the company a “neutral” rating in a research note on Tuesday, May 28th. Argus upgraded Consolidated Edison to a “strong-buy” rating in a research report on Friday, June 7th. Finally, Wells Fargo & Company upped their price target on Consolidated Edison from $93.00 to $97.00 and gave the company an “equal weight” rating in a research report on Friday, May 3rd. Three equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average target price of $89.42.

Consolidated Edison Stock Performance

NYSE ED traded up $0.04 during midday trading on Friday, hitting $94.15. The company had a trading volume of 312,240 shares, compared to its average volume of 1,873,154. The firm has a fifty day simple moving average of $92.27 and a two-hundred day simple moving average of $91.12. Consolidated Edison has a fifty-two week low of $80.46 and a fifty-two week high of $98.85. 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 cap of $32.56 billion, a price-to-earnings ratio of 18.04, a P/E/G ratio of 2.38 and a beta of 0.34.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings results on Thursday, May 2nd. The utilities provider reported $2.15 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.89 by $0.26. Consolidated Edison had a return on equity of 8.79% and a net margin of 12.43%. The firm had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4.40 billion. During the same period in the previous year, the company posted $1.83 earnings per share. The company’s quarterly revenue was down 2.8% compared to the same quarter last year. Equities analysts forecast that Consolidated Edison will post 5.33 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Norges Bank bought a new stake in shares of Consolidated Edison during the fourth quarter worth approximately $243,511,000. Charles Schwab Investment Management Inc. lifted its stake in shares of Consolidated Edison by 2.4% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 2,032,385 shares of the utilities provider’s stock valued at $184,886,000 after purchasing an additional 47,936 shares during the period. ProShare Advisors LLC lifted its stake in shares of Consolidated Edison by 6.6% in the 1st quarter. ProShare Advisors LLC now owns 2,000,741 shares of the utilities provider’s stock valued at $181,687,000 after purchasing an additional 123,654 shares during the period. Hsbc Holdings PLC grew its stake in shares of Consolidated Edison by 11.2% during the fourth quarter. Hsbc Holdings PLC now owns 1,386,743 shares of the utilities provider’s stock worth $126,042,000 after purchasing an additional 139,370 shares during the period. Finally, Dimensional Fund Advisors LP grew its stake in shares of Consolidated Edison by 0.6% during the fourth quarter. Dimensional Fund Advisors LP now owns 1,126,595 shares of the utilities provider’s stock worth $102,484,000 after purchasing an additional 6,176 shares during the period. 66.29% of the stock is currently owned by 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.