Barclays Lowers Consolidated Edison (NYSE:ED) Price Target to $64.00

Consolidated Edison (NYSE:ED) had its target price dropped by equities research analysts at Barclays from $83.00 to $64.00 in a research note issued to investors on Thursday, BenzingaRatingsTable reports. The firm currently has an “underweight” rating on the utilities provider’s stock. Barclays‘s target price suggests a potential downside of 13.68% from the stock’s current price.

A number of other equities analysts also recently commented on ED. Morgan Stanley reduced their price objective on shares of Consolidated Edison from $97.00 to $89.00 and set an “underweight” rating for the company in a research note on Thursday, March 12th. KeyCorp reduced their price objective on shares of Consolidated Edison from $100.00 to $92.00 and set an “overweight” rating for the company in a research note on Friday, January 17th. Mizuho downgraded shares of Consolidated Edison from a “buy” rating to a “neutral” rating and reduced their price objective for the stock from $98.00 to $91.00 in a research note on Monday, February 24th. Citigroup reduced their price objective on shares of Consolidated Edison from $94.00 to $89.00 and set a “neutral” rating for the company in a research note on Thursday, January 16th. Finally, UBS Group reduced their price objective on shares of Consolidated Edison from $96.00 to $88.00 and set a “neutral” rating for the company in a research note on Monday, March 16th. Four research analysts have rated the stock with a sell rating, six have issued a hold rating and one has issued a buy rating to the stock. Consolidated Edison presently has an average rating of “Hold” and a consensus target price of $87.89.

Shares of Consolidated Edison stock traded up $3.21 on Thursday, hitting $74.14. 133,713 shares of the company traded hands, compared to its average volume of 4,252,513. The stock’s 50 day moving average price is $87.30 and its 200-day moving average price is $89.47. The company has a current ratio of 0.68, a quick ratio of 0.62 and a debt-to-equity ratio of 1.06. Consolidated Edison has a 52 week low of $62.03 and a 52 week high of $95.10. The company has a market cap of $23.53 billion, a PE ratio of 18.30, a PEG ratio of 7.93 and a beta of 0.30.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, February 20th. The utilities provider reported $0.86 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.79 by $0.07. Consolidated Edison had a net margin of 10.69% and a return on equity of 8.02%. The firm had revenue of $2.95 billion during the quarter, compared to the consensus estimate of $3.03 billion. As a group, research analysts anticipate that Consolidated Edison will post 4.45 EPS for the current fiscal year.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in ED. FMR LLC grew its holdings in Consolidated Edison by 3.8% in the first quarter. FMR LLC now owns 181,081 shares of the utilities provider’s stock worth $15,357,000 after purchasing an additional 6,640 shares during the last quarter. Ilmarinen Mutual Pension Insurance Co purchased a new position in Consolidated Edison in the third quarter worth $3,779,000. Colony Group LLC grew its holdings in Consolidated Edison by 425.3% in the third quarter. Colony Group LLC now owns 17,389 shares of the utilities provider’s stock worth $1,643,000 after purchasing an additional 14,079 shares during the last quarter. State Street Corp grew its holdings in Consolidated Edison by 1.5% in the third quarter. State Street Corp now owns 21,918,213 shares of the utilities provider’s stock worth $2,070,614,000 after purchasing an additional 326,946 shares during the last quarter. Finally, MV Capital Management Inc. grew its holdings in Consolidated Edison by 418.9% in the third quarter. MV Capital Management Inc. now owns 1,536 shares of the utilities provider’s stock worth $145,000 after purchasing an additional 1,240 shares during the last quarter. 60.44% of the stock is currently owned by institutional investors and hedge funds.

About Consolidated Edison

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.

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Analyst Recommendations for Consolidated Edison (NYSE:ED)

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