Barclays Has Lowered Expectations for Consolidated Edison (NYSE:ED) Stock Price

Consolidated Edison (NYSE:ED) had its price target lowered by stock analysts at Barclays from $104.00 to $99.00 in a research note issued on Friday,Benzinga reports. The firm presently has an “underweight” rating on the utilities provider’s stock. Barclays‘s price target points to a potential upside of 0.89% from the stock’s previous close.

A number of other equities analysts have also recently weighed in on the stock. Bank of America increased their price objective on shares of Consolidated Edison from $97.00 to $109.00 and gave the stock a “buy” rating in a research report on Monday, August 5th. Wells Fargo & Company lifted their price objective on Consolidated Edison from $97.00 to $105.00 and gave the company an “equal weight” rating in a research note on Friday, August 2nd. Citigroup raised Consolidated Edison from a “neutral” rating to a “buy” rating and increased their target price for the stock from $103.00 to $116.00 in a research note on Tuesday, October 15th. UBS Group boosted their price target on shares of Consolidated Edison from $105.00 to $106.00 and gave the stock a “neutral” rating in a research note on Friday, September 20th. Finally, Morgan Stanley increased their price target on shares of Consolidated Edison from $82.00 to $87.00 and gave the stock an “underweight” rating in a research report on Wednesday, September 25th. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating, two have given a buy rating and one has given a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has a consensus rating of “Hold” and an average target price of $98.35.

Consolidated Edison Stock Up 0.6 %

Shares of NYSE ED opened at $98.13 on Friday. The stock has a market cap of $33.97 billion, a PE ratio of 19.09, a P/E/G ratio of 3.34 and a beta of 0.36. The company has a current ratio of 1.04, a quick ratio of 0.97 and a debt-to-equity ratio of 1.08. Consolidated Edison has a 12-month low of $85.85 and a 12-month high of $107.75. The company has a 50-day moving average of $103.35 and a 200 day moving average of $97.89.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings results on Thursday, November 7th. The utilities provider reported $1.68 earnings per share for the quarter, beating the consensus estimate of $1.56 by $0.12. The firm had revenue of $4.09 billion for the quarter, compared to analysts’ expectations of $4.02 billion. Consolidated Edison had a net margin of 12.03% and a return on equity of 8.67%. As a group, sell-side analysts predict that Consolidated Edison will post 5.31 EPS for the current fiscal year.

Institutional Trading of Consolidated Edison

A number of hedge funds and other institutional investors have recently made changes to their positions in ED. Clean Energy Transition LLP increased its stake in shares of Consolidated Edison by 227.9% during the second quarter. Clean Energy Transition LLP now owns 897,553 shares of the utilities provider’s stock valued at $80,259,000 after acquiring an additional 623,787 shares during the period. International Assets Investment Management LLC increased its position in shares of Consolidated Edison by 10,262.1% during the 3rd quarter. International Assets Investment Management LLC now owns 553,546 shares of the utilities provider’s stock valued at $57,641,000 after purchasing an additional 548,204 shares during the period. Acadian Asset Management LLC raised its stake in shares of Consolidated Edison by 302.3% in the 2nd quarter. Acadian Asset Management LLC now owns 709,172 shares of the utilities provider’s stock worth $63,396,000 after buying an additional 532,893 shares in the last quarter. Assenagon Asset Management S.A. lifted its holdings in shares of Consolidated Edison by 4,020.5% in the third quarter. Assenagon Asset Management S.A. now owns 406,859 shares of the utilities provider’s stock valued at $42,366,000 after buying an additional 396,985 shares during the period. Finally, AMF Tjanstepension AB grew its holdings in Consolidated Edison by 243.2% during the second quarter. AMF Tjanstepension AB now owns 497,982 shares of the utilities provider’s stock worth $44,564,000 after acquiring an additional 352,903 shares during the period. 66.29% of the stock is currently owned by institutional investors.

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.