Guggenheim slashes price target on Consolidated Edison Inc. [ED] – find out why.

Consolidated Edison Inc. [NYSE: ED] gained 1.83% or 1.64 points to close at $91.34 with a heavy trading volume of 3049158 shares. The company report on November 3, 2022 that CON EDISON REPORTS 2022 THIRD QUARTER EARNINGS.


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Consolidated Edison, Inc. (Con Edison) (NYSE: ED) today reported 2022 third quarter net income for common stock of $613 million or $1.73 a share compared with $538 million or $1.52 a share in the 2021 third quarter. Adjusted earnings were $579 million or $1.63 a share in the 2022 period compared with $499 million or $1.41 a share in the 2021 period. Adjusted earnings and adjusted earnings per share in the 2022 and 2021 periods exclude the effects of hypothetical liquidation at book value (HLBV) accounting for tax equity investments in certain renewable and sustainable electric projects of Con Edison Clean Energy Businesses, Inc. (the Clean Energy Businesses), the net mark-to-market effects of the Clean Energy Businesses and the related tax impact of such HLBV accounting and net mark-to-market effects on the parent company.

For the first nine months of 2022, net income for common stock was $1,470 million or $4.15 a share compared with $1,122 million or $3.23 a share in the first nine months of 2021. Adjusted earnings were $1,329 million or $3.75 a share in the 2022 period compared with $1,174 million or $3.39 a share in the 2021 period. Adjusted earnings and adjusted earnings per share in the 2022 and 2021 periods exclude the effects of HLBV accounting for tax equity investments in certain renewable and sustainable electric projects of the Clean Energy Businesses, the net mark-to-market effects of the Clean Energy Businesses and the related tax impact of such HLBV accounting and net mark-to-market effects on the parent company. Adjusted earnings and adjusted earnings per share in the 2021 period exclude the impact of the impairment losses related to Con Edison’s investment in Stagecoach Gas Services LLC (Stagecoach) and the loss from the sale of a renewable electric project.

It opened the trading session at $90.00, the shares rose to $92.53 and dropped to $90.00, the range by which the price of stock traded the whole day. The daily chart for ED points out that the company has recorded -4.07% loss over the past six months. However, it is still -19.52% lower than its most recent low trading price.

If we look at the average trading volume of 1.64M shares, ED reached to a volume of 3049158 in the most recent trading day, which is why market watchdogs consider the stock to be active.

Here is what top equities market gurus are saying about Consolidated Edison Inc. [ED]:

Based on careful and fact-backed analyses by Wall Street experts, the current consensus on the target price for ED shares is $82.88 per share. Analysis on target price and performance of stocks is usually carefully studied by market experts, and the current Wall Street consensus on ED stock is a recommendation set at 3.40. This rating represents a strong Buy recommendation, on the scale from 1 to 5, where 5 would mean strong sell, 4 represents Sell, 3 is Hold, and 2 indicates Buy.

Guggenheim have made an estimate for Consolidated Edison Inc. shares, keeping their opinion on the stock as Neutral, with their previous recommendation back on May 23, 2022. While these analysts kept the previous recommendation, Wells Fargo raised their target price from $85 to $94. The new note on the price target was released on May 03, 2022, representing the official price target for Consolidated Edison Inc. stock. Previously, the target price had yet another raise to $100, while Credit Suisse analysts kept a Neutral rating on ED stock.

The Average True Range (ATR) for Consolidated Edison Inc. is set at 2.13, with the Price to Sales ratio for ED stock in the period of the last 12 months amounting to 2.20. The Price to Book ratio for the last quarter was 1.56, with the Price to Cash per share for the same quarter was set at 0.22. Price to Free Cash Flow for ED in the course of the last twelve months was 13.22 with Quick ratio for the last quarter at 0.80.

Trading performance analysis for ED stock

Consolidated Edison Inc. [ED] gain into the green zone at the end of the last week, gaining into a positive trend and gaining by 4.19. With this latest performance, ED shares gained by 7.46% in over the last four-week period, additionally sinking by -4.07% over the last 6 months – not to mention a rise of 17.83% in the past year of trading.

Overbought and oversold stocks can be easily traced with the Relative Strength Index (RSI), where an RSI result of over 70 would be overbought, and any rate below 30 would indicate oversold conditions. An RSI rate of 50 would represent a neutral market momentum. The current RSI for ED stock in for the last two-week period is set at 59.75, with the RSI for the last a single of trading hit 65.03, and the three-weeks RSI is set at 55.54 for Consolidated Edison Inc. [ED]. The present Moving Average for the last 50 days of trading for this stock 89.47, while it was recorded at 90.09 for the last single week of trading, and 92.60 for the last 200 days.

Consolidated Edison Inc. [ED]: A deeper dive into fundamental analysis

Operating Margin for any stock indicates how profitable investing would be, and Consolidated Edison Inc. [ED] shares currently have an operating margin of +20.48 and a Gross Margin at +41.21. Consolidated Edison Inc.’s Net Margin is presently recorded at +9.84.

Return on Equity for this stock inclined to 6.92, with Return on Assets sitting at 2.14.

Consolidated Edison Inc.’s liquidity data is similarly interesting compelling, with a Quick Ratio of 0.80 and a Current Ratio set at 0.80.

Consolidated Edison Inc. [ED]: An earnings per share (EPS) analysis

The progress of the company may be observed through the prism of EPS growth rate, while Wall Street analysts are focusing on predicting the 5-year EPS growth rate for ED. When it comes to the mentioned value, analysts are expecting to see the 5-year EPS growth rate for Consolidated Edison Inc. go to 4.93%.

An analysis of insider ownership at Consolidated Edison Inc. [ED]

There are presently around $21,522 million, or 67.70% of ED stock, in the hands of institutional investors. The top three institutional holders of ED stocks are: BLACKROCK INC. with ownership of 42,925,619, which is approximately -0.517% of the company’s market cap and around 0.10% of the total institutional ownership; VANGUARD GROUP INC, holding 42,918,192 shares of the stock with an approximate value of $3.92 billion in ED stocks shares; and STATE STREET CORP, currently with $2.56 billion in ED stock with ownership of nearly -0.946% of the company’s market capitalization.

488 institutional holders increased their position in Consolidated Edison Inc. [NYSE:ED] by around 12,837,739 shares. Additionally, 400 investors decreased positions by around 10,089,947 shares, while 256 investors held positions by with 212,698,821 shares. The mentioned changes placed institutional holdings at 235,626,507 shares, according to the latest SEC report filing. ED stock had 71 new institutional investments in for a total of 1,183,370 shares, while 99 institutional investors sold positions of 628,954 shares during the same period.

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