Consolidated Edison (NYSE:ED) Given New $76.00 Price Target at Morgan Stanley

Consolidated Edison (NYSE:EDFree Report) had its price target cut by Morgan Stanley from $80.00 to $76.00 in a research report sent to investors on Monday morning, Benzinga reports. They currently have an underweight rating on the utilities provider’s stock.

ED has been the subject of a number of other reports. Scotiabank dropped their price target on shares of Consolidated Edison from $91.00 to $85.00 and set a sector underperform rating for the company in a research note on Monday, April 22nd. Wells Fargo & Company boosted their price objective on shares of Consolidated Edison from $93.00 to $97.00 and gave the company an equal weight rating in a report on Friday, May 3rd. Barclays boosted their price objective on shares of Consolidated Edison from $89.00 to $97.00 and gave the company an equal weight rating in a report on Tuesday, May 7th. Argus upgraded shares of Consolidated Edison to a strong-buy rating in a report on Friday, June 7th. Finally, Mizuho boosted their price objective on shares of Consolidated Edison from $93.00 to $95.00 and gave the company a neutral rating in a report on Tuesday, May 28th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat, Consolidated Edison currently has an average rating of Hold and an average price target of $89.27.

Get Our Latest Report on ED

Consolidated Edison Trading Up 1.0 %

ED opened at $91.27 on Monday. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.99 and a quick ratio of 0.92. The company has a market cap of $31.56 billion, a price-to-earnings ratio of 17.52, a price-to-earnings-growth ratio of 2.29 and a beta of 0.35. The firm has a 50 day simple moving average of $93.60 and a 200 day simple moving average of $91.19. Consolidated Edison has a fifty-two week low of $80.46 and a fifty-two week high of $98.85.

Consolidated Edison (NYSE:EDGet Free Report) last posted its quarterly earnings results on Thursday, May 2nd. The utilities provider reported $2.15 earnings per share for the quarter, topping analysts’ consensus estimates of $1.89 by $0.26. The business had revenue of $4.28 billion during the quarter, compared to the consensus estimate of $4.40 billion. Consolidated Edison had a net margin of 12.43% and a return on equity of 8.79%. Consolidated Edison’s revenue for the quarter was down 2.8% compared to the same quarter last year. During the same period in the previous year, the firm posted $1.83 earnings per share. On average, sell-side analysts anticipate that Consolidated Edison will post 5.34 earnings per share for the current year.

Consolidated Edison Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, June 14th. Stockholders of record on Wednesday, May 15th were issued a $0.83 dividend. This represents a $3.32 annualized dividend and a dividend yield of 3.64%. The ex-dividend date of this dividend was Tuesday, May 14th. Consolidated Edison’s dividend payout ratio (DPR) is presently 63.72%.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in the stock. Keynote Financial Services LLC acquired a new position in Consolidated Edison during the first quarter worth $830,000. DekaBank Deutsche Girozentrale boosted its holdings in Consolidated Edison by 6.2% during the first quarter. DekaBank Deutsche Girozentrale now owns 204,619 shares of the utilities provider’s stock worth $18,346,000 after purchasing an additional 11,982 shares during the last quarter. Pathway Financial Advisers LLC acquired a new position in Consolidated Edison during the first quarter worth $33,000. Cetera Advisors LLC boosted its holdings in Consolidated Edison by 74.5% during the first quarter. Cetera Advisors LLC now owns 17,150 shares of the utilities provider’s stock worth $1,557,000 after purchasing an additional 7,324 shares during the last quarter. Finally, Cetera Investment Advisers boosted its holdings in Consolidated Edison by 442.3% during the first quarter. Cetera Investment Advisers now owns 87,922 shares of the utilities provider’s stock worth $7,984,000 after purchasing an additional 71,710 shares during the last quarter. Institutional investors and hedge funds own 66.29% of the company’s stock.

About Consolidated Edison

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Consolidated Edison, Inc, through its subsidiaries, engages in the regulated electric, gas, and steam delivery businesses in the United States. It offers electric services to approximately 3.7 million customers in New York City and Westchester County; gas to approximately 1.1 million customers in Manhattan, the Bronx, parts of Queens, and Westchester County; and steam to approximately 1,530 customers in parts of Manhattan.

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