KeyCorp Issues Pessimistic Forecast for Consolidated Edison (NYSE:ED) Stock Price

Key Points

• KeyCorp cut its price target on Consolidated Edison from $97 to $94 and kept an underweight rating, implying about 16.15% downside from the prior close.
• Analyst sentiment on ED remains mixed-to-bearish overall, with a consensus rating of "Reduce" and a consensus target price of $107.87; recent reports from firms like Goldman Sachs and Barclays also leaned negative.
• The stock was trading around $112.11 and was up 2.1% on the day, while institutional ownership remained high at 66.29%.

Consolidated Edison (NYSE:ED - Get Free Report) had its price objective reduced by stock analysts at KeyCorp from $97.00 to $94.00 in a report released on Thursday,Benzinga reports. The firm presently has an "underweight" rating on the utilities provider's stock. KeyCorp's price target points to a potential downside of 16.15% from the stock's previous close.

ED has been the topic of a number of other research reports. Weiss Ratings raised Consolidated Edison from a "buy (b-)" rating to a "buy (b)" rating in a report on Friday, April 24th. Argus set a $112.00 price target on Consolidated Edison in a report on Tuesday, June 23rd. The Goldman Sachs Group reissued a "sell" rating and set a $105.00 price target on shares of Consolidated Edison in a research report on Thursday, May 14th. Barclays reduced their price objective on Consolidated Edison from $110.00 to $107.00 and set an "underweight" rating on the stock in a research note on Monday, May 11th. Finally, Mizuho reaffirmed a "neutral" rating and issued a $105.00 price objective on shares of Consolidated Edison in a report on Tuesday, June 2nd. Two equities research analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and six have given a Sell rating to the company's stock. Based on data from MarketBeat.com, Consolidated Edison has a consensus rating of "Reduce" and a consensus target price of $107.87.

Consolidated Edison Stock Up 2.1%

NYSE:ED opened at $112.11 on Thursday. The company has a debt-to-equity ratio of 1.00, a quick ratio of 1.09 and a current ratio of 1.19. The company has a market capitalization of $41.31 billion, a price-to-earnings ratio of 18.87, a price-to-earnings-growth ratio of 2.79 and a beta of 0.27. Consolidated Edison has a one year low of $94.96 and a one year high of $116.23. The stock has a 50-day simple moving average of $108.77 and a 200 day simple moving average of $108.89.

Hedge Funds Weigh In On Consolidated Edison

Several institutional investors have recently made changes to their positions in the stock. Sachetta LLC boosted its position in Consolidated Edison by 72.9% during the 1st quarter. Sachetta LLC now owns 242 shares of the utilities provider's stock valued at $27,000 after purchasing an additional 102 shares during the period. JPL Wealth Management LLC acquired a new stake in Consolidated Edison in the third quarter worth $26,000. Basepoint Wealth LLC acquired a new stake in Consolidated Edison in the fourth quarter worth $26,000. Westfuller Advisors LLC bought a new stake in Consolidated Edison in the fourth quarter valued at $27,000. Finally, Dorato Capital Management bought a new stake in Consolidated Edison in the fourth quarter valued at $28,000. 66.29% of the stock is owned by institutional investors.

Consolidated Edison Company Profile

Consolidated Edison, Inc, commonly known as Con Edison, is an investor-owned energy company that primarily delivers electricity, natural gas and steam to customers in the New York metropolitan area. Its regulated utility operations include the distribution and transmission of electric power, the distribution of natural gas, and the operation of one of the largest district steam systems in the United States, serving commercial, institutional and residential customers in New York City and nearby counties.

The company operates through regulated utility subsidiaries that serve urban and suburban service territories, together with non-utility businesses that develop, own and manage energy infrastructure and clean energy projects.

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