Consolidated Edison (NYSE:ED) Cut to “Neutral” at BofA Securities

BofA Securities lowered shares of Consolidated Edison (NYSE:ED) from a buy rating to a neutral rating in a research report report published on Thursday morning, Analyst Ratings Network reports. BofA Securities currently has $82.00 price objective on the utilities provider’s stock.

ED has been the subject of several other research reports. KeyCorp decreased their price objective on Consolidated Edison from $92.00 to $80.00 and set an overweight rating for the company in a report on Tuesday, July 21st. Credit Suisse Group upgraded Consolidated Edison from an underperform rating to a neutral rating in a report on Monday, August 10th. Zacks Investment Research lowered Consolidated Edison from a hold rating to a sell rating and set a $76.00 target price for the company. in a research note on Tuesday, June 23rd. Morgan Stanley reduced their target price on Consolidated Edison from $75.00 to $74.00 and set an underweight rating for the company in a research note on Monday, October 5th. Finally, Mizuho reduced their target price on Consolidated Edison from $78.00 to $73.50 and set a neutral rating for the company in a research note on Wednesday, July 15th. Three equities research analysts have rated the stock with a sell rating, ten have given a hold rating and one has given a buy rating to the stock. Consolidated Edison presently has a consensus rating of Hold and an average target price of $77.57.

Shares of ED opened at $81.70 on Thursday. Consolidated Edison has a 12 month low of $62.03 and a 12 month high of $95.10. The stock has a fifty day moving average price of $75.83 and a 200-day moving average price of $75.80. The company has a current ratio of 0.68, a quick ratio of 0.63 and a debt-to-equity ratio of 1.04. The firm has a market cap of $27.33 billion, a PE ratio of 20.48, a P/E/G ratio of 9.74 and a beta of 0.14.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings data on Thursday, August 6th. The utilities provider reported $0.60 EPS for the quarter, beating the consensus estimate of $0.53 by $0.07. Consolidated Edison had a return on equity of 7.92% and a net margin of 10.86%. The firm had revenue of $2.72 billion during the quarter, compared to analyst estimates of $2.81 billion. During the same quarter in the prior year, the business posted $0.58 EPS. As a group, research analysts forecast that Consolidated Edison will post 4.26 EPS for the current year.

A number of institutional investors and hedge funds have recently made changes to their positions in ED. Ropes Wealth Advisors LLC grew its position in shares of Consolidated Edison by 63.9% during the 3rd quarter. Ropes Wealth Advisors LLC now owns 336 shares of the utilities provider’s stock valued at $26,000 after acquiring an additional 131 shares during the period. IBM Retirement Fund grew its position in shares of Consolidated Edison by 39.0% during the 3rd quarter. IBM Retirement Fund now owns 10,889 shares of the utilities provider’s stock valued at $847,000 after acquiring an additional 3,058 shares during the period. Spearhead Capital Advisors LLC grew its position in shares of Consolidated Edison by 5.2% during the 3rd quarter. Spearhead Capital Advisors LLC now owns 63,050 shares of the utilities provider’s stock valued at $4,905,000 after acquiring an additional 3,120 shares during the period. IFM Investors Pty Ltd grew its position in shares of Consolidated Edison by 12.6% during the 3rd quarter. IFM Investors Pty Ltd now owns 29,543 shares of the utilities provider’s stock valued at $2,298,000 after acquiring an additional 3,304 shares during the period. Finally, Surevest LLC grew its position in shares of Consolidated Edison by 17.0% during the 3rd quarter. Surevest LLC now owns 44,366 shares of the utilities provider’s stock valued at $3,452,000 after acquiring an additional 6,437 shares during the period. 59.08% of the stock is currently owned by institutional investors.

Consolidated Edison Company Profile

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 3.5 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 1,622 customers in parts of Manhattan.

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