Morgan Stanley Lowers Consolidated Edison (NYSE:ED) Price Target to $85.00

Consolidated Edison (NYSE:ED) had its target price reduced by analysts at Morgan Stanley from $88.00 to $85.00 in a research report issued to clients and investors on Friday,Benzinga reports. The firm currently has an “underweight” rating on the utilities provider’s stock. Morgan Stanley’s price target would suggest a potential downside of 13.58% from the company’s current price.

A number of other brokerages have also recently commented on ED. Wells Fargo & Company upped their price target on shares of Consolidated Edison from $97.00 to $105.00 and gave the company an “equal weight” rating in a research note on Friday, August 2nd. Citigroup raised Consolidated Edison from a “neutral” rating to a “buy” rating and raised their price target for the stock from $103.00 to $116.00 in a report on Tuesday, October 15th. Jefferies Financial Group started coverage on Consolidated Edison in a research note on Wednesday, October 9th. They set a “hold” rating and a $108.00 price objective on the stock. Barclays cut their target price on Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating for the company in a research note on Friday, November 8th. Finally, Scotiabank increased their price target on shares of Consolidated Edison from $85.00 to $90.00 and gave the stock a “sector underperform” rating in a report on Tuesday, August 20th. Four analysts have rated the stock with a sell rating, eight have issued a hold rating, two have issued a buy rating and two have given a strong buy rating to the stock. According to MarketBeat.com, Consolidated Edison has an average rating of “Hold” and an average target price of $98.19.

Consolidated Edison Trading Down 0.3 %

Shares of ED stock opened at $98.36 on Friday. The company has a quick ratio of 0.93, a current ratio of 1.01 and a debt-to-equity ratio of 1.07. The firm has a market cap of $34.07 billion, a P/E ratio of 18.52, a PEG ratio of 3.32 and a beta of 0.36. The company has a 50 day moving average of $102.01 and a 200-day moving average of $98.08. Consolidated Edison has a 12-month low of $85.85 and a 12-month high of $107.75.

Consolidated Edison (NYSE:ED) last issued its earnings results on Thursday, November 7th. The utilities provider reported $1.68 earnings per share (EPS) for the quarter, beating 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 return on equity of 8.70% and a net margin of 12.27%. Sell-side analysts anticipate that Consolidated Edison will post 5.33 earnings per share for the current year.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently modified their holdings of the stock. M&T Bank Corp boosted its holdings in Consolidated Edison by 5.0% during the 3rd quarter. M&T Bank Corp now owns 58,398 shares of the utilities provider’s stock valued at $6,081,000 after acquiring an additional 2,795 shares during the period. Unigestion Holding SA lifted its position in Consolidated Edison by 1,904.8% in the third quarter. Unigestion Holding SA now owns 320,188 shares of the utilities provider’s stock valued at $33,338,000 after purchasing an additional 304,217 shares during the last quarter. TD Private Client Wealth LLC boosted its stake in shares of Consolidated Edison by 4.7% during the third quarter. TD Private Client Wealth LLC now owns 2,334 shares of the utilities provider’s stock valued at $243,000 after purchasing an additional 104 shares during the period. Coldstream Capital Management Inc. grew its holdings in shares of Consolidated Edison by 18.0% in the third quarter. Coldstream Capital Management Inc. now owns 5,864 shares of the utilities provider’s stock worth $602,000 after purchasing an additional 896 shares during the last quarter. Finally, RB Capital Management LLC increased its stake in shares of Consolidated Edison by 6.0% in the third quarter. RB Capital Management LLC now owns 3,287 shares of the utilities provider’s stock worth $342,000 after buying an additional 187 shares during the period. 66.29% of the stock is owned by institutional investors.

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.