Consolidated Edison (NYSE:ED) Price Target Raised to $97.00 at Wells Fargo & Company

Consolidated Edison (NYSE:ED) had its target price increased by analysts at Wells Fargo & Company from $93.00 to $97.00 in a research report issued to clients and investors on Friday, Benzinga reports. The firm presently has an “equal weight” rating on the utilities provider’s stock. Wells Fargo & Company‘s target price would suggest a potential upside of 1.51% from the company’s previous close.

Several other equities research analysts have also recently weighed in on ED. Scotiabank decreased their price objective on shares of Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating for the company in a research report on Monday, April 22nd. UBS Group decreased their price objective on shares of Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating for the company in a research report on Friday, February 16th. KeyCorp upgraded shares of Consolidated Edison from an “underweight” rating to a “sector weight” rating in a research report on Thursday, January 4th. Barclays raised their price target on shares of Consolidated Edison from $86.00 to $87.00 and gave the stock an “equal weight” rating in a report on Thursday, March 14th. Finally, Royal Bank of Canada reduced their price target on shares of Consolidated Edison from $94.00 to $93.00 and set a “sector perform” rating for the company in a report on Friday, February 16th. Four investment analysts have rated the stock with a sell rating, eight have issued a hold rating and one has issued a buy rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $87.75.

Consolidated Edison Price Performance

Shares of Consolidated Edison stock traded up $0.31 on Friday, reaching $95.56. 2,464,123 shares of the stock were exchanged, compared to its average volume of 1,897,431. The firm has a market cap of $33.02 billion, a PE ratio of 13.31, a P/E/G ratio of 8.92 and a beta of 0.34. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.94 and a current ratio of 1.01. The firm’s 50 day moving average is $90.06 and its 200-day moving average is $90.08. Consolidated Edison has a one year low of $80.46 and a one year high of $100.44.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings data on Thursday, May 2nd. The utilities provider reported $2.15 EPS for the quarter, beating the consensus estimate of $1.89 by $0.26. Consolidated Edison had a net margin of 17.19% and a return on equity of 8.41%. The business had revenue of $4.28 billion during the quarter, compared to the consensus estimate of $4.40 billion. During the same quarter in the prior year, the firm earned $1.83 EPS. The firm’s revenue was down 2.8% compared to the same quarter last year. As a group, analysts anticipate that Consolidated Edison will post 5.31 EPS for the current fiscal year.

Hedge Funds Weigh In On Consolidated Edison

Several hedge funds have recently bought and sold shares of the company. Marino Stram & Associates LLC grew its stake in Consolidated Edison by 0.6% during the first quarter. Marino Stram & Associates LLC now owns 19,623 shares of the utilities provider’s stock valued at $1,782,000 after acquiring an additional 108 shares in the last quarter. MGO One Seven LLC raised its holdings in Consolidated Edison by 2.1% during the 3rd quarter. MGO One Seven LLC now owns 5,727 shares of the utilities provider’s stock valued at $490,000 after buying an additional 119 shares during the last quarter. Advisors Capital Management LLC raised its holdings in Consolidated Edison by 3.8% during the 3rd quarter. Advisors Capital Management LLC now owns 3,312 shares of the utilities provider’s stock valued at $283,000 after buying an additional 122 shares during the last quarter. Jeppson Wealth Management LLC raised its holdings in Consolidated Edison by 1.6% during the 4th quarter. Jeppson Wealth Management LLC now owns 7,716 shares of the utilities provider’s stock valued at $702,000 after buying an additional 125 shares during the last quarter. Finally, Sandy Spring Bank raised its holdings in Consolidated Edison by 11.4% during the 4th quarter. Sandy Spring Bank now owns 1,222 shares of the utilities provider’s stock valued at $111,000 after buying an additional 125 shares during the last quarter. Hedge funds and other 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.