Consolidated Edison (NYSE:ED) has been given a $80.00 price objective by Credit Suisse Group in a research note issued to investors on Monday, Stock Target Advisor reports. The firm presently has a “sell” rating on the utilities provider’s stock. Credit Suisse Group’s target price points to a potential downside of 4.98% from the stock’s current price.
Several other equities research analysts have also recently issued reports on the company. ValuEngine cut Consolidated Edison from a “buy” rating to a “hold” rating in a report on Thursday, April 4th. Mizuho assumed coverage on Consolidated Edison in a report on Monday, March 11th. They issued a “neutral” rating and a $85.00 target price on the stock. Zacks Investment Research cut Consolidated Edison from a “buy” rating to a “hold” rating in a report on Monday, February 25th. Evercore ISI cut Consolidated Edison from an “in-line” rating to an “underperform” rating and set a $78.07 target price on the stock. in a report on Tuesday, February 12th. Finally, Morgan Stanley lifted their target price on Consolidated Edison from $78.00 to $81.00 and gave the stock an “underweight” rating in a report on Tuesday, February 12th. Five research analysts have rated the stock with a sell rating and nine have assigned a hold rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $77.51.
NYSE:ED opened at $84.19 on Monday. The company has a current ratio of 0.62, a quick ratio of 0.56 and a debt-to-equity ratio of 1.04. The stock has a market cap of $27.34 billion, a price-to-earnings ratio of 19.49, a price-to-earnings-growth ratio of 9.59 and a beta of 0.12. Consolidated Edison has a 52 week low of $71.12 and a 52 week high of $85.87.
A number of institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Mercer Global Advisors Inc. ADV purchased a new position in Consolidated Edison in the first quarter worth about $1,755,000. Boston Advisors LLC purchased a new position in Consolidated Edison in the first quarter worth about $201,000. Douglas Lane & Associates LLC grew its position in Consolidated Edison by 18.8% in the first quarter. Douglas Lane & Associates LLC now owns 4,426 shares of the utilities provider’s stock worth $375,000 after acquiring an additional 700 shares in the last quarter. Spearhead Capital Advisors LLC grew its position in Consolidated Edison by 16.3% in the first quarter. Spearhead Capital Advisors LLC now owns 47,755 shares of the utilities provider’s stock worth $4,050,000 after acquiring an additional 6,710 shares in the last quarter. Finally, Iberiabank Corp grew its position in Consolidated Edison by 2.1% in the first quarter. Iberiabank Corp now owns 41,699 shares of the utilities provider’s stock worth $3,536,000 after acquiring an additional 846 shares in the last quarter. Institutional investors own 60.67% of the company’s stock.
Consolidated Edison Company Profile
Consolidated Edison, Inc, through its subsidiaries, engages in regulated electric, gas, and steam delivery businesses in the United States. The company offers electric services to approximately 3.5 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 1,622 customers in parts of Manhattan.
Further Reading: Preferred Stock
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