Morgan Stanley Cuts Consolidated Edison (NYSE:ED) Price Target to $92.00

Consolidated Edison (NYSE:ED - Get Free Report) had its price objective decreased by investment analysts at Morgan Stanley from $93.00 to $92.00 in a research report issued on Wednesday,Benzinga reports. The brokerage presently has an "underweight" rating on the utilities provider's stock. Morgan Stanley's target price would indicate a potential downside of 8.79% from the company's current price.

Several other research analysts have also weighed in on the stock. UBS Group boosted their price objective on shares of Consolidated Edison from $110.00 to $113.00 and gave the stock a "neutral" rating in a research note on Friday, March 21st. Wells Fargo & Company boosted their price target on Consolidated Edison from $103.00 to $114.00 and gave the stock an "equal weight" rating in a research report on Friday, May 2nd. Guggenheim raised their price objective on Consolidated Edison from $96.00 to $103.00 and gave the company a "neutral" rating in a research report on Friday, May 2nd. Citigroup boosted their target price on Consolidated Edison from $116.00 to $120.00 and gave the stock a "buy" rating in a report on Wednesday, April 9th. Finally, KeyCorp cut Consolidated Edison from a "sector weight" rating to an "underweight" rating and set a $90.00 price target on the stock. in a research note on Wednesday, May 14th. Three equities research analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of "Hold" and a consensus price target of $104.18.

Consolidated Edison Trading Down 0.5%

ED traded down $0.48 during midday trading on Wednesday, reaching $100.87. 768,284 shares of the company were exchanged, compared to its average volume of 2,307,162. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.19 and a current ratio of 1.28. The stock has a market capitalization of $36.34 billion, a P/E ratio of 18.64, a PEG ratio of 3.25 and a beta of 0.27. The stock's 50-day simple moving average is $106.56 and its 200 day simple moving average is $100.51. 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 earnings results 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). The business had revenue of $4.80 billion for the quarter, compared to the consensus estimate of $4.21 billion. Consolidated Edison had a return on equity of 8.61% and a net margin of 11.98%. During the same quarter in the prior year, the firm posted $2.15 earnings per share. As a group, analysts forecast that Consolidated Edison will post 5.62 earnings per share for the current fiscal year.

Hedge Funds Weigh In On Consolidated Edison

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in Consolidated Edison by 1.6% in the first quarter. Vanguard Group Inc. now owns 43,117,094 shares of the utilities provider's stock valued at $4,768,319,000 after buying an additional 661,432 shares during the period. Geode Capital Management LLC increased its stake in shares of Consolidated Edison by 1.5% in the 4th quarter. Geode Capital Management LLC now owns 8,984,022 shares of the utilities provider's stock valued at $799,684,000 after acquiring an additional 130,234 shares in the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC lifted its position in shares of Consolidated Edison by 1.0% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 4,868,772 shares of the utilities provider's stock valued at $538,437,000 after acquiring an additional 48,323 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its stake in Consolidated Edison by 6.0% during the fourth quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 4,820,449 shares of the utilities provider's stock worth $430,129,000 after acquiring an additional 271,088 shares in the last quarter. Finally, Norges Bank acquired a new stake in Consolidated Edison in the fourth quarter worth $399,824,000. 66.29% of the stock is owned by institutional investors and hedge funds.

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.

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