Morgan Stanley Increases Consolidated Edison (ED) Price Target to $87.00
Consolidated Edison (NYSE:ED) had its target price hoisted by Morgan Stanley from $86.00 to $87.00 in a research note published on Thursday morning, BenzingaRatingsTable reports. They currently have an underweight rating on the utilities provider’s stock.
Several other brokerages also recently weighed in on ED. ValuEngine upgraded Consolidated Edison from a hold rating to a buy rating in a report on Monday, May 13th. Bank of America upgraded Consolidated Edison from a neutral rating to a buy rating and cut their price target for the stock from $96.00 to $94.00 in a report on Friday, April 26th. They noted that the move was a valuation call. Mizuho assumed coverage on Consolidated Edison in a report on Monday, March 11th. They set a neutral rating and a $85.00 price target on the stock. Credit Suisse Group set a $80.00 price target on Consolidated Edison and gave the stock a sell rating in a report on Monday, April 22nd. Finally, Zacks Investment Research downgraded Consolidated Edison from a buy rating to a hold rating in a report on Monday, February 25th. Five investment analysts have rated the stock with a sell rating, seven have issued a hold rating and two have assigned a buy rating to the company’s stock. The stock currently has an average rating of Hold and a consensus target price of $78.92.
ED stock opened at $86.94 on Thursday. The company has a current ratio of 0.60, a quick ratio of 0.54 and a debt-to-equity ratio of 1.01. The firm has a market capitalization of $28.44 billion, a P/E ratio of 20.13, a PEG ratio of 9.99 and a beta of 0.13. Consolidated Edison has a 12-month low of $71.12 and a 12-month high of $87.33.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, June 17th. Stockholders of record on Wednesday, May 15th will be given a dividend of $0.74 per share. The ex-dividend date of this dividend is Tuesday, May 14th. This represents a $2.96 annualized dividend and a dividend yield of 3.40%. Consolidated Edison’s dividend payout ratio is currently 68.52%.
Several large investors have recently added to or reduced their stakes in ED. Financial Gravity Companies Inc. acquired a new position in shares of Consolidated Edison during the 4th quarter worth about $28,000. Sontag Advisory LLC acquired a new position in shares of Consolidated Edison during the 4th quarter worth about $30,000. Field & Main Bank acquired a new position in shares of Consolidated Edison during the 1st quarter worth about $30,000. Orrstown Financial Services Inc. acquired a new position in shares of Consolidated Edison during the 4th quarter worth about $31,000. Finally, Willingdon Wealth Management acquired a new stake in shares of Consolidated Edison in the 1st quarter valued at about $31,000. 59.86% of the stock is owned by institutional investors and hedge funds.
Consolidated Edison Company Profile
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 3.5 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 1,622 customers in parts of Manhattan.
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