Empire District Electric Co. (EDE) Receives Sector Perform Rating from RBC Capital Markets
RBC Capital Markets reiterated their sector perform rating on shares of Empire District Electric Co. (NYSE:EDE) in a report published on Friday. RBC Capital Markets currently has a $22.00 price objective on the stock.
A number of other research analysts have also recently issued reports on EDE. Scotiabank reiterated a sector perform rating and issued a $23.00 target price on shares of Empire District Electric in a research report on Wednesday, September 14th. Zacks Investment Research upgraded Empire District Electric from a sell rating to a hold rating in a research report on Wednesday, June 8th. TD Securities reiterated a hold rating and issued a $20.00 target price on shares of Empire District Electric in a research report on Thursday, September 15th. Raymond James Financial Inc. reiterated a market perform rating and issued a $24.00 target price (down previously from $26.00) on shares of Empire District Electric in a research report on Thursday, June 23rd. Finally, Barclays PLC cut Empire District Electric from an equal weight rating to an underweight rating and decreased their target price for the company from $24.00 to $19.00 in a research report on Friday, July 1st. Two analysts have rated the stock with a sell rating, nine have given a hold rating and one has assigned a buy rating to the company. The company has a consensus rating of Hold and an average target price of $24.50.
Shares of Empire District Electric (NYSE:EDE) opened at 34.07 on Friday. The company has a 50 day moving average of $33.90 and a 200-day moving average of $33.65. The firm has a market capitalization of $1.50 billion, a P/E ratio of 25.64 and a beta of 0.20. Empire District Electric has a 12 month low of $21.40 and a 12 month high of $34.14.
Empire District Electric (NYSE:EDE) last released its earnings results on Thursday, July 28th. The company reported $0.27 earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of $0.23 by $0.04. Empire District Electric had a return on equity of 7.90% and a net margin of 11.47%. Analysts predict that Empire District Electric will post $1.47 EPS for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Thursday, September 1st were paid a $0.26 dividend. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.05%. The ex-dividend date was Tuesday, August 30th. Empire District Electric’s dividend payout ratio is currently 77.61%.
Several institutional investors have recently bought and sold shares of the company. Magnetar Financial LLC bought a new position in Empire District Electric during the first quarter worth approximately $60,584,000. CNH Partners LLC raised its position in Empire District Electric by 120.1% in the second quarter. CNH Partners LLC now owns 1,713,586 shares of the company’s stock worth $58,211,000 after buying an additional 934,955 shares in the last quarter. FMR LLC raised its position in Empire District Electric by 21.5% in the second quarter. FMR LLC now owns 3,805,000 shares of the company’s stock worth $129,256,000 after buying an additional 672,892 shares in the last quarter. Renaissance Technologies LLC raised its position in Empire District Electric by 44.3% in the first quarter. Renaissance Technologies LLC now owns 1,287,117 shares of the company’s stock worth $42,539,000 after buying an additional 395,317 shares in the last quarter. Finally, OMERS ADMINISTRATION Corp bought a new position in Empire District Electric during the first quarter worth approximately $12,817,000. 64.00% of the stock is currently owned by institutional investors.
About Empire District Electric
The Empire District Electric Company is a regulated utility company. The Company is engaged in the generation, purchase, transmission, distribution and sale of electricity. It provides services with in Missouri, Kansas, Oklahoma and Arkansas. The Company operates its businesses in three segments: electric, gas and other.
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