Evercore ISI Downgrades Consolidated Edison (NYSE:ED) to Hold

Consolidated Edison (NYSE:ED) was downgraded by Evercore ISI from a “strong-buy” rating to a “hold” rating in a note issued to investors on Tuesday,Zacks.com reports.

A number of other analysts have also weighed in on the stock. Citigroup upgraded shares of Consolidated Edison from a “neutral” rating to a “buy” rating and raised their target price for the company from $103.00 to $116.00 in a research report on Tuesday, October 15th. Morgan Stanley cut their target price on shares of Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating on the stock in a research report on Friday, November 22nd. Barclays cut their price target on shares of Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating on the stock in a report on Friday, November 8th. Jefferies Financial Group assumed coverage on shares of Consolidated Edison in a report on Wednesday, October 9th. They set a “hold” rating and a $108.00 price target on the stock. Finally, Scotiabank upgraded shares of Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and lifted their price target for the stock from $90.00 to $100.00 in a report on Thursday, December 12th. Two investment analysts have rated the stock with a sell rating, eight have given a hold rating, two have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and an average target price of $100.64.

Consolidated Edison Stock Performance

NYSE ED opened at $90.75 on Tuesday. The company has a current ratio of 1.01, a quick ratio of 0.93 and a debt-to-equity ratio of 1.07. The firm has a market capitalization of $31.44 billion, a price-to-earnings ratio of 17.09, a P/E/G ratio of 2.97 and a beta of 0.38. The firm’s 50 day simple moving average is $93.08 and its 200 day simple moving average is $97.98. Consolidated Edison has a 1 year low of $85.85 and a 1 year high of $107.75.

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. The business had revenue of $4.09 billion for the quarter, compared to analyst estimates of $4.02 billion. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. As a group, research analysts expect that Consolidated Edison will post 5.35 earnings per share for the current fiscal year.

Institutional Investors Weigh In On Consolidated Edison

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Capital Performance Advisors LLP bought a new stake in Consolidated Edison in the third quarter valued at $27,000. Ashton Thomas Securities LLC acquired a new position in shares of Consolidated Edison during the third quarter valued at about $30,000. AlphaMark Advisors LLC acquired a new position in shares of Consolidated Edison during the fourth quarter valued at about $27,000. FSA Wealth Management LLC acquired a new position in shares of Consolidated Edison during the third quarter valued at about $55,000. Finally, Future Financial Wealth Managment LLC acquired a new position in shares of Consolidated Edison during the third quarter valued at about $55,000. 66.29% of the stock is 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.