Fintel reports that on July 21, 2023, B of A Securities upgraded their outlook for Consolidated Edison (NYSE:ED) from Neutral to Buy.

Analyst Price Forecast Suggests 5.57% Downside

As of July 6, 2023, the average one-year price target for Consolidated Edison is 91.72. The forecasts range from a low of 70.70 to a high of $108.15. The average price target represents a decrease of 5.57% from its latest reported closing price of 97.12.

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The projected annual revenue for Consolidated Edison is 14,872MM, a decrease of 7.13%. The projected annual non-GAAP EPS is 4.94.

What is the Fund Sentiment?

There are 1805 funds or institutions reporting positions in Consolidated Edison. This is an increase of 5 owner(s) or 0.28% in the last quarter. Average portfolio weight of all funds dedicated to ED is 0.23%, a decrease of 16.44%. Total shares owned by institutions decreased in the last three months by 1.79% to 252,235K shares. The put/call ratio of ED is 0.73, indicating a bullish outlook.

What are Other Shareholders Doing?

VTSMX – Vanguard Total Stock Market Index Fund Investor Shares holds 10,992K shares representing 3.17% ownership of the company. In it’s prior filing, the firm reported owning 10,789K shares, representing an increase of 1.85%. The firm decreased its portfolio allocation in ED by 5.57% over the last quarter.

VIMSX – Vanguard Mid-Cap Index Fund Investor Shares holds 8,293K shares representing 2.39% ownership of the company. In it’s prior filing, the firm reported owning 8,252K shares, representing an increase of 0.49%. The firm decreased its portfolio allocation in ED by 2.35% over the last quarter.

VFINX – Vanguard 500 Index Fund Investor Shares holds 8,281K shares representing 2.39% ownership of the company. In it’s prior filing, the firm reported owning 8,203K shares, representing an increase of 0.93%. The firm decreased its portfolio allocation in ED by 6.03% over the last quarter.

Geode Capital Management holds 7,949K shares representing 2.29% ownership of the company. In it’s prior filing, the firm reported owning 7,794K shares, representing an increase of 1.95%. The firm decreased its portfolio allocation in ED by 5.10% over the last quarter.

Legal & General Group holds 6,111K shares representing 1.76% ownership of the company. In it’s prior filing, the firm reported owning 6,182K shares, representing a decrease of 1.16%. The firm decreased its portfolio allocation in ED by 29.15% over the last quarter.

Consolidated Edison Background Information
(This description is provided by the company.)

Consolidated Edison, Inc. is one of the nation’s largest investor-owned energy-delivery companies, with approximately $12 billion in annual revenues and $63 billion in assets. The company provides a wide range of energy-related products and services to its customers through the following subsidiaries: Consolidated Edison Company of New York, Inc., a regulated utility providing electric service in New York City and New York’s Westchester County, gas service in Manhattan, the Bronx, parts of Queens and parts of Westchester, and steam service in Manhattan; Orange and Rockland Utilities, Inc. (O&R), a regulated utility serving customers in a 1,300-square-mile-area in southeastern New York State and northern New Jersey; Con Edison Clean Energy Businesses, Inc., the second-largest solar developer in the United States and the seventh-largest worldwide, which, through its subsidiaries develops, owns and operates renewable and sustainable energy infrastructure projects and provides energy-related products and services to wholesale and retail customers; and Con Edison Transmission, Inc., which falls primarily under the oversight of the Federal Energy Regulatory Commission and through its subsidiaries invests in electric transmission projects supporting its parent company’s effort to transition to clean, renewable energy. Con Edison Transmission manages, through joint ventures, both electric and gas assets while seeking to develop electric transmission projects that will bring clean, renewable electricity to customers, focusing on New York, New England, the Mid-Atlantic states and the Midwest.

This article originally appeared on Fintel

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