Consolidated Edison (NYSE:ED) Upgraded to Strong-Buy at Evercore ISI

Consolidated Edison (NYSE:ED) was upgraded by research analysts at Evercore ISI from a “hold” rating to a “strong-buy” rating in a note issued to investors on Friday,Zacks.com reports.

A number of other research analysts also recently commented on ED. Citigroup raised Consolidated Edison from a “neutral” rating to a “buy” rating and increased their price target for the company from $103.00 to $116.00 in a report on Tuesday, October 15th. UBS Group increased their price objective on shares of Consolidated Edison from $105.00 to $106.00 and gave the company a “neutral” rating in a research note on Friday, September 20th. Wells Fargo & Company lifted their price target on Consolidated Edison from $97.00 to $105.00 and gave the stock an “equal weight” rating in a research note on Friday, August 2nd. Guggenheim raised their price objective on Consolidated Edison from $88.00 to $91.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd. Finally, Scotiabank raised their price target on shares of Consolidated Edison from $85.00 to $90.00 and gave the stock a “sector underperform” rating in a research report on Tuesday, August 20th. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have given a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company presently has a consensus rating of “Hold” and a consensus target price of $98.35.

Consolidated Edison Stock Performance

Shares of NYSE ED opened at $98.48 on Friday. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.04 and a quick ratio of 0.97. Consolidated Edison has a 12 month low of $85.85 and a 12 month high of $107.75. The company has a 50-day simple moving average of $103.35 and a 200-day simple moving average of $97.96. The company has a market cap of $34.09 billion, a PE ratio of 18.55, a price-to-earnings-growth ratio of 3.31 and a beta of 0.36.

Consolidated Edison (NYSE:ED) last released its quarterly earnings results on Thursday, November 7th. The utilities provider reported $1.68 earnings per share for the quarter, beating analysts’ consensus estimates of $1.56 by $0.12. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.75%. The business had revenue of $4.09 billion during the quarter, compared to analyst estimates of $4.02 billion. On average, equities analysts anticipate that Consolidated Edison will post 5.33 earnings per share for the current year.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Trustmark National Bank Trust Department increased its holdings in shares of Consolidated Edison by 193.2% in the third quarter. Trustmark National Bank Trust Department now owns 12,210 shares of the utilities provider’s stock valued at $1,271,000 after buying an additional 8,046 shares in the last quarter. King Luther Capital Management Corp increased its position in shares of Consolidated Edison by 42.3% in the third quarter. King Luther Capital Management Corp now owns 3,731 shares of the utilities provider’s stock worth $389,000 after acquiring an additional 1,109 shares in the last quarter. Darwin Wealth Management LLC acquired a new stake in shares of Consolidated Edison during the third quarter valued at approximately $71,000. Commerce Bank boosted its stake in Consolidated Edison by 1.6% in the 3rd quarter. Commerce Bank now owns 38,669 shares of the utilities provider’s stock worth $4,027,000 after purchasing an additional 615 shares during the period. Finally, Prospera Private Wealth LLC purchased a new position in Consolidated Edison during the 3rd quarter worth approximately $70,000. 66.29% of the stock is owned by institutional investors and hedge funds.

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.