Consolidated Edison (NYSE:ED) Given New $85.00 Price Target at Morgan Stanley

Consolidated Edison (NYSE:ED) had its target price lowered by equities researchers at Morgan Stanley from $88.00 to $85.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage currently has an “underweight” rating on the utilities provider’s stock. Morgan Stanley’s price target suggests a potential downside of 13.80% from the stock’s previous close.

Other analysts have also issued research reports about the stock. UBS Group raised their price target on shares of Consolidated Edison from $105.00 to $106.00 and gave the company a “neutral” rating in a research report on Friday, September 20th. Guggenheim increased their price objective on shares of Consolidated Edison from $88.00 to $91.00 and gave the company a “neutral” rating in a report on Friday, August 2nd. Barclays reduced their price target on shares of Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating for the company in a research report on Friday, November 8th. Scotiabank increased their target price on shares of Consolidated Edison from $85.00 to $90.00 and gave the company a “sector underperform” rating in a research report on Tuesday, August 20th. Finally, Bank of America boosted their price target 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. Four analysts have rated the stock with a sell rating, eight have given a hold rating, two have issued a buy rating and two have issued a strong buy rating to the company. According to MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $98.19.

Consolidated Edison Stock Down 0.1 %

Shares of NYSE:ED traded down $0.09 on Friday, reaching $98.61. The company had a trading volume of 353,227 shares, compared to its average volume of 1,862,976. The firm has a market capitalization of $34.16 billion, a PE ratio of 18.59, a PEG ratio of 3.26 and a beta of 0.36. The company has a current ratio of 1.01, a quick ratio of 0.93 and a debt-to-equity ratio of 1.07. Consolidated Edison has a 52-week low of $85.85 and a 52-week high of $107.75. The firm’s 50 day simple moving average is $102.14 and its 200-day simple moving average is $98.06.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings data on Thursday, November 7th. The utilities provider reported $1.68 EPS for the quarter, beating the consensus estimate of $1.56 by $0.12. Consolidated Edison had a return on equity of 8.70% and a net margin of 12.27%. The firm had revenue of $4.09 billion during the quarter, compared to analyst estimates of $4.02 billion. As a group, analysts expect that Consolidated Edison will post 5.33 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Consolidated Edison

Several institutional investors have recently made changes to their positions in ED. M&T Bank Corp grew its holdings in shares of Consolidated Edison by 5.0% in the 3rd quarter. M&T Bank Corp now owns 58,398 shares of the utilities provider’s stock worth $6,081,000 after acquiring an additional 2,795 shares during the period. Unigestion Holding SA boosted its position in Consolidated Edison by 1,904.8% during the third quarter. Unigestion Holding SA now owns 320,188 shares of the utilities provider’s stock worth $33,338,000 after purchasing an additional 304,217 shares in the last quarter. TD Private Client Wealth LLC grew its holdings in Consolidated Edison by 4.7% in the third quarter. TD Private Client Wealth LLC now owns 2,334 shares of the utilities provider’s stock valued at $243,000 after purchasing an additional 104 shares during the last quarter. Coldstream Capital Management Inc. increased its position in shares of Consolidated Edison by 18.0% in the third quarter. Coldstream Capital Management Inc. now owns 5,864 shares of the utilities provider’s stock valued at $602,000 after buying an additional 896 shares in the last quarter. Finally, RB Capital Management LLC boosted its position in shares of Consolidated Edison by 6.0% in the 3rd quarter. RB Capital Management LLC now owns 3,287 shares of the utilities provider’s stock worth $342,000 after buying an additional 187 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.