Consolidated Edison (ED) Stock Rating Lowered by Zacks Investment Research

Consolidated Edison (NYSE:ED) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Wednesday.

According to Zacks, “Consolidated Edison faces interest rate risk owing to variable rate debt and new debt financing, needed to fund capital requirements. It also faces commodity price risk related to the purchase and sale of its electricity, gas and related derivative instruments. It's operations are subject to federal, state and local regulations related to air, water and other environmental issues. Any change in regulations could entail additional investments or induce the company to halt some of its operations thereby affecting its financial performance. Adverse decisions by the commissions in pending regulatory cases and nability to comply with various regulations and/or obtain fair and timely rate relief and regulatory approvals may negatively impact Consolidated Edison’s earnings However, Consolidated Edison has a favorable rate decisions history by regulatory authorities, which will likely encourage it to invest more in infrastructure improvements.”

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ED has been the subject of a number of other research reports. ValuEngine upgraded shares of Consolidated Edison from a “hold” rating to a “buy” rating in a research note on Sunday, December 31st. Guggenheim reiterated a “hold” rating and issued a $88.00 target price on shares of Consolidated Edison in a research note on Wednesday, January 3rd. JPMorgan Chase assumed coverage on shares of Consolidated Edison in a research note on Friday, January 12th. They issued an “underweight” rating and a $78.00 target price for the company. UBS assumed coverage on shares of Consolidated Edison in a research note on Friday, February 2nd. They issued a “neutral” rating and a $80.00 target price for the company. Finally, Morgan Stanley cut their target price on shares of Consolidated Edison from $80.00 to $74.00 and set an “underweight” rating for the company in a research note on Tuesday, February 13th. Five analysts have rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the stock. Consolidated Edison has an average rating of “Hold” and an average target price of $81.59.

Shares of ED opened at $78.11 on Wednesday. The stock has a market cap of $24,214.08, a price-to-earnings ratio of 19.10, a price-to-earnings-growth ratio of 4.58 and a beta of 0.05. The company has a debt-to-equity ratio of 0.96, a current ratio of 0.72 and a quick ratio of 0.65. Consolidated Edison has a 12 month low of $73.73 and a 12 month high of $89.70.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings results on Thursday, February 15th. The utilities provider reported $0.80 EPS for the quarter, topping analysts’ consensus estimates of $0.78 by $0.02. The firm had revenue of $2.96 billion during the quarter, compared to analysts’ expectations of $2.64 billion. Consolidated Edison had a net margin of 12.67% and a return on equity of 8.51%. The company’s revenue for the quarter was up 9.4% compared to the same quarter last year. During the same quarter last year, the company earned $0.69 earnings per share. sell-side analysts anticipate that Consolidated Edison will post 4.26 earnings per share for the current fiscal year.

Several institutional investors have recently modified their holdings of the stock. Welch Investments LLC grew its holdings in Consolidated Edison by 1.2% during the 4th quarter. Welch Investments LLC now owns 54,448 shares of the utilities provider’s stock worth $4,625,000 after acquiring an additional 641 shares during the period. DnB Asset Management AS grew its holdings in Consolidated Edison by 1.8% during the 4th quarter. DnB Asset Management AS now owns 40,409 shares of the utilities provider’s stock worth $3,433,000 after acquiring an additional 700 shares during the period. OppenheimerFunds Inc. grew its holdings in Consolidated Edison by 3.5% during the 4th quarter. OppenheimerFunds Inc. now owns 21,160 shares of the utilities provider’s stock worth $1,798,000 after acquiring an additional 708 shares during the period. NewSquare Capital LLC grew its holdings in Consolidated Edison by 8.0% during the 4th quarter. NewSquare Capital LLC now owns 9,620 shares of the utilities provider’s stock worth $817,000 after acquiring an additional 714 shares during the period. Finally, Wedbush Securities Inc. grew its holdings in Consolidated Edison by 24.1% during the 4th quarter. Wedbush Securities Inc. now owns 3,753 shares of the utilities provider’s stock worth $319,000 after acquiring an additional 729 shares during the period. 56.59% of the stock is owned by institutional investors and hedge funds.

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Consolidated Edison Company Profile

Consolidated Edison, Inc (Con Edison) is a holding company. The Company operates through its subsidiaries, which include Consolidated Edison Company of New York, Inc (CECONY), Orange and Rockland Utilities, Inc (O&R), Con Edison Clean Energy Businesses, Inc (the Clean Energy Businesses) and Con Edison Transmission, Inc (Con Edison Transmission).

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