Jefferies Reiterates a Hold Rating on Con Edison

By Carrie Williams

Jefferies analyst Anthony Crowdell reiterated a Hold rating on Con Edison (NYSE: ED) yesterday and set a price target of $83.50. The company’s shares opened today at $84.08, close to its 52-week high of $85.13.

According to TipRanks.com, Crowdell is a 4-star analyst with an average return of 7.5% and a 75.6% success rate. Crowdell covers the Utilities sector, focusing on stocks such as Public Service Enterprise, El Paso Electric Company, and American Electric Power.

Currently, the analyst consensus on Con Edison is Hold and the average price target is $82.17, representing a -2.3% downside.

In a report issued on August 27, RBC Capital also reiterated a Hold rating on the stock with a $78 price target.

Based on Con Edison’s latest earnings report for the quarter ending June 30, the company posted quarterly revenue of $2.66 billion and quarterly net profit of $175 million. In comparison, last year the company earned revenue of $2.79 billion and had a net profit of $232 million.

Based on the recent corporate insider activity of 146 insiders, corporate insider sentiment is negative on the stock.

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Consolidated Edison, Inc. is a holding company, which through its subsidiaries engages in the business of regulated electric, gas, and steam delivery. It operates through the following segments: Consolidated Edison Co. of New York, Inc.; Orange & Rockland Utilities, Inc; Competitive Energy Businesses; and Other.