Consolidated Edison Inc (ED) Upgraded to Hold by Zacks Investment Research
Consolidated Edison Inc (NYSE:ED) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report issued on Monday.
According to Zacks, “Consolidated Edison posted disappointing results in the second quarter, when compared with the Zacks Consensus Estimate. Evidently, the company missed the mark on both the top and bottom-line fronts. Results also saw a downward movement year over year. On a brighter note, the company raised the lower end of its earnings per share guidance range for 2017. Moreover, Consolidated Edison has a history of favorable rate decisions 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. Yet, the company underperformed its broader industry in the past one year. Also, disruption in wholesale energy markets may affect its ability to meet customers’ energy needs and thereby adversely affect its performance. Again, stringent utility regulations and interruption in operation of its generating units could be detrimental to growth.”
Other equities research analysts also recently issued reports about the stock. BidaskClub downgraded shares of Consolidated Edison from a “strong-buy” rating to a “buy” rating in a report on Saturday, June 24th. Barclays PLC reiterated an “equal weight” rating and set a $82.00 price target (up from $76.00) on shares of Consolidated Edison in a report on Sunday, April 23rd. BMO Capital Markets reiterated a “hold” rating and set a $80.00 price target on shares of Consolidated Edison in a report on Monday, May 15th. Jefferies Group LLC downgraded shares of Consolidated Edison from a “buy” rating to a “hold” rating and lowered their price target for the stock from $88.00 to $83.50 in a report on Tuesday, June 13th. Finally, Deutsche Bank AG lifted their price target on shares of Consolidated Edison from $72.00 to $74.00 and gave the stock a “hold” rating in a report on Tuesday, April 11th. Five analysts have rated the stock with a sell rating and ten have issued a hold rating to the company. The company has a consensus rating of “Hold” and a consensus target price of $76.82.
Shares of Consolidated Edison (NYSE:ED) opened at 82.80 on Monday. The stock has a 50 day moving average of $82.24 and a 200 day moving average of $78.85. Consolidated Edison has a 1-year low of $68.76 and a 1-year high of $85.13. The stock has a market cap of $25.29 billion, a PE ratio of 19.07 and a beta of 0.08.
Consolidated Edison (NYSE:ED) last issued its quarterly earnings results on Thursday, August 3rd. The utilities provider reported $0.58 EPS for the quarter, missing analysts’ consensus estimates of $0.61 by $0.03. The firm had revenue of $2.63 billion for the quarter, compared to analysts’ expectations of $2.79 billion. Consolidated Edison had a return on equity of 8.59% and a net margin of 10.57%. During the same quarter last year, the firm earned $0.60 earnings per share. Equities research analysts forecast that Consolidated Edison will post $4.09 EPS for the current year.
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In other Consolidated Edison news, Director Linda S. Sanford acquired 900 shares of the firm’s stock in a transaction on Wednesday, May 17th. The stock was bought at an average cost of $79.74 per share, for a total transaction of $71,766.00. Following the completion of the purchase, the director now directly owns 8,748 shares in the company, valued at $697,565.52. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Over the last quarter, insiders have acquired 1,319 shares of company stock valued at $106,510. 0.20% of the stock is owned by insiders.
A number of large investors have recently added to or reduced their stakes in ED. Armbruster Capital Management Inc. increased its stake in Consolidated Edison by 127.3% in the second quarter. Armbruster Capital Management Inc. now owns 1,250 shares of the utilities provider’s stock valued at $101,000 after buying an additional 700 shares in the last quarter. Stuart Chaussee & Associates Inc. increased its stake in Consolidated Edison by 138.3% in the first quarter. Stuart Chaussee & Associates Inc. now owns 1,370 shares of the utilities provider’s stock valued at $106,000 after buying an additional 795 shares in the last quarter. Oakworth Capital Inc. increased its stake in Consolidated Edison by 10.5% in the second quarter. Oakworth Capital Inc. now owns 1,447 shares of the utilities provider’s stock valued at $117,000 after buying an additional 137 shares in the last quarter. Tompkins Financial Corp acquired a new stake in Consolidated Edison during the first quarter valued at about $118,000. Finally, Enterprise Financial Services Corp increased its stake in Consolidated Edison by 2.5% in the first quarter. Enterprise Financial Services Corp now owns 1,555 shares of the utilities provider’s stock valued at $121,000 after buying an additional 38 shares in the last quarter. Institutional investors own 55.61% of the company’s stock.
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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