UBS Group Raises Consolidated Edison (NYSE:ED) Price Target to $106.00

Consolidated Edison (NYSE:ED) had its target price raised by UBS Group from $105.00 to $106.00 in a note issued to investors on Friday, Benzinga reports. The brokerage presently has a “neutral” rating on the utilities provider’s stock. UBS Group’s price target indicates a potential upside of 3.37% from the company’s current price.

ED has been the topic of several other reports. Wells Fargo & Company boosted their price objective on shares of Consolidated Edison from $97.00 to $105.00 and gave the company an “equal weight” rating in a research report on Friday, August 2nd. Scotiabank increased their price objective on Consolidated Edison from $85.00 to $90.00 and gave the company a “sector underperform” rating in a report on Tuesday, August 20th. Barclays lifted their price target on Consolidated Edison from $92.00 to $98.00 and gave the stock an “underweight” rating in a report on Monday, August 5th. Morgan Stanley upped their price objective on shares of Consolidated Edison from $75.00 to $82.00 and gave the company an “underweight” rating in a report on Friday, August 23rd. Finally, Mizuho upped their target price on Consolidated Edison from $93.00 to $95.00 and gave the company a “neutral” rating in a research report on Tuesday, May 28th. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has given a buy rating and one has assigned a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $93.42.

Consolidated Edison Price Performance

Shares of NYSE:ED traded up $0.42 during midday trading on Friday, reaching $102.54. The company’s stock had a trading volume of 597,252 shares, compared to its average volume of 1,843,893. Consolidated Edison has a fifty-two week low of $80.46 and a fifty-two week high of $105.99. The company has a market capitalization of $35.46 billion, a P/E ratio of 19.68, a P/E/G ratio of 3.50 and a beta of 0.36. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.04 and a quick ratio of 0.97. The business’s fifty day simple moving average is $99.86 and its 200-day simple moving average is $94.52.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, August 1st. The utilities provider reported $0.59 earnings per share for the quarter, topping analysts’ consensus estimates of $0.57 by $0.02. Consolidated Edison had a net margin of 12.03% and a return on equity of 8.67%. The business had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.08 billion. During the same period in the previous year, the firm posted $0.61 earnings per share. As a group, equities research analysts expect that Consolidated Edison will post 5.31 EPS for the current fiscal year.

Hedge Funds Weigh In On Consolidated Edison

Several institutional investors and hedge funds have recently made changes to their positions in the business. Corient Private Wealth LLC boosted its holdings in Consolidated Edison by 4.6% in the fourth quarter. Corient Private Wealth LLC now owns 175,416 shares of the utilities provider’s stock valued at $15,958,000 after acquiring an additional 7,725 shares in the last quarter. UBS Group AG boosted its position in Consolidated Edison by 14.7% during the 4th quarter. UBS Group AG now owns 488,483 shares of the utilities provider’s stock valued at $44,437,000 after acquiring an additional 62,519 shares in the last quarter. Massmutual Trust Co. FSB ADV grew its holdings in shares of Consolidated Edison by 2,486.2% during the 1st quarter. Massmutual Trust Co. FSB ADV now owns 21,776 shares of the utilities provider’s stock worth $1,977,000 after acquiring an additional 20,934 shares during the period. Tower Research Capital LLC TRC raised its position in shares of Consolidated Edison by 35.0% in the 4th quarter. Tower Research Capital LLC TRC now owns 47,466 shares of the utilities provider’s stock worth $4,318,000 after acquiring an additional 12,307 shares in the last quarter. Finally, Sei Investments Co. lifted its stake in shares of Consolidated Edison by 57.4% in the 1st quarter. Sei Investments Co. now owns 244,404 shares of the utilities provider’s stock valued at $22,193,000 after purchasing an additional 89,080 shares during the period. Institutional investors own 66.29% of the company’s stock.

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.