Published On: Mon, Sep 19th, 2016

Barclays PLC Reaffirms Underweight Rating for Empire District Electric Co. (EDE)

Empire District Electric Co. (NYSE:EDE)‘s stock had its “underweight” rating reaffirmed by Barclays PLC in a research report issued to clients and investors on Monday. They currently have a $18.00 price objective on the stock, down from their previous price objective of $19.00. Barclays PLC’s price objective points to a potential downside of 47.12% from the stock’s current price.
A number of other research firms also recently weighed in on EDE. RBC Capital Markets reiterated a “sector perform” rating and set a $22.00 price target on shares of Empire District Electric in a research note on Friday, September 9th. Scotiabank reiterated a “sector perform” rating and set a $23.00 price target on shares of Empire District Electric in a research note on Wednesday, September 14th. TD Securities reiterated a “hold” rating and set a $20.00 price target on shares of Empire District Electric in a research note on Thursday. Zacks Investment Research upgraded shares of Empire District Electric from a “sell” rating to a “hold” rating in a research note on Thursday, May 26th. Finally, Raymond James Financial Inc. reiterated a “market perform” rating and set a $24.00 price target (down previously from $26.00) on shares of Empire District Electric in a research note on Thursday, June 23rd. 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 stock has a consensus rating of “Hold” and an average price target of $24.50.
Empire District Electric (NYSE:EDE) traded down 0.038% during trading on Monday, reaching $34.027. 40,430 shares of the company’s stock traded hands. The company has a market capitalization of $1.50 billion, a price-to-earnings ratio of 25.603 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. The firm’s 50 day moving average is $33.82 and its 200-day moving average is $33.61.

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Empire District Electric (NYSE:EDE) last posted its quarterly earnings results on Thursday, July 28th. The company reported $0.27 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.23 by $0.04. Empire District Electric had a net margin of 11.47% and a return on equity of 7.90%. Analysts expect that Empire District Electric will post $1.47 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Thursday, September 1st were given a dividend of $0.26 per share. The ex-dividend date was Tuesday, August 30th. This represents a $1.04 annualized dividend and a yield of 3.06%. Empire District Electric’s dividend payout ratio (DPR) is 77.61%.
Hedge funds and other institutional investors have recently modified their holdings of the company. Pioneer Investment Management Inc. bought a new position in shares of Empire District Electric during the fourth quarter valued at about $3,304,000. Norges Bank purchased a new stake in shares of Empire District Electric during the fourth quarter valued at $10,415,000. Virginia Retirement System purchased a new stake in shares of Empire District Electric during the first quarter valued at $516,000. BlackRock Inc. boosted its stake in shares of Empire District Electric by 29.4% in the first quarter. BlackRock Inc. now owns 3,260 shares of the company’s stock valued at $107,000 after buying an additional 741 shares in the last quarter. Finally, BlackRock Group LTD boosted its stake in shares of Empire District Electric by 13.9% in the first quarter. BlackRock Group LTD now owns 46,677 shares of the company’s stock valued at $1,542,000 after buying an additional 5,698 shares in the last quarter. Institutional investors and hedge funds own 64.00% of the company’s stock.
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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