Consolidated Edison (NYSE:ED) Stock Picked Up by Analysts at HSBC

Key Points

• HSBC initiated coverage of Consolidated Edison with a “hold” rating and a $104 price target, implying approximately 7% downside from the stock’s $111.82 opening price.
• Analyst sentiment is generally cautious: the stock has a consensus “Reduce” rating and an average price target of $107.50, with three Buy, eight Hold, and six Sell ratings.
• Consolidated Edison exceeded quarterly expectations, reporting $0.83 in earnings per share versus the $0.76 consensus and $4.07 billion in revenue versus $3.60 billion expected; institutional investors own 66.29% of the shares.

Equities research analysts at HSBC began coverage on shares of Consolidated Edison (NYSE:ED - Get Free Report) in a research report issued on Thursday, Marketbeat reports. The brokerage set a "hold" rating and a $104.00 price target on the utilities provider's stock. HSBC's target price would indicate a potential downside of 6.99% from the stock's current price.

Several other equities analysts have also recently weighed in on the company. KeyCorp lowered their price target on Consolidated Edison from $94.00 to $87.00 and set an "underweight" rating on the stock in a report on Tuesday, October 13th. Wells Fargo & Company upped their price objective on Consolidated Edison from $106.00 to $108.00 and gave the company an "equal weight" rating in a research report on Friday, August 7th. Jefferies Financial Group reiterated a "hold" rating and set a $105.00 price objective on shares of Consolidated Edison in a research report on Tuesday, October 6th. Weiss Ratings reissued a "buy (b)" rating on shares of Consolidated Edison in a report on Monday. Finally, Evercore reissued a "positive" rating and issued a $112.00 target price on shares of Consolidated Edison in a research report on Monday, August 17th. Three investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and six have assigned a Sell rating to the company's stock. According to data from MarketBeat, the company currently has an average rating of "Reduce" and a consensus price target of $107.50.

Consolidated Edison Stock Performance

Shares of NYSE ED opened at $111.82 on Thursday. The firm's 50-day moving average price is $106.73 and its 200-day moving average price is $108.38. The company has a quick ratio of 1.17, a current ratio of 1.27 and a debt-to-equity ratio of 1.04. The company has a market cap of $41.35 billion, a PE ratio of 18.36, a PEG ratio of 3.88 and a beta of 0.26. Consolidated Edison has a 52-week low of $94.96 and a 52-week high of $116.23.

Consolidated Edison (NYSE:ED - Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The utilities provider reported $0.83 earnings per share for the quarter, beating the consensus estimate of $0.76 by $0.07. The firm had revenue of $4.07 billion during the quarter, compared to analysts' expectations of $3.60 billion. Consolidated Edison had a net margin of 12.53% and a return on equity of 8.44%. During the same period in the previous year, the company earned $0.67 earnings per share. Consolidated Edison has set its FY 2026 guidance at 6.000-6.200 EPS. As a group, analysts anticipate that Consolidated Edison will post 6.10 EPS for the current year.

Institutional Investors Weigh In On Consolidated Edison

Several hedge funds and other institutional investors have recently modified their holdings of ED. BlackRock Inc. bought a new stake in Consolidated Edison during the second quarter valued at about $4,609,491,000. Deutsche Bank AG purchased a new stake in Consolidated Edison in the second quarter worth about $749,184,000. Legal & General Group Plc bought a new position in shares of Consolidated Edison in the second quarter worth about $494,352,000. Bank of New York Mellon Corp bought a new position in shares of Consolidated Edison in the second quarter worth about $231,014,000. Finally, Amundi lifted its position in shares of Consolidated Edison by 66.2% during the 1st quarter. Amundi now owns 3,872,404 shares of the utilities provider's stock valued at $438,272,000 after buying an additional 1,543,069 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 is a diversified energy company headquartered in New York City. Through its regulated utility subsidiaries, the company delivers electricity, natural gas and steam to residential, commercial and industrial customers.

Its principal subsidiary, Consolidated Edison Company of New York, provides electric service throughout New York City and Westchester County, along with gas service in Manhattan, the Bronx, parts of Queens and Westchester County, and steam service in parts of Manhattan.

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