Scotiabank Reaffirms Sector Perform Rating for Consolidated Edison (NYSE:ED)

Key Points

• Scotiabank has raised its price target for Consolidated Edison from $101.00 to $106.00, reflecting a potential upside of 2.15% from the current price.
• The stock has received a mix of ratings, with two sell ratings, six hold ratings, and three buy ratings, resulting in a consensus target price of $105.70.
• Consolidated Edison reported a quarterly earnings per share (EPS) of $0.67, slightly above the consensus estimate of $0.66, alongside revenue of $3.60 billion for the quarter.

Consolidated Edison (NYSE:ED - Get Free Report)'s stock had its "sector perform" rating restated by investment analysts at Scotiabank in a note issued to investors on Monday, Marketbeat.com reports. They presently have a $106.00 price objective on the utilities provider's stock, up from their previous price objective of $101.00. Scotiabank's price objective indicates a potential upside of 2.30% from the stock's previous close.

ED has been the subject of several other research reports. Guggenheim lifted their price objective on Consolidated Edison from $96.00 to $103.00 and gave the company a "neutral" rating in a research note on Friday, May 2nd. Morgan Stanley dropped their price objective on Consolidated Edison from $93.00 to $92.00 and set an "underweight" rating for the company in a research note on Wednesday, June 18th. Wells Fargo & Company lifted their price objective on Consolidated Edison from $103.00 to $114.00 and gave the company an "equal weight" rating in a research note on Friday, May 2nd. Barclays lifted their price target on Consolidated Edison from $100.00 to $101.00 and gave the stock an "underweight" rating in a research note on Monday, May 5th. Finally, Mizuho lifted their price target on Consolidated Edison from $107.00 to $112.00 and gave the stock an "outperform" rating in a research note on Friday. Two investment analysts have rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the company's stock. According to MarketBeat.com, the stock has an average rating of "Hold" and a consensus price target of $105.70.

Consolidated Edison Stock Down 0.5%

NYSE:ED traded down $0.51 on Monday, hitting $103.62. The stock had a trading volume of 2,578,281 shares, compared to its average volume of 2,740,757. The business's fifty day moving average is $101.66 and its 200 day moving average is $103.36. The company has a market cap of $37.37 billion, a PE ratio of 18.80, a P/E/G ratio of 3.33 and a beta of 0.24. 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 52 week low of $87.28 and a 52 week high of $114.87.

Consolidated Edison (NYSE:ED - Get Free Report) last announced its quarterly earnings data on Thursday, August 7th. The utilities provider reported $0.67 earnings per share for the quarter, beating the consensus estimate of $0.66 by $0.01. Consolidated Edison had a return on equity of 8.56% and a net margin of 11.98%. The business had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.39 billion. During the same period in the prior year, the company earned $0.59 earnings per share. On average, equities research analysts expect that Consolidated Edison will post 5.62 EPS for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently bought and sold shares of ED. Alpine Bank Wealth Management purchased a new position in Consolidated Edison during the 1st quarter valued at about $32,000. Capital Advisors Ltd. LLC increased its holdings in Consolidated Edison by 53.2% during the 2nd quarter. Capital Advisors Ltd. LLC now owns 314 shares of the utilities provider's stock valued at $32,000 after purchasing an additional 109 shares during the period. Fort Vancouver Investment Management LLC purchased a new position in Consolidated Edison during the 1st quarter valued at about $33,000. Financial Network Wealth Advisors LLC purchased a new position in Consolidated Edison during the 1st quarter valued at about $33,000. Finally, Cary Street Partners Investment Advisory LLC increased its holdings in Consolidated Edison by 64.9% during the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 305 shares of the utilities provider's stock valued at $34,000 after purchasing an additional 120 shares during the period. Hedge funds and other institutional investors own 66.29% of the company's stock.

Consolidated Edison Company Profile

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.