Investors Sell Shares of Consolidated Edison Inc. (ED) on Strength (ED)
Traders 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 research analysts have recently commented on the company. 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. Zacks Investment Research raised Consolidated Edison from a “sell” rating to a “hold” rating in a research note on Tuesday, May 24th. BMO Capital Markets assumed coverage on Consolidated Edison in a research note on Wednesday, June 22nd. They issued a “hold” rating and a $79.00 target price for the company. Vetr raised Consolidated Edison from a “strong sell” rating to a “sell” rating and set a $75.75 target price for the company in a research note on Monday, July 18th. Finally, Citigroup Inc. started coverage on Consolidated Edison in a research note on Friday, August 12th. They set a “neutral” rating and a $76.00 price objective for the company. They noted that the move was a valuation call. Five research analysts have rated the stock with a sell rating and seven have given a hold rating to the stock. The company presently has an average rating of “Hold” and an average target price of $73.03.
The company’s 50 day moving average price is $78.49 and its 200 day moving average price is $75.60. The stock has a market cap of $22.76 billion and a P/E ratio of 19.38.
Consolidated Edison (NYSE:ED) last announced its quarterly earnings results on Thursday, August 4th. The company reported $0.60 EPS for the quarter, missing the Zacks’ consensus estimate of $0.69 by $0.09. During the same quarter in the prior year, the company posted $0.78 earnings per share. Equities research analysts anticipate that Consolidated Edison Inc. will post $3.97 EPS for the current year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, September 15th. Stockholders of record on Wednesday, August 17th will be paid a $0.67 dividend. This represents a $2.68 dividend on an annualized basis and a dividend yield of 3.58%. The ex-dividend date is Monday, August 15th.
A hedge fund recently raised its stake in Consolidated Edison stock. Stephens Inc. AR boosted its position in shares of Consolidated Edison Inc. (NYSE:ED) by 0.7% during the fourth quarter, according to its most recent Form 13F filing with the 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 quarter.
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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