Morgan Stanley Raises Consolidated Edison (NYSE:ED) Price Target to $87.00

Consolidated Edison (NYSE:ED) had its target price hoisted by Morgan Stanley from $82.00 to $87.00 in a research report report published on Wednesday, Benzinga reports. They currently have an underweight rating on the utilities provider’s stock.

A number of other equities analysts have also weighed in on the company. UBS Group increased their price target on Consolidated Edison from $105.00 to $106.00 and gave the company a neutral rating in a research report on Friday, September 20th. Argus raised shares of Consolidated Edison to a strong-buy rating in a research report on Friday, June 7th. Bank of America boosted their price target on shares of Consolidated Edison from $97.00 to $109.00 and gave the company a buy rating in a report on Monday, August 5th. Mizuho raised their price objective on shares of Consolidated Edison from $93.00 to $95.00 and gave the stock a neutral rating in a research note on Tuesday, May 28th. Finally, Barclays boosted their target price on shares of Consolidated Edison from $92.00 to $98.00 and gave the company an underweight rating in a research note on Monday, August 5th. Four equities research analysts have rated the stock with a sell rating, eight have given a hold rating, one has assigned a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat, Consolidated Edison presently has an average rating of Hold and an average target price of $93.81.

Consolidated Edison Stock Performance

Shares of ED opened at $104.05 on Wednesday. Consolidated Edison has a 12-month low of $80.46 and a 12-month high of $105.99. The stock has a market capitalization of $35.98 billion, a P/E ratio of 19.97, a P/E/G ratio of 3.52 and a beta of 0.36. The firm’s 50 day moving average is $100.95 and its 200-day moving average is $94.99. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.04 and a quick ratio of 0.97.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, August 1st. The utilities provider reported $0.59 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.57 by $0.02. Consolidated Edison had a return on equity of 8.67% and a net margin of 12.03%. The company had revenue of $3.22 billion for the quarter, compared to analysts’ expectations of $3.08 billion. During the same quarter in the prior year, the company earned $0.61 earnings per share. Equities research analysts anticipate that Consolidated Edison will post 5.3 EPS for the current fiscal year.

Consolidated Edison Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Monday, September 16th. Stockholders of record on Wednesday, August 14th were paid a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.19%. The ex-dividend date of this dividend was Wednesday, August 14th. Consolidated Edison’s dividend payout ratio (DPR) is presently 63.72%.

Hedge Funds Weigh In On Consolidated Edison

A number of hedge funds have recently added to or reduced their stakes in the company. Retirement Planning Co of New England Inc. lifted its stake in Consolidated Edison by 4.2% in the second quarter. Retirement Planning Co of New England Inc. now owns 2,501 shares of the utilities provider’s stock valued at $224,000 after acquiring an additional 100 shares during the last quarter. Benjamin F. Edwards & Company Inc. boosted its holdings in Consolidated Edison by 13.0% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 868 shares of the utilities provider’s stock worth $78,000 after purchasing an additional 100 shares in the last quarter. Syon Capital LLC boosted its holdings in Consolidated Edison by 2.3% in the fourth quarter. Syon Capital LLC now owns 5,954 shares of the utilities provider’s stock worth $542,000 after purchasing an additional 136 shares in the last quarter. G&S Capital LLC increased its position in Consolidated Edison by 1.6% during the first quarter. G&S Capital LLC now owns 8,747 shares of the utilities provider’s stock worth $794,000 after buying an additional 139 shares during the last quarter. Finally, Checchi Capital Advisers LLC raised its holdings in Consolidated Edison by 2.6% during the second quarter. Checchi Capital Advisers LLC now owns 5,627 shares of the utilities provider’s stock valued at $503,000 after buying an additional 141 shares in the last quarter. Institutional investors and hedge funds 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.