Barclays Issues Pessimistic Forecast for Consolidated Edison (NYSE:ED) Stock Price

Consolidated Edison (NYSE:ED) had its price objective lowered by equities researchers at Barclays from $99.00 to $92.00 in a report released on Monday,Benzinga reports. The firm currently has an “underweight” rating on the utilities provider’s stock. Barclays‘s price objective would indicate a potential downside of 1.32% from the company’s previous close.

ED has been the topic of a number of other reports. Evercore ISI cut shares of Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 21st. Morgan Stanley lowered their price objective on shares of 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 raised shares of Consolidated Edison from a “neutral” rating to a “buy” rating and increased their price objective for the company from $103.00 to $116.00 in a research note on Tuesday, October 15th. Jefferies Financial Group initiated coverage on shares of Consolidated Edison in a research note on Wednesday, October 9th. They issued a “hold” rating and a $108.00 price objective on the stock. Finally, Scotiabank raised shares of Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and increased their price objective for the company from $90.00 to $100.00 in a research note on Thursday, December 12th. Two analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average target price of $100.00.

Consolidated Edison Stock Performance

NYSE:ED opened at $93.23 on Monday. The company has a quick ratio of 0.93, a current ratio of 1.01 and a debt-to-equity ratio of 1.07. Consolidated Edison has a fifty-two week low of $85.85 and a fifty-two week high of $107.75. The stock has a market cap of $32.30 billion, a PE ratio of 17.56, a price-to-earnings-growth ratio of 2.89 and a beta of 0.38. The firm’s fifty day simple moving average is $92.88 and its 200-day simple moving average is $98.07.

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

Institutional Trading of Consolidated Edison

Hedge funds have recently made changes to their positions in the company. Capital Performance Advisors LLP purchased a new stake in shares of Consolidated Edison during the third quarter valued at approximately $27,000. Ashton Thomas Securities LLC purchased a new stake in shares of Consolidated Edison during the third quarter valued at approximately $30,000. AlphaMark Advisors LLC purchased a new stake in shares of Consolidated Edison during the fourth quarter valued at approximately $27,000. FSA Wealth Management LLC purchased a new stake in shares of Consolidated Edison during the third quarter valued at approximately $55,000. Finally, Future Financial Wealth Managment LLC purchased a new stake in shares of Consolidated Edison during the third quarter valued at approximately $55,000. Hedge funds and other institutional investors own 66.29% of the company’s stock.

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.