Morgan Stanley Increases Consolidated Edison (ED) Price Target to $81.00

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Consolidated Edison (NYSE:ED) had its target price lifted by Morgan Stanley from $77.00 to $81.00 in a report issued on Tuesday morning, MarketBeat Ratings reports. They currently have a sell rating on the utilities provider’s stock.

Several other research firms have also weighed in on ED. Zacks Investment Research upgraded shares of Consolidated Edison from a hold rating to a buy rating and set a $89.00 price objective on the stock in a research note on Tuesday, August 7th. ValuEngine lowered shares of Consolidated Edison from a hold rating to a sell rating in a research note on Wednesday, June 6th. Howard Weil started coverage on shares of Consolidated Edison in a research note on Tuesday, July 24th. They set a sector underperform rating on the stock. Barclays started coverage on shares of Consolidated Edison in a research note on Tuesday, July 10th. They set an equal weight rating and a $81.00 price objective on the stock. Finally, Scotiabank started coverage on shares of Consolidated Edison in a research note on Tuesday, July 24th. They set a sell rating and a $32.00 price objective on the stock. Five investment analysts have rated the stock with a sell rating, five have given a hold rating and two have given a buy rating to the company. Consolidated Edison has a consensus rating of Hold and a consensus target price of $77.33.

Shares of NYSE:ED opened at $80.75 on Tuesday. The company has a current ratio of 0.63, a quick ratio of 0.57 and a debt-to-equity ratio of 0.97. Consolidated Edison has a one year low of $71.12 and a one year high of $89.70. The stock has a market cap of $24.93 billion and a price-to-earnings ratio of 19.74.

Consolidated Edison (NYSE:ED) last released its quarterly earnings data on Thursday, August 2nd. The utilities provider reported $0.61 earnings per share for the quarter, topping the consensus estimate of $0.57 by $0.04. The company had revenue of $2.70 billion for the quarter, compared to analyst estimates of $2.64 billion. Consolidated Edison had a net margin of 12.90% and a return on equity of 8.52%. During the same period in the previous year, the business earned $0.58 EPS. equities analysts forecast that Consolidated Edison will post 4.27 EPS for the current fiscal year.

The business also recently declared a quarterly dividend, which will be paid on Monday, September 17th. Investors of record on Wednesday, August 15th will be paid a $0.715 dividend. The ex-dividend date is Tuesday, August 14th. This represents a $2.86 dividend on an annualized basis and a yield of 3.54%. Consolidated Edison’s dividend payout ratio (DPR) is currently 69.93%.

A number of institutional investors and hedge funds have recently made changes to their positions in ED. Cordasco Financial Network lifted its holdings in shares of Consolidated Edison by 160.0% during the 2nd quarter. Cordasco Financial Network now owns 1,300 shares of the utilities provider’s stock worth $101,000 after acquiring an additional 800 shares during the period. Itau Unibanco Holding S.A. lifted its holdings in shares of Consolidated Edison by 385.5% during the 2nd quarter. Itau Unibanco Holding S.A. now owns 1,442 shares of the utilities provider’s stock worth $112,000 after acquiring an additional 1,145 shares during the period. Peak Capital Management LLC bought a new stake in shares of Consolidated Edison during the 2nd quarter worth approximately $114,000. First Mercantile Trust Co. bought a new stake in shares of Consolidated Edison during the 2nd quarter worth approximately $123,000. Finally, Bruderman Asset Management LLC bought a new stake in shares of Consolidated Edison during the 1st quarter worth approximately $130,000. Institutional investors and hedge funds own 58.60% of the company’s stock.

About Consolidated Edison

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 3.4 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 1,600 customers in parts of Manhattan.

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