Consolidated Edison (NYSE:ED) Price Target Cut to $76.00 by Analysts at Morgan Stanley

Consolidated Edison (NYSE:ED) had its price objective lowered by Morgan Stanley from $80.00 to $76.00 in a research note released on Monday morning, Benzinga reports. The firm currently has an underweight rating on the utilities provider’s stock.

Other equities analysts also recently issued research reports about the stock. Barclays upped their price objective on shares of Consolidated Edison from $89.00 to $97.00 and gave the stock an equal weight rating in a research report on Tuesday, May 7th. Argus upgraded Consolidated Edison to a strong-buy rating in a research report on Friday, June 7th. Wells Fargo & Company raised their target price 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. Mizuho raised their price target on Consolidated Edison from $93.00 to $95.00 and gave the stock a neutral rating in a research report on Tuesday, May 28th. Finally, Scotiabank reduced their price target on Consolidated Edison from $91.00 to $85.00 and set a sector underperform rating on the stock in a research note on Monday, April 22nd. Three research analysts have rated the stock with a sell rating, eight have given a hold rating, one has issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of Hold and a consensus price target of $89.27.

Consolidated Edison Stock Up 0.0 %

Shares of NYSE ED opened at $89.68 on Monday. The company has a quick ratio of 0.92, a current ratio of 0.99 and a debt-to-equity ratio of 1.01. The firm has a market cap of $31.01 billion, a price-to-earnings ratio of 17.21, a PEG ratio of 2.27 and a beta of 0.35. Consolidated Edison has a 52-week low of $80.46 and a 52-week high of $98.85. The business’s 50 day moving average is $93.63 and its two-hundred day moving average is $91.16.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings data on Thursday, May 2nd. The utilities provider reported $2.15 EPS 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 return on equity of 8.79% and a net margin of 12.43%. The business’s revenue for the quarter was down 2.8% on a year-over-year basis. During the same period in the previous year, the company posted $1.83 earnings per share. Research analysts predict that Consolidated Edison will post 5.33 EPS for the current year.

Consolidated Edison Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Friday, June 14th. Investors of record on Wednesday, May 15th were given a dividend of $0.83 per share. This represents a $3.32 annualized dividend and a yield of 3.70%. The ex-dividend date was Tuesday, May 14th. Consolidated Edison’s payout ratio is presently 63.72%.

Hedge Funds Weigh In On Consolidated Edison

Institutional investors have recently modified their holdings of the company. Legal & General Group Plc boosted its position in Consolidated Edison by 0.5% in the third quarter. Legal & General Group Plc now owns 6,201,026 shares of the utilities provider’s stock valued at $530,373,000 after buying an additional 27,850 shares in the last quarter. Morgan Stanley boosted its stake in shares of Consolidated Edison by 1.8% in the 3rd quarter. Morgan Stanley now owns 4,221,543 shares of the utilities provider’s stock valued at $361,069,000 after purchasing an additional 72,915 shares during the last quarter. Norges Bank bought a new stake in shares of Consolidated Edison during the fourth quarter worth approximately $243,511,000. Charles Schwab Investment Management Inc. lifted its holdings in Consolidated Edison by 2.4% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 2,032,385 shares of the utilities provider’s stock valued at $184,886,000 after buying an additional 47,936 shares during the period. Finally, ProShare Advisors LLC boosted its stake in Consolidated Edison by 6.6% in the first quarter. ProShare Advisors LLC now owns 2,000,741 shares of the utilities provider’s stock valued at $181,687,000 after acquiring an additional 123,654 shares during the last quarter. Institutional investors own 66.29% of the company’s stock.

Consolidated Edison Company Profile

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.