Consolidated Edison (NYSE:ED) Given New $76.00 Price Target at Morgan Stanley

Consolidated Edison (NYSE:ED) had its price objective decreased by analysts at Morgan Stanley from $80.00 to $76.00 in a research note issued on Monday, Benzinga reports. The brokerage presently has an “underweight” rating on the utilities provider’s stock. Morgan Stanley’s price objective would indicate a potential downside of 16.91% from the stock’s current price.

ED has been the topic of several other research reports. Wells Fargo & Company upped their target price on Consolidated Edison from $93.00 to $97.00 and gave the stock an “equal weight” rating in a report on Friday, May 3rd. Scotiabank dropped their price objective on Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating on the stock in a research note on Monday, April 22nd. Barclays upped their price objective on Consolidated Edison from $89.00 to $97.00 and gave the company an “equal weight” rating in a research note on Tuesday, May 7th. Argus upgraded Consolidated Edison to a “strong-buy” rating in a research note on Friday, June 7th. Finally, Mizuho upped their price objective on Consolidated Edison from $93.00 to $95.00 and gave the company a “neutral” rating in a research note on Tuesday, May 28th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus price target of $89.27.

Consolidated Edison Trading Up 1.3 %

Shares of Consolidated Edison stock traded up $1.13 during trading on Monday, reaching $91.47. 105,268 shares of the company were exchanged, compared to its average volume of 1,925,986. The company has a quick ratio of 0.92, a current ratio of 0.99 and a debt-to-equity ratio of 1.01. Consolidated Edison has a twelve month low of $80.46 and a twelve month high of $98.85. The business has a 50-day moving average price of $93.56 and a 200-day moving average price of $91.20. The firm has a market capitalization of $31.63 billion, a price-to-earnings ratio of 17.56, a P/E/G ratio of 2.29 and a beta of 0.35.

Consolidated Edison (NYSE:ED) last posted its earnings results on Thursday, May 2nd. The utilities provider reported $2.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.89 by $0.26. Consolidated Edison had a return on equity of 8.79% and a net margin of 12.43%. The firm had revenue of $4.28 billion during the quarter, compared to analysts’ expectations of $4.40 billion. During the same period in the previous year, the firm earned $1.83 earnings per share. The company’s revenue was down 2.8% on a year-over-year basis. Sell-side analysts anticipate that Consolidated Edison will post 5.34 EPS for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the stock. Diversified Trust Co grew its holdings in Consolidated Edison by 140.8% during the 4th quarter. Diversified Trust Co now owns 36,950 shares of the utilities provider’s stock worth $3,361,000 after acquiring an additional 21,604 shares during the period. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in Consolidated Edison by 3.2% during the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 418,244 shares of the utilities provider’s stock worth $38,897,000 after acquiring an additional 12,953 shares during the period. Corient Private Wealth LLC grew its holdings in Consolidated Edison by 4.6% during the 4th quarter. Corient Private Wealth LLC now owns 175,416 shares of the utilities provider’s stock worth $15,958,000 after acquiring an additional 7,725 shares during the period. abrdn plc grew its holdings in Consolidated Edison by 30.2% during the 4th quarter. abrdn plc now owns 311,894 shares of the utilities provider’s stock worth $28,373,000 after acquiring an additional 72,273 shares during the period. Finally, UBS Group AG grew its holdings in Consolidated Edison by 14.7% during the 4th quarter. UBS Group AG now owns 488,483 shares of the utilities provider’s stock worth $44,437,000 after acquiring an additional 62,519 shares during the period. 66.29% of the stock is owned by institutional investors.

About Consolidated Edison

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.