Consolidated Edison (NYSE:ED) Price Target Lowered to $91.00 at Morgan Stanley

Consolidated Edison (NYSE:ED) had its target price lowered by Morgan Stanley from $93.00 to $91.00 in a research report released on Friday morning, AnalystRatings.com reports. The brokerage currently has an underweight rating on the utilities provider’s stock.

Several other equities research analysts also recently issued reports on the company. Barclays reissued a hold rating and issued a $90.00 price objective on shares of Consolidated Edison in a research note on Thursday, June 20th. ValuEngine downgraded Consolidated Edison from a buy rating to a hold rating in a research note on Thursday, August 1st. Bank of America raised Consolidated Edison from a neutral rating to a buy rating and reduced their price objective for the stock from $96.00 to $94.00 in a research note on Friday, April 26th. They noted that the move was a valuation call. Credit Suisse Group cut their price target on Consolidated Edison from $87.00 to $86.00 and set an underperform rating for the company in a research note on Thursday, August 8th. Finally, KeyCorp began coverage on Consolidated Edison in a research note on Tuesday, June 4th. They set a sector weight rating for the company. Three equities research analysts have rated the stock with a sell rating, nine have issued a hold rating and one has issued a buy rating to the company’s stock. The stock presently has an average rating of Hold and a consensus price target of $84.73.

Consolidated Edison stock traded up $0.23 during mid-day trading on Friday, hitting $87.20. The company’s stock had a trading volume of 1,211,900 shares, compared to its average volume of 1,603,226. The firm’s 50 day moving average is $87.34 and its 200 day moving average is $85.13. The company has a market cap of $28.96 billion, a PE ratio of 20.19, a price-to-earnings-growth ratio of 9.90 and a beta of 0.10. The company has a debt-to-equity ratio of 1.03, a current ratio of 0.62 and a quick ratio of 0.56. Consolidated Edison has a 52-week low of $73.29 and a 52-week high of $90.51.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings data on Thursday, August 1st. The utilities provider reported $0.58 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.60 by ($0.02). The business had revenue of $2.74 billion during the quarter, compared to analysts’ expectations of $2.67 billion. Consolidated Edison had a return on equity of 8.04% and a net margin of 10.71%. During the same period in the prior year, the company posted $0.61 earnings per share. As a group, analysts forecast that Consolidated Edison will post 4.34 EPS for the current year.

The company also recently declared a quarterly dividend, which will be paid on Monday, September 16th. Stockholders of record on Wednesday, August 14th will be paid a dividend of $0.74 per share. This represents a $2.96 dividend on an annualized basis and a dividend yield of 3.39%. The ex-dividend date of this dividend is Tuesday, August 13th. Consolidated Edison’s dividend payout ratio (DPR) is presently 68.52%.

Institutional investors and hedge funds have recently bought and sold shares of the company. Integrated Wealth Concepts LLC raised its stake in shares of Consolidated Edison by 4.1% in the 2nd quarter. Integrated Wealth Concepts LLC now owns 2,912 shares of the utilities provider’s stock valued at $255,000 after acquiring an additional 115 shares in the last quarter. Wilbanks Smith & Thomas Asset Management LLC raised its stake in shares of Consolidated Edison by 2.7% in the 2nd quarter. Wilbanks Smith & Thomas Asset Management LLC now owns 4,380 shares of the utilities provider’s stock valued at $384,000 after acquiring an additional 116 shares in the last quarter. 6 Meridian raised its stake in shares of Consolidated Edison by 1.9% in the 2nd quarter. 6 Meridian now owns 6,295 shares of the utilities provider’s stock valued at $552,000 after acquiring an additional 117 shares in the last quarter. Valmark Advisers Inc. raised its stake in shares of Consolidated Edison by 5.5% in the 2nd quarter. Valmark Advisers Inc. now owns 2,510 shares of the utilities provider’s stock valued at $220,000 after acquiring an additional 131 shares in the last quarter. Finally, OLD National Bancorp IN raised its stake in shares of Consolidated Edison by 0.5% in the 1st quarter. OLD National Bancorp IN now owns 29,556 shares of the utilities provider’s stock valued at $2,506,000 after acquiring an additional 136 shares in the last quarter. 58.34% of the stock is owned by institutional investors.

Consolidated Edison Company Profile

Consolidated Edison, Inc, through its subsidiaries, engages in regulated electric, gas, and steam delivery businesses in the United States. The company offers electric services to approximately 3.5 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 1,622 customers in parts of Manhattan.

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Analyst Recommendations for Consolidated Edison (NYSE:ED)

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