Consolidated Edison (NYSE:ED) Given New $93.00 Price Target at Morgan Stanley

Consolidated Edison (NYSE:ED - Get Free Report) had its price target cut by analysts at Morgan Stanley from $94.00 to $93.00 in a note issued to investors on Thursday,Benzinga reports. The firm currently has an "underweight" rating on the utilities provider's stock. Morgan Stanley's target price would indicate a potential downside of 11.65% from the company's current price.

Other research analysts also recently issued reports about the stock. KeyCorp downgraded shares of Consolidated Edison from a "sector weight" rating to an "underweight" rating and set a $90.00 price target for the company. in a report on Wednesday, May 14th. Barclays upped their price target on shares of Consolidated Edison from $100.00 to $101.00 and gave the company an "underweight" rating in a research report on Monday, May 5th. Wells Fargo & Company lifted their price target on shares of Consolidated Edison from $103.00 to $114.00 and gave the stock an "equal weight" rating in a report on Friday, May 2nd. Mizuho increased their price objective on Consolidated Edison from $92.00 to $95.00 and gave the company a "neutral" rating in a report on Monday, February 3rd. Finally, Guggenheim upped 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. Three investment analysts have rated the stock with a sell rating, seven have given a hold rating, two have given a buy rating and one has issued a strong buy rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus price target of $104.27.

Consolidated Edison Stock Performance

Shares of NYSE ED opened at $105.27 on Thursday. The firm has a market cap of $37.93 billion, a price-to-earnings ratio of 20.09, a P/E/G ratio of 3.05 and a beta of 0.29. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.01 and a quick ratio of 0.93. The stock's fifty day moving average price is $108.50 and its two-hundred day moving average price is $99.92. Consolidated Edison has a one year low of $87.28 and a one year high of $114.87.

Consolidated Edison (NYSE:ED - Get Free Report) last posted its quarterly earnings data on Thursday, May 1st. The utilities provider reported $2.25 earnings per share for the quarter, missing the consensus estimate of $2.30 by ($0.05). Consolidated Edison had a return on equity of 8.62% and a net margin of 11.93%. The firm had revenue of $4.80 billion for the quarter, compared to the consensus estimate of $4.21 billion. During the same period in the prior year, the company earned $2.15 EPS. On average, equities analysts forecast that Consolidated Edison will post 5.62 EPS for the current year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Jacobi Capital Management LLC increased its stake in Consolidated Edison by 4.2% in the 4th quarter. Jacobi Capital Management LLC now owns 2,569 shares of the utilities provider's stock worth $229,000 after buying an additional 104 shares during the period. Glen Eagle Advisors LLC boosted its stake in Consolidated Edison by 6.2% in the 4th quarter. Glen Eagle Advisors LLC now owns 1,902 shares of the utilities provider's stock worth $170,000 after purchasing an additional 111 shares in the last quarter. Richwood Investment Advisors LLC grew its position in Consolidated Edison by 2.3% during the 4th quarter. Richwood Investment Advisors LLC now owns 5,194 shares of the utilities provider's stock worth $463,000 after purchasing an additional 115 shares during the last quarter. Western Wealth Management LLC increased its stake in Consolidated Edison by 0.7% during the 1st quarter. Western Wealth Management LLC now owns 16,101 shares of the utilities provider's stock valued at $1,781,000 after purchasing an additional 116 shares in the last quarter. Finally, Eastern Bank raised its holdings in shares of Consolidated Edison by 2.9% in the first quarter. Eastern Bank now owns 4,294 shares of the utilities provider's stock worth $475,000 after buying an additional 120 shares during the last quarter. 66.29% of the stock is 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.

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