Zacks Investment Research Upgrades Consolidated Edison Inc (ED) to “Buy”
Consolidated Edison Inc (NYSE:ED) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Tuesday. The firm presently has a $98.00 price target on the utilities provider’s stock. Zacks Investment Research‘s price objective would suggest a potential upside of 11.34% from the stock’s current price.
According to Zacks, “Consolidated Edison reported mixed results in the third quarter of 2017. While its bottom line missed the Zacks Consensus Estimate for earnings, its top line exceeded the corresponding consensus mark. However, on a year-over-year basis, results were disappointing on both fronts. Consolidated Edison has a favorable rate decisions history by regulatory authorities, which will likely encourage it to invest more in infrastructure improvements. The company is also making notable progress in generating renewable energy. Moreover, the company outperformed its broader industry over a year. However, the company faces interest rate risk owing to variable rate debt and to new debt financing needed to fund capital requirements.”
ED has been the topic of a number of other research reports. BidaskClub upgraded Consolidated Edison from a “hold” rating to a “buy” rating in a report on Tuesday, August 22nd. Evercore ISI downgraded Consolidated Edison from an “in-line” rating to an “underperform” rating and set a $74.00 target price on the stock. in a report on Tuesday, September 26th. KeyCorp reiterated a “hold” rating on shares of Consolidated Edison in a report on Friday, October 20th. Bank of America Corporation assumed coverage on Consolidated Edison in a report on Tuesday, October 24th. They set a “buy” rating and a $92.00 target price on the stock. Finally, ValuEngine upgraded Consolidated Edison from a “hold” rating to a “buy” rating in a report on Friday, November 10th. Five equities research analysts have rated the stock with a sell rating, five have assigned a hold rating and four have given a buy rating to the company’s stock. The stock presently has a consensus rating of “Hold” and an average target price of $80.32.
Consolidated Edison (ED) traded down $0.94 during mid-day trading on Tuesday, hitting $88.02. The company’s stock had a trading volume of 1,311,800 shares, compared to its average volume of 1,493,019. Consolidated Edison has a 1 year low of $68.85 and a 1 year high of $89.58. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.79 and a quick ratio of 0.70. The stock has a market cap of $27,110.00, a P/E ratio of 22.18, a price-to-earnings-growth ratio of 7.25 and a beta of 0.10.
Consolidated Edison (NYSE:ED) last posted its earnings results on Thursday, November 2nd. The utilities provider reported $1.47 earnings per share for the quarter, missing analysts’ consensus estimates of $1.54 by ($0.07). Consolidated Edison had a return on equity of 8.42% and a net margin of 10.42%. The firm had revenue of $3.21 billion for the quarter, compared to analysts’ expectations of $3.14 billion. During the same quarter last year, the company posted $1.51 EPS. research analysts forecast that Consolidated Edison will post 4.09 earnings per share for the current year.
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In related news, CEO Joseph P. Oates sold 1,908 shares of the company’s stock in a transaction that occurred on Wednesday, August 23rd. The stock was sold at an average price of $83.87, for a total value of $160,023.96. Following the transaction, the chief executive officer now directly owns 24,017 shares of the company’s stock, valued at approximately $2,014,305.79. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders purchased a total of 183 shares of company stock worth $15,248 over the last ninety days. 0.20% of the stock is currently owned by insiders.
Hedge funds have recently added to or reduced their stakes in the stock. Fiera Capital Corp lifted its holdings in shares of Consolidated Edison by 0.3% during the 2nd quarter. Fiera Capital Corp now owns 4,895 shares of the utilities provider’s stock valued at $395,000 after buying an additional 13 shares during the period. Sabal Trust CO lifted its holdings in shares of Consolidated Edison by 0.6% during the 2nd quarter. Sabal Trust CO now owns 2,715 shares of the utilities provider’s stock valued at $219,000 after buying an additional 15 shares during the period. Teacher Retirement System of Texas lifted its holdings in shares of Consolidated Edison by 0.6% during the 2nd quarter. Teacher Retirement System of Texas now owns 3,186 shares of the utilities provider’s stock valued at $257,000 after buying an additional 18 shares during the period. Financial Architects Inc lifted its holdings in shares of Consolidated Edison by 0.6% during the 2nd quarter. Financial Architects Inc now owns 3,378 shares of the utilities provider’s stock valued at $273,000 after buying an additional 19 shares during the period. Finally, United Asset Strategies Inc. lifted its holdings in shares of Consolidated Edison by 0.3% during the 2nd quarter. United Asset Strategies Inc. now owns 6,749 shares of the utilities provider’s stock valued at $545,000 after buying an additional 21 shares during the period. 55.30% of the stock is currently owned by institutional investors and hedge funds.
Consolidated Edison Company Profile
Consolidated Edison, Inc (Con Edison) is a holding company. The Company operates through its subsidiaries, which include Consolidated Edison Company of New York, Inc (CECONY), Orange and Rockland Utilities, Inc (O&R), Con Edison Clean Energy Businesses, Inc (the Clean Energy Businesses) and Con Edison Transmission, Inc (Con Edison Transmission).
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