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

Key Points

• Morgan Stanley has lowered its price target for Consolidated Edison (NYSE:ED) stock from $95.00 to $93.00, maintaining an "underweight" rating, indicating a potential downside of 5.52%.
• Other analysts have varied opinions, with Barclays and Mizuho raising their price targets to $107.00 and $112.00 respectively, while Bank of America reduced its target to $101.00.
• The stock currently trades at $98.44 and has a consensus rating of "Hold" with a consensus price target of $105.91.

Consolidated Edison (NYSE:ED - Get Free Report) had its price objective decreased by analysts at Morgan Stanley from $95.00 to $93.00 in a report released on Thursday,Benzinga reports. The brokerage currently has an "underweight" rating on the utilities provider's stock. Morgan Stanley's target price indicates a potential downside of 5.52% from the stock's current price.

ED has been the topic of several other research reports. Barclays upped their price objective on shares of Consolidated Edison from $101.00 to $107.00 and gave the company an "underweight" rating in a research note on Wednesday, August 13th. Mizuho increased their price target on shares of Consolidated Edison from $107.00 to $112.00 and gave the stock an "outperform" rating in a research note on Friday, August 8th. KeyCorp reaffirmed an "overweight" rating on shares of Consolidated Edison in a research report on Wednesday, July 16th. Bank of America cut Consolidated Edison from a "buy" rating to an "underperform" rating and reduced their price target for the stock from $112.00 to $101.00 in a research report on Friday, August 15th. Finally, Scotiabank boosted their price target on Consolidated Edison from $101.00 to $106.00 and gave the stock a "sector perform" rating in a research report on Monday, August 11th. Three analysts have rated the stock with a Buy rating, six have issued a Hold rating and three have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Hold" and a consensus price target of $105.91.

Consolidated Edison Stock Performance

NYSE:ED traded down $0.38 during mid-day trading on Thursday, hitting $98.44. The stock had a trading volume of 457,462 shares, compared to its average volume of 2,693,745. Consolidated Edison has a 52 week low of $87.28 and a 52 week high of $114.87. The stock has a market capitalization of $35.50 billion, a price-to-earnings ratio of 17.88, a P/E/G ratio of 2.74 and a beta of 0.28. The company has a 50 day simple moving average of $100.38 and a 200-day simple moving average of $103.62. The company has a current ratio of 1.10, a quick ratio of 1.01 and a debt-to-equity ratio of 1.04.

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

Hedge Funds Weigh In On Consolidated Edison

Hedge funds have recently made changes to their positions in the business. Merit Financial Group LLC raised its stake in shares of Consolidated Edison by 16.8% in the 1st quarter. Merit Financial Group LLC now owns 10,666 shares of the utilities provider's stock valued at $1,180,000 after buying an additional 1,533 shares in the last quarter. Ritholtz Wealth Management bought a new stake in shares of Consolidated Edison in the 1st quarter worth about $227,000. Wealth Enhancement Advisory Services LLC grew its holdings in Consolidated Edison by 2.8% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 250,014 shares of the utilities provider's stock worth $27,649,000 after acquiring an additional 6,869 shares during the last quarter. Flagship Harbor Advisors LLC bought a new stake in Consolidated Edison during the 1st quarter worth about $217,000. Finally, AG2R LA Mondiale Gestion D Actifs acquired a new position in Consolidated Edison during the 1st quarter valued at about $1,631,000. Institutional investors and hedge funds 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.

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