NEW YORK (TheStreet) -- Shares of Consolidated Edison (ED) - Get Report are up 0.19% to $78.57 as Barclays raised its price target on the stock to $76 from $69. The firm has an "equal weight" rating the stock.
The firm also revised its estimates of earnings per share for 2016, 2017, and 2018 to $3.99, $4.09 and $4.28 respectively (from $3.95, $4.10 and $4.26) in a note released this morning.
This comes following the closing of a joint venture between Con Edison and Crestwood Equity Partners (CEQP). In the joint venture the companies plan to develop existing natural gas pipelines owned by Crestwood in southern New York and northern Pennsylvania.
In revising these estimates, Barclays also took into account an assumed $500 million "placeholder" to be paid out by the company in the East Harlem settlement following the deadly gas line explosion that took place there in March of 2014.
Consolidated Edison also plans to spend $1.5 billion on advanced metering infrastructure through 2022, according to Barclays.
Separately, TheStreet Ratings rated this stock as a "buy" with a ratings score of A.
Among the primary strengths of the company is its solid stock price performance. TheStreet Ratings feels its strengths outweigh the fact that the company has had sub par growth in net income.
You can view the full analysis from the report here: ED
TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.