Consolidated Edison (NYSE:ED) Price Target Cut to $85.00 by Analysts at Morgan Stanley

Consolidated Edison (NYSE:ED) had its target price lowered by Morgan Stanley from $88.00 to $85.00 in a research note published on Friday,Benzinga reports. Morgan Stanley currently has an underweight rating on the utilities provider’s stock.

Several other equities analysts have also weighed in on the stock. Scotiabank lifted their target price on shares of Consolidated Edison from $85.00 to $90.00 and gave the company a “sector underperform” rating in a report on Tuesday, August 20th. Barclays cut their target price on shares of Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating for the company in a report on Friday, November 8th. Evercore ISI raised shares of Consolidated Edison from a “hold” rating to a “strong-buy” rating in a report on Friday, November 8th. Guggenheim lifted their target price on shares of Consolidated Edison from $88.00 to $91.00 and gave the company a “neutral” rating in a report on Friday, August 2nd. Finally, Wells Fargo & Company lifted their target price on shares of Consolidated Edison from $97.00 to $105.00 and gave the company an “equal weight” rating in a report on Friday, August 2nd. Four analysts have rated the stock with a sell rating, eight have issued a hold rating, two have given a buy rating and two have given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus price target of $98.19.

Consolidated Edison Stock Performance

Shares of Consolidated Edison stock opened at $99.46 on Friday. The firm has a market capitalization of $34.45 billion, a P/E ratio of 18.73, a PEG ratio of 3.31 and a beta of 0.36. The company has a quick ratio of 0.93, a current ratio of 1.01 and a debt-to-equity ratio of 1.07. The company has a 50 day moving average price of $101.91 and a 200 day moving average price of $98.10. Consolidated Edison has a 52 week low of $85.85 and a 52 week high of $107.75.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, November 7th. The utilities provider reported $1.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.56 by $0.12. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. The company had revenue of $4.09 billion during the quarter, compared to analyst estimates of $4.02 billion. Sell-side analysts expect that Consolidated Edison will post 5.33 EPS for the current year.

Consolidated Edison Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, December 16th. Investors of record on Wednesday, November 13th will be issued a $0.83 dividend. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.34%. The ex-dividend date is Wednesday, November 13th. Consolidated Edison’s dividend payout ratio is currently 62.52%.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the stock. Capital Performance Advisors LLP acquired a new position in Consolidated Edison in the third quarter valued at about $27,000. Ashton Thomas Securities LLC acquired a new stake in shares of Consolidated Edison during the third quarter worth about $30,000. Beacon Capital Management LLC lifted its position in shares of Consolidated Edison by 2,307.7% during the first quarter. Beacon Capital Management LLC now owns 313 shares of the utilities provider’s stock worth $28,000 after purchasing an additional 300 shares in the last quarter. Pathway Financial Advisers LLC acquired a new stake in shares of Consolidated Edison during the first quarter worth about $33,000. Finally, TruNorth Capital Management LLC acquired a new stake in shares of Consolidated Edison during the second quarter worth about $33,000. 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.