Mizuho Forecasts Strong Price Appreciation for Consolidated Edison (NYSE:ED) Stock

Consolidated Edison (NYSE:ED) had its target price lifted by analysts at Mizuho from $92.00 to $95.00 in a report issued on Monday,Benzinga reports. The brokerage currently has a “neutral” rating on the utilities provider’s stock. Mizuho’s target price points to a potential upside of 0.05% from the stock’s previous close.

Several other analysts also recently issued reports on ED. Evercore ISI downgraded Consolidated Edison from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 21st. Barclays cut their price target on shares of Consolidated Edison from $99.00 to $92.00 and set an “underweight” rating on the stock in a report on Monday, January 27th. Citigroup raised shares of Consolidated Edison from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $103.00 to $116.00 in a research note on Tuesday, October 15th. Scotiabank raised shares of Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and boosted their target price for the company from $90.00 to $100.00 in a research note on Thursday, December 12th. Finally, Morgan Stanley decreased their target price on Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating for the company in a research report on Friday, November 22nd. Two research analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and an average price target of $100.00.

Consolidated Edison Price Performance

Shares of Consolidated Edison stock opened at $94.96 on Monday. Consolidated Edison has a 52 week low of $85.85 and a 52 week high of $107.75. The company has a current ratio of 1.01, a quick ratio of 0.93 and a debt-to-equity ratio of 1.07. The company’s 50-day moving average price is $92.42 and its two-hundred day moving average price is $98.15. The stock has a market cap of $32.89 billion, a PE ratio of 17.88, a price-to-earnings-growth ratio of 2.99 and a beta of 0.39.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, November 7th. The utilities provider reported $1.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.56 by $0.12. The firm had revenue of $4.09 billion for the quarter, compared to analyst estimates of $4.02 billion. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. As a group, sell-side analysts anticipate that Consolidated Edison will post 5.35 EPS for the current fiscal year.

Institutional Investors Weigh In On Consolidated Edison

A number of hedge funds have recently bought and sold shares of ED. Capital Performance Advisors LLP bought a new position in Consolidated Edison during the third quarter worth $27,000. Ashton Thomas Securities LLC bought a new position in Consolidated Edison during the third quarter valued at about $30,000. AlphaMark Advisors LLC acquired a new position in Consolidated Edison in the 4th quarter valued at approximately $27,000. Centricity Wealth Management LLC acquired a new position in shares of Consolidated Edison in the fourth quarter valued at $39,000. Finally, FSA Wealth Management LLC acquired a new stake in Consolidated Edison during the third quarter worth $55,000. 66.29% of the stock is currently 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.