Consolidated Edison (NYSE:ED) Price Target Lowered to $92.00 at Morgan Stanley

Consolidated Edison (NYSE:ED - Free Report) had its target price lowered by Morgan Stanley from $93.00 to $92.00 in a research report released on Wednesday morning,Benzinga reports. The firm currently has an underweight rating on the utilities provider's stock.

Several other research firms have also issued reports on ED. UBS Group raised their price target on Consolidated Edison from $110.00 to $113.00 and gave the stock a "neutral" rating in a research report on Friday, March 21st. Wells Fargo & Company increased their price objective on Consolidated Edison from $103.00 to $114.00 and gave the stock an "equal weight" rating in a report on Friday, May 2nd. Barclays increased their price objective on Consolidated Edison from $100.00 to $101.00 and gave the stock an "underweight" rating in a report on Monday, May 5th. Citigroup increased their price objective on Consolidated Edison from $116.00 to $120.00 and gave the stock a "buy" rating in a report on Wednesday, April 9th. Finally, Scotiabank increased their price objective on Consolidated Edison from $100.00 to $101.00 and gave the stock a "sector perform" rating in a report on Monday, February 24th. Three research analysts have rated the stock with a sell rating, seven have given a hold rating and two have issued a buy rating to the company's stock. According to data from MarketBeat.com, Consolidated Edison currently has a consensus rating of "Hold" and an average target price of $104.18.

Consolidated Edison Price Performance

Shares of Consolidated Edison stock traded up $0.19 during trading on Wednesday, hitting $100.92. 7,501,930 shares of the stock traded hands, compared to its average volume of 2,342,765. The company has a quick ratio of 1.19, a current ratio of 1.28 and a debt-to-equity ratio of 1.04. The stock has a market cap of $36.36 billion, a price-to-earnings ratio of 18.65, a PEG ratio of 3.21 and a beta of 0.27. The firm's fifty day moving average is $106.12 and its 200-day moving average is $100.55. Consolidated Edison has a 52 week low of $87.28 and a 52 week high of $114.87.

Consolidated Edison (NYSE:ED - Get Free Report) last announced its quarterly earnings data on Thursday, May 1st. The utilities provider reported $2.25 EPS for the quarter, missing the consensus estimate of $2.30 by ($0.05). The firm had revenue of $4.80 billion for the quarter, compared to the consensus estimate of $4.21 billion. Consolidated Edison had a net margin of 11.98% and a return on equity of 8.61%. During the same quarter last year, the company posted $2.15 earnings per share. Research analysts expect that Consolidated Edison will post 5.62 EPS for the current fiscal year.

Consolidated Edison Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Monday, June 16th. Shareholders of record on Wednesday, May 14th were paid a dividend of $0.85 per share. This represents a $3.40 dividend on an annualized basis and a yield of 3.37%. The ex-dividend date of this dividend was Wednesday, May 14th. Consolidated Edison's payout ratio is 62.85%.

Institutional Inflows and Outflows

A number of large investors have recently added to or reduced their stakes in the stock. Modern Wealth Management LLC raised its stake in Consolidated Edison by 15.1% during the first quarter. Modern Wealth Management LLC now owns 2,986 shares of the utilities provider's stock valued at $330,000 after buying an additional 392 shares during the last quarter. Strs Ohio bought a new stake in shares of Consolidated Edison in the 1st quarter worth $2,335,000. Jacobi Capital Management LLC increased its holdings in shares of Consolidated Edison by 37.4% in the 1st quarter. Jacobi Capital Management LLC now owns 3,530 shares of the utilities provider's stock worth $390,000 after purchasing an additional 961 shares in the last quarter. Focus Partners Wealth increased its holdings in shares of Consolidated Edison by 0.4% in the 1st quarter. Focus Partners Wealth now owns 55,342 shares of the utilities provider's stock worth $6,120,000 after purchasing an additional 228 shares in the last quarter. Finally, Flaharty Asset Management LLC bought a new stake in shares of Consolidated Edison in the first quarter worth $62,000. Hedge funds and other institutional investors 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.