Bank of America Reiterates Underperform Rating for Consolidated Edison (NYSE:ED)

Consolidated Edison (NYSE:ED)‘s stock had its “underperform” rating reiterated by analysts at Bank of America in a research report issued to clients and investors on Friday, MarketBeat Ratings reports. They currently have a $101.00 price target on the utilities provider’s stock, down from their previous price target of $112.00. Bank of America‘s price target points to a potential upside of 0.14% from the stock’s previous close.

A number of other research analysts have also issued reports on ED. Morgan Stanley reduced their price objective on Consolidated Edison from $93.00 to $92.00 and set an “underweight” rating for the company in a research report on Wednesday, June 18th. Barclays set a $107.00 price objective on Consolidated Edison and gave the company an “underweight” rating in a research report on Wednesday. Guggenheim boosted their price target on Consolidated Edison from $96.00 to $103.00 and gave the stock a “neutral” rating in a research report on Friday, May 2nd. Wells Fargo & Company boosted their price target on Consolidated Edison from $103.00 to $114.00 and gave the stock an “equal weight” rating in a research report on Friday, May 2nd. Finally, Scotiabank boosted their price target on Consolidated Edison from $101.00 to $106.00 and gave the stock a “sector perform” rating in a research report on Monday, August 11th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and three have assigned a buy rating to the company. According to MarketBeat, Consolidated Edison presently has an average rating of “Hold” and a consensus target price of $105.82.

Consolidated Edison Price Performance

Shares of NYSE ED opened at $100.86 on Friday. Consolidated Edison has a twelve month low of $87.28 and a twelve month high of $114.87. The company has a current ratio of 1.10, a quick ratio of 1.01 and a debt-to-equity ratio of 1.04. The company has a market capitalization of $36.38 billion, a price-to-earnings ratio of 18.30, a price-to-earnings-growth ratio of 3.22 and a beta of 0.24. The business has a 50 day simple moving average of $101.70 and a 200-day simple moving average of $103.54.

Consolidated Edison (NYSE:ED) last released its quarterly earnings data on Thursday, August 7th. The utilities provider reported $0.67 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.66 by $0.01. Consolidated Edison had a return on equity of 8.56% and a net margin of 11.98%. The business had revenue of $3.60 billion during the quarter, compared to analyst estimates of $3.39 billion. During the same quarter in the previous year, the firm posted $0.59 EPS. As a group, equities research analysts expect that Consolidated Edison will post 5.62 earnings per share for the current year.

Institutional Trading of Consolidated Edison

Several institutional investors have recently made changes to their positions in ED. Alpine Bank Wealth Management acquired a new position in Consolidated Edison in the 1st quarter worth about $32,000. Capital Advisors Ltd. LLC increased its position in Consolidated Edison by 53.2% in the 2nd quarter. Capital Advisors Ltd. LLC now owns 314 shares of the utilities provider’s stock worth $32,000 after purchasing an additional 109 shares during the last quarter. Fort Vancouver Investment Management LLC acquired a new position in Consolidated Edison in the 1st quarter worth about $33,000. Financial Network Wealth Advisors LLC acquired a new position in Consolidated Edison in the 1st quarter worth about $33,000. Finally, Cary Street Partners Investment Advisory LLC increased its position in Consolidated Edison by 64.9% in the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 305 shares of the utilities provider’s stock worth $34,000 after purchasing an additional 120 shares during the last quarter. 66.29% of the stock is currently owned by institutional investors and hedge funds.

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.