Consolidated Edison (NYSE:ED) Given New $87.00 Price Target at Morgan Stanley

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

Other equities analysts have also issued research reports about the stock. Scotiabank upped their price target 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. Argus upgraded Consolidated Edison to a strong-buy rating in a report on Friday, June 7th. Guggenheim lifted their target price on Consolidated Edison from $88.00 to $91.00 and gave the company a neutral rating in a report on Friday, August 2nd. Mizuho upped their price target on Consolidated Edison from $93.00 to $95.00 and gave the stock a neutral rating in a research note on Tuesday, May 28th. Finally, Bank of America raised their price objective on Consolidated Edison from $97.00 to $109.00 and gave the stock a buy rating in a report on Monday, August 5th. Four 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 issued a strong buy rating to the stock. According to data from MarketBeat.com, the company has an average rating of Hold and an average price target of $93.81.

Consolidated Edison Price Performance

Consolidated Edison stock opened at $104.05 on Wednesday. The company has a debt-to-equity ratio of 1.08, a current ratio of 1.04 and a quick ratio of 0.97. 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 $101.15 and its two-hundred day moving average is $95.09. Consolidated Edison has a 12-month low of $80.46 and a 12-month high of $105.99.

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

Consolidated Edison Announces Dividend

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

Institutional Trading of Consolidated Edison

Several large investors have recently modified their holdings of the business. Massmutual Trust Co. FSB ADV boosted its holdings in Consolidated Edison by 2,486.2% in the first quarter. Massmutual Trust Co. FSB ADV now owns 21,776 shares of the utilities provider’s stock valued at $1,977,000 after purchasing an additional 20,934 shares during the last quarter. Tower Research Capital LLC TRC grew its position in shares of Consolidated Edison by 35.0% during the fourth quarter. Tower Research Capital LLC TRC now owns 47,466 shares of the utilities provider’s stock worth $4,318,000 after buying an additional 12,307 shares in the last quarter. Sei Investments Co. increased its stake in shares of Consolidated Edison by 57.4% in the first quarter. Sei Investments Co. now owns 244,404 shares of the utilities provider’s stock worth $22,193,000 after buying an additional 89,080 shares during the last quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. increased its stake in shares of Consolidated Edison by 153.9% in the first quarter. BNP PARIBAS ASSET MANAGEMENT Holding S.A. now owns 245,802 shares of the utilities provider’s stock worth $22,321,000 after buying an additional 148,988 shares during the last quarter. Finally, Mizuho Markets Americas LLC raised its holdings in Consolidated Edison by 121.1% in the first quarter. Mizuho Markets Americas LLC now owns 113,675 shares of the utilities provider’s stock valued at $10,323,000 after acquiring an additional 62,260 shares in the last quarter. 66.29% of the stock is currently owned by institutional investors and hedge funds.

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.