Published On: Mon, Sep 19th, 2016

Empire District Electric Co. (EDE) Receives Market Perform Rating from BMO Capital Markets

Empire District Electric Co. (NYSE:EDE)‘s stock had its “market perform” rating restated by BMO Capital Markets in a report issued on Monday. They presently have a $21.00 target price on the stock. BMO Capital Markets’ price target would indicate a potential downside of 38.31% from the company’s previous close.
EDE has been the subject of several other reports. Zacks Investment Research upgraded shares of Empire District Electric from a “sell” rating to a “hold” rating in a research note on Wednesday, June 1st. Raymond James Financial Inc. restated a “market perform” rating and issued a $24.00 target price (down from $26.00) on shares of Empire District Electric in a research note on Thursday, June 23rd. RBC Capital Markets restated a “sector perform” rating and issued a $22.00 target price on shares of Empire District Electric in a research note on Friday. Barclays PLC downgraded shares of 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 note on Friday, July 1st. Finally, TD Securities restated a “hold” rating and issued a $22.00 target price on shares of Empire District Electric in a research note on Sunday, June 26th. Two research analysts have rated the stock with a sell rating, nine have given a hold rating and one has given a buy rating to the company’s stock. The stock currently has a consensus rating of “Hold” and a consensus price target of $24.50.
Empire District Electric (NYSE:EDE) traded down 0.038% on Monday, reaching $34.027. 40,430 shares of the company’s stock were exchanged. Empire District Electric has a 1-year low of $21.40 and a 1-year high of $34.14. The firm has a market capitalization of $1.50 billion, a price-to-earnings ratio of 25.603 and a beta of 0.20. The stock’s 50 day moving average price is $33.82 and its 200 day moving average price is $33.61.

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Empire District Electric (NYSE:EDE) last released its quarterly earnings data on Thursday, July 28th. The company reported $0.27 earnings per share (EPS) for the quarter, topping the 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%. On average, analysts expect that Empire District Electric will post $1.47 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which was paid on Thursday, September 15th. Stockholders of record on Thursday, September 1st were given a $0.26 dividend. The ex-dividend date was Tuesday, August 30th. This represents a $1.04 dividend on an annualized basis and a dividend yield of 3.06%. Empire District Electric’s payout ratio is currently 77.61%.
Several hedge funds and other institutional investors have recently bought and sold shares of the company. Magnetar Financial LLC acquired a new position in Empire District Electric during the first quarter worth about $60,584,000. CNH Partners LLC boosted its stake 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 during the period. FMR LLC boosted its stake 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 during the period. Renaissance Technologies LLC boosted its stake 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 during the period. Finally, OMERS ADMINISTRATION Corp purchased a new stake in Empire District Electric during the first quarter worth $12,817,000. Institutional investors 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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