Consolidated Edison (NYSE:ED) Given New $85.00 Price Target at Morgan Stanley

Consolidated Edison (NYSE:ED) had its price target cut by Morgan Stanley from $88.00 to $85.00 in a report released on Friday,Benzinga reports. They currently have an underweight rating on the utilities provider’s stock.

A number of other equities research analysts also recently commented on ED. Barclays reduced their target price on Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating for the company in a report on Friday, November 8th. Citigroup raised shares of Consolidated Edison from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $103.00 to $116.00 in a report on Tuesday, October 15th. Scotiabank upped their target price on shares of Consolidated Edison from $85.00 to $90.00 and gave the stock a “sector underperform” rating in a research report on Tuesday, August 20th. Wells Fargo & Company lifted their price target on shares of Consolidated Edison from $97.00 to $105.00 and gave the company an “equal weight” rating in a research report on Friday, August 2nd. Finally, Jefferies Financial Group initiated coverage on Consolidated Edison in a report on Wednesday, October 9th. They issued a “hold” rating and a $108.00 price target on the stock. Four analysts have rated the stock with a sell rating, eight have assigned a hold rating, two have issued a buy rating and two have assigned a strong buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Hold” and a consensus price target of $98.19.

Consolidated Edison Trading Down 0.3 %

Shares of Consolidated Edison stock opened at $98.36 on Friday. The firm has a market cap of $34.07 billion, a price-to-earnings ratio of 18.52, a price-to-earnings-growth ratio of 3.32 and a beta of 0.36. Consolidated Edison has a 52-week low of $85.85 and a 52-week high of $107.75. The company’s 50-day simple moving average is $102.01 and its 200-day simple moving average is $98.08. The company has a quick ratio of 0.93, a current ratio of 1.01 and a debt-to-equity ratio of 1.07.

Consolidated Edison (NYSE:ED) last released its earnings results on Thursday, November 7th. The utilities provider reported $1.68 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.56 by $0.12. The company had revenue of $4.09 billion for the quarter, compared to analysts’ expectations of $4.02 billion. Consolidated Edison had a return on equity of 8.70% and a net margin of 12.27%. As a group, equities research analysts anticipate that Consolidated Edison will post 5.33 earnings per share for the current year.

Consolidated Edison Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Wednesday, November 13th will be given a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a yield of 3.38%. The ex-dividend date of this dividend is Wednesday, November 13th. Consolidated Edison’s dividend payout ratio is presently 62.52%.

Hedge Funds Weigh In On Consolidated Edison

Institutional investors and hedge funds have recently modified their holdings of the company. Capital Performance Advisors LLP purchased a new position in Consolidated Edison during the third quarter worth about $27,000. Ashton Thomas Securities LLC acquired a new position in shares of Consolidated Edison during the 3rd quarter valued at about $30,000. Beacon Capital Management LLC increased its stake in shares of Consolidated Edison by 2,307.7% during the 1st quarter. Beacon Capital Management LLC now owns 313 shares of the utilities provider’s stock valued at $28,000 after acquiring an additional 300 shares during the last quarter. Pathway Financial Advisers LLC purchased a new position in shares of Consolidated Edison during the 1st quarter worth about $33,000. Finally, TruNorth Capital Management LLC acquired a new stake in shares of Consolidated Edison in the second quarter worth approximately $33,000. Hedge funds and other institutional investors own 66.29% of the company’s stock.

About Consolidated Edison

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.