Leading energy-delivery company Consolidated Edison Inc. (NYSE:ED) has been trying to expand its services across the country and strengthen its market position. However, its stock’s price dipped more than 2% on Monday after Bank of America (NYSE:BAC) downgraded its rating. So, considering ED’s weak fundamentals and poor growth prospects, is the stock worth owning now? Read more to find out.Consolidated Edison, Inc. (ED) is one of the nation's largest investor-owned energy-delivery companies. The New York City-based concern owns, operates, and develops renewable and energy infrastructure projects, offers wholesale and retail customers energy-related products and services, and invests in electric and gas transmission projects. The company’s stock has climbed 3% in price over the past month, fueled by its efforts to expand its operational capabilities and accelerate its growth through various unique clean energy innovations.
However, the stock has lost 4.8% in price over the past six months to close yesterday’s trading session at $75.51. The company’s relatively weak fundamentals and low-profit margins imply bleak growth prospects.
In addition, Bank of America recently downgraded the stock from “Neutral” to “Underperform,” indicating bearish sentiment about the stock’s future price performance.