Consolidated Edison (NYSE:ED) Rating Increased to Buy at Citigroup

Consolidated Edison (NYSE:ED) was upgraded by equities researchers at Citigroup from a “neutral” rating to a “buy” rating in a report issued on Tuesday, MarketBeat Ratings reports. The brokerage presently has a $116.00 price objective on the utilities provider’s stock, up from their prior price objective of $103.00. Citigroup’s target price would suggest a potential upside of 9.30% from the stock’s current price.

ED has been the topic of several other reports. Scotiabank increased their price objective on shares of Consolidated Edison from $85.00 to $90.00 and gave the company a “sector underperform” rating in a research report on Tuesday, August 20th. Wells Fargo & Company increased 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. Guggenheim increased their price objective on shares of Consolidated Edison from $88.00 to $91.00 and gave the company a “neutral” rating in a research report on Friday, August 2nd. Jefferies Financial Group initiated coverage on shares of Consolidated Edison in a research report on Wednesday, October 9th. They set a “hold” rating and a $108.00 price objective on the stock. Finally, Barclays increased their price objective on shares of Consolidated Edison from $92.00 to $98.00 and gave the company an “underweight” rating in a research report on Monday, August 5th. Four research analysts have rated the stock with a sell rating, eight have given a hold rating, two have issued a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Hold” and a consensus price target of $96.46.

Consolidated Edison Stock Up 0.6 %

NYSE:ED opened at $106.13 on Tuesday. The firm’s 50-day moving average price is $102.58 and its 200-day moving average price is $96.42. The company has a market capitalization of $36.70 billion, a PE ratio of 20.37, a P/E/G ratio of 3.46 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. Consolidated Edison has a 1-year low of $85.85 and a 1-year high of $106.41.

Consolidated Edison (NYSE:ED) last released its 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 firm had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.08 billion. During the same period in the prior year, the firm earned $0.61 EPS. On average, equities analysts predict that Consolidated Edison will post 5.3 EPS for the current fiscal year.

Hedge Funds Weigh In On Consolidated Edison

Institutional investors have recently made changes to their positions in the business. Beacon Capital Management LLC lifted its stake in shares of Consolidated Edison by 2,307.7% in the 1st quarter. Beacon Capital Management LLC now owns 313 shares of the utilities provider’s stock worth $28,000 after purchasing an additional 300 shares during the period. Pathway Financial Advisers LLC bought a new position in shares of Consolidated Edison in the 1st quarter worth approximately $33,000. TruNorth Capital Management LLC bought a new position in shares of Consolidated Edison in the 2nd quarter worth approximately $33,000. Quarry LP bought a new position in shares of Consolidated Edison in the 4th quarter worth approximately $35,000. Finally, Versant Capital Management Inc raised its stake in Consolidated Edison by 380.2% during the 2nd quarter. Versant Capital Management Inc now owns 413 shares of the utilities provider’s stock worth $37,000 after acquiring an additional 327 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.