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

Consolidated Edison (NYSE:ED) had its price objective boosted by Morgan Stanley from $85.00 to $91.00 in a research report issued on Thursday,Benzinga reports. The firm presently has an “underweight” rating on the utilities provider’s stock. Morgan Stanley’s price target would suggest a potential downside of 15.62% from the stock’s previous close.

ED has been the subject of a number of other research reports. Barclays upped their target price on shares of Consolidated Edison from $92.00 to $95.00 and gave the stock an “underweight” rating in a report on Monday, February 24th. Evercore ISI lowered shares of Consolidated Edison from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 21st. Mizuho upped their target price on shares of Consolidated Edison from $92.00 to $95.00 and gave the stock a “neutral” rating in a report on Monday, February 3rd. UBS Group upped their target price on shares of Consolidated Edison from $105.00 to $110.00 and gave the stock a “neutral” rating in a report on Tuesday, February 25th. Finally, Scotiabank upped their price objective on shares of Consolidated Edison from $100.00 to $101.00 and gave the company a “sector perform” rating in a report on Monday, February 24th. Two analysts have rated the stock with a sell rating, seven have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $102.40.

Consolidated Edison Stock Performance

NYSE:ED opened at $107.85 on Thursday. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.93 and a current ratio of 1.01. The company has a fifty day moving average of $97.91 and a two-hundred day moving average of $98.44. The stock has a market capitalization of $37.40 billion, a PE ratio of 20.58, a P/E/G ratio of 3.05 and a beta of 0.30. Consolidated Edison has a fifty-two week low of $87.16 and a fifty-two week high of $109.36.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings data on Thursday, February 20th. The utilities provider reported $0.98 earnings per share for the quarter, topping analysts’ consensus estimates of $0.97 by $0.01. Consolidated Edison had a net margin of 11.93% and a return on equity of 8.62%. The company had revenue of $3.67 billion during the quarter, compared to analysts’ expectations of $3.63 billion. As a group, research analysts forecast that Consolidated Edison will post 5.62 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the stock. AlphaMark Advisors LLC purchased a new position in Consolidated Edison during the fourth quarter worth about $27,000. OFI Invest Asset Management acquired a new stake in shares of Consolidated Edison during the fourth quarter worth about $35,000. Wood Tarver Financial Group LLC acquired a new stake in shares of Consolidated Edison during the fourth quarter worth about $35,000. Fairway Wealth LLC acquired a new stake in shares of Consolidated Edison during the fourth quarter worth about $36,000. Finally, Centricity Wealth Management LLC acquired a new stake in shares of Consolidated Edison during the fourth quarter worth about $39,000. Hedge funds and other institutional investors 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.