Barclays Cuts Consolidated Edison (NYSE:ED) Price Target to $99.00

Consolidated Edison (NYSE:ED) had its price target cut by analysts at Barclays from $104.00 to $99.00 in a report issued on Friday,Benzinga reports. The firm currently has an “underweight” rating on the utilities provider’s stock. Barclays‘s target price would suggest a potential upside of 0.68% from the stock’s current price.

ED has been the topic of several other research reports. Guggenheim boosted their price objective on Consolidated Edison from $88.00 to $91.00 and gave the stock a “neutral” rating in a report on Friday, August 2nd. Citigroup upgraded shares of Consolidated Edison from a “neutral” rating to a “buy” rating and upped their price target for the company from $103.00 to $116.00 in a research report on Tuesday, October 15th. Jefferies Financial Group initiated coverage on shares of Consolidated Edison in a research note on Wednesday, October 9th. They set a “hold” rating and a $108.00 target price on the stock. UBS Group lifted their price target on Consolidated Edison from $105.00 to $106.00 and gave the company a “neutral” rating in a report on Friday, September 20th. Finally, Wells Fargo & Company raised their price objective on Consolidated Edison from $97.00 to $105.00 and gave the stock an “equal weight” rating in a research report on Friday, August 2nd. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat.com, Consolidated Edison presently has a consensus rating of “Hold” and a consensus price target of $98.35.

Consolidated Edison Price Performance

NYSE ED traded up $0.75 on Friday, reaching $98.33. The company’s stock had a trading volume of 994,936 shares, compared to its average volume of 1,853,453. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.97 and a current ratio of 1.04. The firm’s 50 day moving average is $103.48 and its two-hundred day moving average is $97.85. Consolidated Edison has a twelve month low of $85.85 and a twelve month high of $107.75. The stock has a market cap of $34.04 billion, a PE ratio of 19.12, a PEG ratio of 3.34 and a beta of 0.36.

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

Hedge Funds Weigh In On Consolidated Edison

A number of hedge funds and other institutional investors have recently made changes to their positions in ED. Clean Energy Transition LLP boosted its stake in shares of Consolidated Edison by 227.9% in the 2nd quarter. Clean Energy Transition LLP now owns 897,553 shares of the utilities provider’s stock valued at $80,259,000 after purchasing an additional 623,787 shares in the last quarter. International Assets Investment Management LLC boosted its position in Consolidated Edison by 10,262.1% in the third quarter. International Assets Investment Management LLC now owns 553,546 shares of the utilities provider’s stock valued at $57,641,000 after buying an additional 548,204 shares in the last quarter. Acadian Asset Management LLC grew its stake in Consolidated Edison by 302.3% during the second 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 during the last quarter. Assenagon Asset Management S.A. raised its stake 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 acquiring an additional 396,985 shares during the last quarter. Finally, AMF Tjanstepension AB boosted its holdings in shares of Consolidated Edison by 243.2% in the 2nd 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 in the last quarter. 66.29% of the stock is 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.