Consolidated Edison (NYSE:ED) was downgraded by research analysts at Bank of America from a “buy” rating to a “neutral” rating in a research note issued to investors on Friday, The Fly reports.

Several other research analysts have also issued reports on the company. Zacks Investment Research lowered Consolidated Edison from a “hold” rating to a “sell” rating in a research report on Thursday, October 4th. Citigroup boosted their price objective on shares of Consolidated Edison from $79.00 to $80.00 and gave the stock a “neutral” rating in a research note on Tuesday, October 16th. Barclays boosted their price objective on shares of Consolidated Edison from $79.00 to $83.00 and gave the stock a “hold” rating in a research note on Monday, November 19th. UBS Group upped their price target on Consolidated Edison from $83.00 to $84.00 and gave the stock a “neutral” rating in a research report on Friday, September 21st. Finally, ValuEngine downgraded Consolidated Edison from a “hold” rating to a “sell” rating in a research report on Wednesday, September 26th. Five research analysts have rated the stock with a sell rating and seven have issued a hold rating to the company. The stock currently has an average rating of “Hold” and a consensus target price of $76.30.

ED stock opened at $77.03 on Friday. Consolidated Edison has a twelve month low of $71.12 and a twelve month high of $84.32. The company has a debt-to-equity ratio of 0.97, a current ratio of 0.62 and a quick ratio of 0.56. The company has a market cap of $23.79 billion, a P/E ratio of 18.83, a P/E/G ratio of 4.40 and a beta of 0.13.

Consolidated Edison (NYSE:ED) last issued its earnings results on Thursday, November 1st. The utilities provider reported $1.57 EPS for the quarter, beating the consensus estimate of $1.46 by $0.11. Consolidated Edison had a return on equity of 8.64% and a net margin of 12.60%. The business had revenue of $3.33 billion for the quarter, compared to the consensus estimate of $3.17 billion. During the same period last year, the business posted $1.47 EPS. Equities research analysts forecast that Consolidated Edison will post 4.3 earnings per share for the current fiscal year.

A number of institutional investors have recently modified their holdings of ED. Highwater Wealth Management LLC purchased a new position in Consolidated Edison in the 4th quarter valued at approximately $73,000. IMS Capital Management purchased a new stake in Consolidated Edison during the third quarter worth about $120,000. Psagot Investment House Ltd. purchased a new stake in Consolidated Edison during the third quarter worth about $122,000. ELM Advisors LLC purchased a new stake in Consolidated Edison during the third quarter worth about $133,000. Finally, TLP Group LLC purchased a new stake in Consolidated Edison during the third quarter worth about $152,000. 57.94% of the stock is currently owned by hedge funds and other institutional investors.

About Consolidated Edison

Consolidated Edison, Inc, through its subsidiaries, engages in regulated electric, gas, and steam delivery businesses in the United States. The company offers electric services to approximately 3.4 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 1,600 customers in parts of Manhattan.

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Analyst Recommendations for Consolidated Edison (NYSE:ED)

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