Traders Sell Consolidated Edison Inc. (ED) on Strength (ED)
Investors sold shares of Consolidated Edison Inc. (NYSE:ED) on strength during trading on Thursday. $10.83 million flowed into the stock on the tick-up and $39.79 million flowed out of the stock on the tick-down, for a money net flow of $28.96 million out of the stock. Of all equities tracked, Consolidated Edison had the 0th highest net out-flow for the day. Consolidated Edison traded up $0.13 for the day and closed at $76.45
Several equities analysts have weighed in on ED shares. Zacks Investment Research cut Consolidated Edison from a “hold” rating to a “sell” rating in a research note on Wednesday, May 11th. Mizuho lifted their target price on Consolidated Edison from $66.00 to $72.00 and gave the company a “neutral” rating in a research note on Thursday, May 12th. BMO Capital Markets started coverage on Consolidated Edison in a research note on Wednesday, June 22nd. They set a “hold” rating and a $79.00 target price on the stock. Evercore ISI cut Consolidated Edison from a “hold” rating to a “sell” rating and lifted their target price for the company from $69.50 to $72.50 in a research note on Wednesday, July 6th. Finally, Vetr raised Consolidated Edison from a “strong sell” rating to a “sell” rating and set a $70.50 target price on the stock in a research note on Tuesday, July 12th. Five investment analysts have rated the stock with a sell rating and seven have assigned a hold rating to the company’s stock. The stock presently has an average rating of “Hold” and a consensus target price of $73.03.
The firm has a 50 day moving average of $78.64 and a 200-day moving average of $75.58. The company has a market capitalization of $23.27 billion and a PE ratio of 19.81.
Consolidated Edison (NYSE:ED) last released its earnings results on Thursday, August 4th. The company reported $0.60 earnings per share for the quarter, missing the consensus estimate of $0.69 by $0.09. During the same quarter in the previous year, the business earned $0.78 earnings per share. Equities research analysts predict that Consolidated Edison Inc. will post $3.97 earnings per share for the current year.
The business also recently announced a quarterly dividend, which will be paid on Thursday, September 15th. Shareholders of record on Wednesday, August 17th will be paid a $0.67 dividend. This represents a $2.68 annualized dividend and a yield of 3.51%. The ex-dividend date of this dividend is Monday, August 15th.
An institutional investor recently raised its position in Consolidated Edison stock. Stephens Inc. AR increased its stake in shares of Consolidated Edison Inc. (NYSE:ED) by 0.7% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 19,957 shares of the company’s stock after buying an additional 141 shares during the period. Stephens Inc. AR’s holdings in Consolidated Edison were worth $1,283,000 at the end of the most recent reporting period.
Consolidated Edison, Inc (Con Edison) is a holding company. The Company operates through its subsidiaries, which include Consolidated Edison Company of New York, Inc (CECONY), Orange and Rockland Utilities, Inc (O&R) and Con Edison Transmission, Inc It owns competitive energy businesses. The Company also owns Con Edison Transmission, Inc (Con Edison Transmission), which invests in electric and gas transmission projects through its subsidiaries, Consolidated Edison Transmission, LLC (CET Electric) and Con Edison Gas Midstream, LLC (CET Gas).
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