Consolidated Edison Inc (ED) Stock Rating Upgraded by Zacks Investment Research

Consolidated Edison Inc (NYSE:ED) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Friday. The brokerage presently has a $92.00 price objective on the utilities provider’s stock. Zacks Investment Research‘s price objective suggests a potential upside of 12.76% from the company’s previous close.

According to Zacks, “Consolidated Edison has a history of favorable rate decisions by regulatory authorities, which will likely encourage it to invest more in infrastructure improvements. A stable financial position backed by a strong cash generation capacity enables the company to follow a disciplined capital spending program. The company is also making notable progress in generating renewable energy. Moreover, the company outperformed its broader industry in the past one year. However, disruption in wholesale energy markets may affect its ability to meet customers’ energy needs and thereby adversely affect its performance. The company is also subject to penalties for non-compliance of regulations imposed by federal, state as well as local authorities in relation to environmental issues.”

A number of other analysts have also commented on ED. Morgan Stanley boosted their target price on Consolidated Edison from $78.00 to $80.00 and gave the company an “underweight” rating in a research report on Friday, September 8th. BidaskClub lowered Consolidated Edison from a “strong-buy” rating to a “buy” rating in a research report on Saturday, June 24th. Finally, Jefferies Group LLC reaffirmed a “hold” rating and issued a $83.50 target price on shares of Consolidated Edison in a research report on Thursday, August 31st. Four analysts have rated the stock with a sell rating, seven have assigned a hold rating and two have assigned a buy rating to the company’s stock. Consolidated Edison currently has a consensus rating of “Hold” and a consensus target price of $77.63.

Consolidated Edison (NYSE:ED) opened at 81.59 on Friday. The company has a market capitalization of $24.94 billion, a P/E ratio of 19.74 and a beta of 0.09. Consolidated Edison has a 12-month low of $68.76 and a 12-month high of $86.16. The company’s 50 day moving average price is $83.85 and its 200-day moving average price is $81.13.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings data on Thursday, August 3rd. The utilities provider reported $0.58 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.61 by ($0.03). The business had revenue of $2.63 billion during the quarter, compared to analyst estimates of $2.79 billion. Consolidated Edison had a net margin of 10.57% and a return on equity of 8.59%. During the same period in the prior year, the firm earned $0.60 earnings per share. Equities analysts forecast that Consolidated Edison will post $4.09 earnings per share for the current fiscal year.

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In other Consolidated Edison news, CEO Joseph P. Oates sold 1,908 shares of the business’s stock in a transaction that occurred on Wednesday, August 23rd. The stock was sold at an average price of $83.87, for a total transaction of $160,023.96. Following the completion of the sale, the chief executive officer now directly owns 24,017 shares of the company’s stock, valued at approximately $2,014,305.79. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders have acquired a total of 471 shares of company stock valued at $39,202 over the last three months. Corporate insiders own 0.20% of the company’s stock.

A number of institutional investors and hedge funds have recently modified their holdings of the business. Fiera Capital Corp increased its holdings in Consolidated Edison by 0.3% during the 2nd quarter. Fiera Capital Corp now owns 4,895 shares of the utilities provider’s stock worth $395,000 after purchasing an additional 13 shares in the last quarter. Sabal Trust CO increased its holdings in Consolidated Edison by 0.6% during the 2nd quarter. Sabal Trust CO now owns 2,715 shares of the utilities provider’s stock worth $219,000 after purchasing an additional 15 shares in the last quarter. Teacher Retirement System of Texas increased its holdings in Consolidated Edison by 0.6% during the 2nd quarter. Teacher Retirement System of Texas now owns 3,186 shares of the utilities provider’s stock worth $257,000 after purchasing an additional 18 shares in the last quarter. Financial Architects Inc increased its holdings in Consolidated Edison by 0.6% during the 2nd quarter. Financial Architects Inc now owns 3,378 shares of the utilities provider’s stock worth $273,000 after purchasing an additional 19 shares in the last quarter. Finally, Cleararc Capital Inc. increased its holdings in Consolidated Edison by 0.3% during the 1st quarter. Cleararc Capital Inc. now owns 7,446 shares of the utilities provider’s stock worth $578,000 after purchasing an additional 21 shares in the last quarter. 55.06% of the stock is owned by hedge funds and other institutional investors.

Consolidated Edison Company Profile

Consolidated Edison, Inc (Con Edison) is a holding company. The Company operates through its subsidiaries, which include Consolidated Edison Company of New York, Inc (CECONY), Orange and Rockland Utilities, Inc (O&R), Con Edison Clean Energy Businesses, Inc (the Clean Energy Businesses) and Con Edison Transmission, Inc (Con Edison Transmission).

Analyst Recommendations for Consolidated Edison (NYSE:ED)

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