Consolidated Edison (NYSE:ED) Cut to "Underperform" at Bank of America

Key Points

• Consolidated Edison has been downgraded from a "buy" to an "underperform" rating by Bank of America, with a target price reduced to $101.00 from $112.00.
• Recent reports from various research firms show mixed ratings for the company, with targets ranging from $92.00 to $112.00 and an overall consensus rating of "Hold."
• In its latest quarterly earnings report, Consolidated Edison exceeded earnings expectations with $0.67 EPS, compared to the consensus estimate of $0.66.

Consolidated Edison (NYSE:ED - Get Free Report) was downgraded by research analysts at Bank of America from a "buy" rating to an "underperform" rating in a research report issued to clients and investors on Friday, MarketBeat reports. They currently have a $101.00 price objective on the utilities provider's stock, down from their prior price objective of $112.00. Bank of America's price target points to a potential downside of 0.07% from the company's current price.

Several other research firms have also recently weighed in on ED. Morgan Stanley cut their price objective on Consolidated Edison from $93.00 to $92.00 and set an "underweight" rating for the company in a research report on Wednesday, June 18th. Barclays raised their target price on Consolidated Edison from $101.00 to $107.00 and gave the company an "underweight" rating in a report on Wednesday, August 13th. KeyCorp reaffirmed an "overweight" rating on shares of Consolidated Edison in a report on Wednesday, July 16th. Guggenheim raised their target price on Consolidated Edison from $96.00 to $103.00 and gave the company a "neutral" rating in a report on Friday, May 2nd. Finally, Wells Fargo & Company raised their target price on Consolidated Edison from $103.00 to $114.00 and gave the company an "equal weight" rating in a report on Friday, May 2nd. Three analysts have rated the stock with a Buy rating, six have given a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Consolidated Edison presently has an average rating of "Hold" and an average price target of $105.82.

Consolidated Edison Stock Up 1.3%

Shares of Consolidated Edison stock traded up $1.3270 during midday trading on Friday, hitting $101.0670. The company's stock had a trading volume of 3,827,768 shares, compared to its average volume of 2,747,206. The firm has a market capitalization of $36.45 billion, a P/E ratio of 18.34, a PEG ratio of 3.22 and a beta of 0.24. The stock has a 50-day simple moving average of $101.67 and a 200-day simple moving average of $103.65. The company has a quick ratio of 1.01, a current ratio of 1.10 and a debt-to-equity ratio of 1.04. Consolidated Edison has a 1-year low of $87.28 and a 1-year high of $114.87.

Consolidated Edison (NYSE:ED - Get Free Report) last posted its quarterly earnings results on Thursday, August 7th. The utilities provider reported $0.67 earnings per share for the quarter, topping analysts' consensus estimates of $0.66 by $0.01. Consolidated Edison had a return on equity of 8.56% and a net margin of 11.98%.The company had revenue of $3.60 billion during the quarter, compared to the consensus estimate of $3.39 billion. During the same period last year, the business earned $0.59 EPS. Consolidated Edison has set its FY 2025 guidance at 5.500-5.700 EPS. As a group, sell-side analysts expect that Consolidated Edison will post 5.62 earnings per share for the current year.

Institutional Investors Weigh In On Consolidated Edison

A number of large investors have recently bought and sold shares of the business. Norges Bank acquired a new stake in shares of Consolidated Edison in the 2nd quarter valued at $462,218,000. ATLAS Infrastructure Partners UK Ltd. acquired a new stake in shares of Consolidated Edison in the 1st quarter valued at $254,205,000. Deutsche Bank AG increased its stake in shares of Consolidated Edison by 130.6% in the 1st quarter. Deutsche Bank AG now owns 3,926,814 shares of the utilities provider's stock valued at $434,266,000 after buying an additional 2,223,959 shares during the period. Vanguard Group Inc. increased its stake in shares of Consolidated Edison by 4.5% in the 2nd quarter. Vanguard Group Inc. now owns 45,040,811 shares of the utilities provider's stock valued at $4,519,845,000 after buying an additional 1,923,717 shares during the period. Finally, JPMorgan Chase & Co. increased its stake in shares of Consolidated Edison by 106.9% in the 1st quarter. JPMorgan Chase & Co. now owns 2,790,876 shares of the utilities provider's stock valued at $308,643,000 after buying an additional 1,441,785 shares during the period. 66.29% of the stock is currently 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.