Barclays Cuts Consolidated Edison (NYSE:ED) Price Target to $92.00

Consolidated Edison (NYSE:ED) had its price objective reduced by investment analysts at Barclays from $99.00 to $92.00 in a research report issued to clients and investors on Monday,Benzinga reports. The brokerage presently has an “underweight” rating on the utilities provider’s stock. Barclays‘s target price suggests a potential downside of 1.66% from the stock’s current price.

Other equities analysts have also issued research reports about the company. Scotiabank raised Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and boosted their price objective for the stock from $90.00 to $100.00 in a research note on Thursday, December 12th. Jefferies Financial Group assumed coverage on Consolidated Edison in a report on Wednesday, October 9th. They set a “hold” rating and a $108.00 price objective on the stock. Morgan Stanley cut their price target on Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating on the stock in a research note on Friday, November 22nd. Citigroup upgraded Consolidated Edison from a “neutral” rating to a “buy” rating and raised their price target for the company from $103.00 to $116.00 in a report on Tuesday, October 15th. Finally, Evercore ISI cut Consolidated Edison from a “strong-buy” rating to a “hold” rating in a report on Tuesday, January 21st. Two investment analysts have rated the stock with a sell rating, eight have issued a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, Consolidated Edison currently has a consensus rating of “Hold” and a consensus price target of $100.00.

Consolidated Edison Stock Performance

Consolidated Edison stock opened at $93.56 on Monday. The firm has a market capitalization of $32.41 billion, a P/E ratio of 17.62, a P/E/G ratio of 2.89 and a beta of 0.38. The stock has a fifty day moving average price of $92.85 and a two-hundred day moving average price of $98.09. Consolidated Edison has a 52-week low of $85.85 and a 52-week high of $107.75. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.01 and a quick ratio of 0.93.

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

Institutional Trading of Consolidated Edison

A number of large investors have recently bought and sold shares of ED. Capital Performance Advisors LLP bought a new position in Consolidated Edison in the third quarter valued at approximately $27,000. Ashton Thomas Securities LLC acquired a new position in shares of Consolidated Edison during the third quarter worth about $30,000. AlphaMark Advisors LLC bought a new position in shares of Consolidated Edison during the fourth quarter worth about $27,000. FSA Wealth Management LLC acquired a new stake in Consolidated Edison in the 3rd quarter valued at approximately $55,000. Finally, Future Financial Wealth Managment LLC acquired a new stake in Consolidated Edison in the 3rd quarter valued at approximately $55,000. 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.