Goldman Sachs Group Upgrades Consolidated Edison (ED) to “Neutral”

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Consolidated Edison (NYSE:ED) was upgraded by equities research analysts at Goldman Sachs Group from a “sell” rating to a “neutral” rating in a research note issued to investors on Monday, The Fly reports. The firm currently has a $73.00 price target on the utilities provider’s stock, up from their prior price target of $72.00. Goldman Sachs Group’s target price indicates a potential downside of 4.00% from the stock’s previous close.

ED has been the subject of several other research reports. Morgan Stanley upped their target price on Consolidated Edison from $77.00 to $81.00 and gave the stock a “sell” rating in a research note on Tuesday, September 11th. ValuEngine raised Consolidated Edison from a “sell” rating to a “hold” rating in a research note on Tuesday, October 2nd. Bank of America upped their target price on Consolidated Edison from $84.50 to $85.00 and gave the stock a “buy” rating in a research note on Wednesday, September 26th. Scotiabank assumed coverage on Consolidated Edison in a research note on Tuesday, July 24th. They issued a “sell” rating and a $32.00 target price for the company. Finally, Barclays assumed coverage on Consolidated Edison in a research note on Tuesday, July 10th. They issued an “equal weight” rating and a $81.00 target price for the company. Four research 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. The company presently has a consensus rating of “Hold” and a consensus price target of $77.18.

ED stock opened at $76.04 on Monday. The company has a current ratio of 0.62, a quick ratio of 0.56 and a debt-to-equity ratio of 0.97. The company has a market capitalization of $23.21 billion and a P/E ratio of 18.59. Consolidated Edison has a 1-year low of $71.12 and a 1-year high of $89.70.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings data on Thursday, November 1st. The utilities provider reported $1.57 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $1.46 by $0.11. The company had revenue of $3.33 billion for the quarter, compared to analysts’ expectations of $3.17 billion. Consolidated Edison had a net margin of 12.60% and a return on equity of 8.64%. During the same period in the prior year, the business earned $1.47 earnings per share. As a group, sell-side analysts predict that Consolidated Edison will post 4.27 earnings per share for the current year.

Large investors have recently added to or reduced their stakes in the company. Swiss National Bank lifted its stake in Consolidated Edison by 4.1% in the second quarter. Swiss National Bank now owns 2,279,371 shares of the utilities provider’s stock worth $177,745,000 after acquiring an additional 90,600 shares during the period. Commonwealth Equity Services LLC lifted its stake in Consolidated Edison by 2.6% in the second quarter. Commonwealth Equity Services LLC now owns 360,396 shares of the utilities provider’s stock worth $28,104,000 after acquiring an additional 9,220 shares during the period. Summit Global Investments purchased a new stake in Consolidated Edison in the second quarter worth $1,131,000. Verition Fund Management LLC purchased a new stake in Consolidated Edison in the second quarter worth $936,000. Finally, Standard Life Aberdeen plc lifted its stake in Consolidated Edison by 12.9% in the second quarter. Standard Life Aberdeen plc now owns 199,939 shares of the utilities provider’s stock worth $15,593,000 after acquiring an additional 22,794 shares during the period. 58.60% of the stock is 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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