Jefferies Financial Group Initiates Coverage on Consolidated Edison (NYSE:ED)

by · The Cerbat Gem

Investment analysts at Jefferies Financial Group initiated coverage on shares of Consolidated Edison (NYSE:ED – Get Free Report) in a research note issued to investors on Wednesday, Marketbeat reports. The brokerage set a “hold” rating and a $108.00 price target on the utilities provider’s stock. Jefferies Financial Group’s target price points to a potential upside of 6.32% from the company’s current price.

A number of other brokerages also recently issued reports on ED. Morgan Stanley lifted their price objective on shares of Consolidated Edison from $82.00 to $87.00 and gave the stock an “underweight” rating in a research report on Wednesday, September 25th. Bank of America lifted their price target on shares of Consolidated Edison from $97.00 to $109.00 and gave the stock a “buy” rating in a report on Monday, August 5th. Scotiabank increased their price objective on Consolidated Edison from $85.00 to $90.00 and gave the company a “sector underperform” rating in a report on Tuesday, August 20th. Guggenheim boosted their target price on Consolidated Edison from $88.00 to $91.00 and gave the stock a “neutral” rating in a research note on Friday, August 2nd. Finally, Wells Fargo & Company increased their price target on Consolidated Edison from $97.00 to $105.00 and gave the company an “equal weight” rating in a research note on Friday, August 2nd. Four research analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, Consolidated Edison presently has an average rating of “Hold” and a consensus price target of $94.96.

View Our Latest Analysis on Consolidated Edison

Consolidated Edison Price Performance

NYSE ED opened at $101.58 on Wednesday. The company has a market cap of $35.13 billion, a PE ratio of 19.50, a P/E/G ratio of 3.52 and a beta of 0.36. The firm’s 50 day moving average price is $102.31 and its 200-day moving average price is $95.92. The company has a debt-to-equity ratio of 1.08, a quick ratio of 0.97 and a current ratio of 1.04. Consolidated Edison has a 52-week low of $85.15 and a 52-week high of $105.99.

Consolidated Edison (NYSE:ED – Get Free Report) last announced its earnings results on Thursday, August 1st. The utilities provider reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.02. The business had revenue of $3.22 billion for the quarter, compared to analysts’ expectations of $3.08 billion. Consolidated Edison had a return on equity of 8.67% and a net margin of 12.03%. During the same quarter last year, the firm earned $0.61 EPS. Sell-side analysts forecast that Consolidated Edison will post 5.3 EPS for the current fiscal year.

Institutional Trading of Consolidated Edison

Several large investors have recently made changes to their positions in the business. Clean Energy Transition LLP grew its holdings in Consolidated Edison by 227.9% during the second quarter. Clean Energy Transition LLP now owns 897,553 shares of the utilities provider’s stock worth $80,259,000 after acquiring an additional 623,787 shares during the period. Acadian Asset Management LLC grew its stake in shares of Consolidated Edison by 302.3% during the 2nd quarter. Acadian Asset Management LLC now owns 709,172 shares of the utilities provider’s stock worth $63,396,000 after purchasing an additional 532,893 shares during the period. AMF Tjanstepension AB grew its position in Consolidated Edison by 243.2% during the second quarter. AMF Tjanstepension AB now owns 497,982 shares of the utilities provider’s stock valued at $44,564,000 after buying an additional 352,903 shares during the period. Swedbank AB purchased a new position in shares of Consolidated Edison in the 1st quarter valued at about $30,515,000. Finally, LPL Financial LLC increased its position in shares of Consolidated Edison by 101.3% in the second quarter. LPL Financial LLC now owns 606,594 shares of the utilities provider’s stock valued at $54,242,000 after buying an additional 305,291 shares in the last quarter. 66.29% of the stock is owned by hedge funds and other institutional investors.

Consolidated Edison Company Profile

(Get Free Report)

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.

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