Brokerages Set Consolidated Edison Inc (NYSE:ED) Price Target at $108.07

Consolidated Edison Inc (NYSE:ED) has received an average rating of “Reduce” from the fifteen analysts that are covering the firm, Marketbeat reports. Six analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating on the company. The average 12 month price target among brokerages that have issued ratings on the stock in the last year is $108.0667.

A number of equities research analysts have issued reports on ED shares. Weiss Ratings raised shares of Consolidated Edison from a “buy (b-)” rating to a “buy (b)” rating in a research report on Friday, April 24th. Barclays cut their target price on Consolidated Edison from $110.00 to $107.00 and set an “underweight” rating on the stock in a research note on Monday, May 11th. KeyCorp upped their target price on Consolidated Edison from $96.00 to $97.00 and gave the company an “underweight” rating in a report on Tuesday, April 21st. Morgan Stanley reaffirmed an “underweight” rating on shares of Consolidated Edison in a report on Wednesday, June 24th. Finally, Argus set a $112.00 price target on Consolidated Edison in a research report on Tuesday, June 23rd.

Consolidated Edison Stock Down 1.5%

ED stock opened at $110.27 on Monday. The firm has a market capitalization of $40.64 billion, a PE ratio of 18.56, a P/E/G ratio of 2.85 and a beta of 0.27. The company has a quick ratio of 1.09, a current ratio of 1.19 and a debt-to-equity ratio of 1.00. Consolidated Edison has a twelve month low of $94.96 and a twelve month high of $116.23. The stock’s 50 day moving average is $108.25 and its 200-day moving average is $108.47.

Institutional Investors Weigh In On Consolidated Edison

Several large investors have recently made changes to their positions in the business. Ballast Inc. raised its stake in shares of Consolidated Edison by 23.5% during the 2nd quarter. Ballast Inc. now owns 20,525 shares of the utilities provider’s stock worth $2,271,000 after purchasing an additional 3,909 shares during the period. Wedge Capital Management L L P NC bought a new position in Consolidated Edison during the second quarter valued at about $14,762,000. Tema ETFs LLC grew its position in Consolidated Edison by 21.5% during the second quarter. Tema ETFs LLC now owns 7,704 shares of the utilities provider’s stock valued at $852,000 after buying an additional 1,365 shares during the period. Fiduciary Financial Group LLC increased its holdings in Consolidated Edison by 9.4% during the second quarter. Fiduciary Financial Group LLC now owns 3,476 shares of the utilities provider’s stock worth $385,000 after buying an additional 298 shares during the last quarter. Finally, G&S Capital LLC increased its holdings in Consolidated Edison by 3.8% during the second quarter. G&S Capital LLC now owns 9,817 shares of the utilities provider’s stock worth $1,086,000 after buying an additional 359 shares during the last quarter. 66.29% of the stock is owned by hedge funds and other institutional investors.

Consolidated Edison Company Profile

Consolidated Edison, Inc, commonly known as Con Edison, is an investor-owned energy company that primarily delivers electricity, natural gas and steam to customers in the New York metropolitan area. Its regulated utility operations include the distribution and transmission of electric power, the distribution of natural gas, and the operation of one of the largest district steam systems in the United States, serving commercial, institutional and residential customers in New York City and nearby counties.

The company operates through regulated utility subsidiaries that serve urban and suburban service territories, together with non-utility businesses that develop, own and manage energy infrastructure and clean energy projects.