Consolidated Edison Inc. (ED) Sees Large Drop in Short Interest
Consolidated Edison Inc. (NYSE:ED) saw a significant drop in short interest in the month of August. As of August 31st, there was short interest totalling 10,685,859 shares, a drop of 21.2% from the August 15th total of 13,560,821 shares. Currently, 3.5% of the company’s shares are sold short. Based on an average trading volume of 1,658,161 shares, the days-to-cover ratio is currently 6.4 days.
Consolidated Edison (NYSE:ED) opened at 78.06 on Thursday. The stock has a market capitalization of $23.76 billion and a PE ratio of 20.23. The firm has a 50-day moving average price of $76.24 and a 200 day moving average price of $76.11. Consolidated Edison has a 12 month low of $60.30 and a 12 month high of $81.88.
Consolidated Edison (NYSE:ED) last issued its earnings results on Thursday, August 4th. The company reported $0.60 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.69 by $0.09. Consolidated Edison had a return on equity of 8.88% and a net margin of 9.47%. During the same period in the previous year, the firm earned $0.78 earnings per share. Equities analysts anticipate that Consolidated Edison will post $3.97 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Thursday, September 15th. Investors of record on Wednesday, August 17th were paid a dividend of $0.67 per share. This represents a $2.68 dividend on an annualized basis and a dividend yield of 3.43%. The ex-dividend date of this dividend was Monday, August 15th. Consolidated Edison’s dividend payout ratio (DPR) is currently 69.25%.
Several large investors have recently modified their holdings of the company. Jackson Grant Investment Advisers Inc. boosted its stake in shares of Consolidated Edison by 68.0% in the second quarter. Jackson Grant Investment Advisers Inc. now owns 1,050 shares of the company’s stock worth $119,000 after buying an additional 425 shares during the period. Tortoise Investment Management LLC boosted its stake in shares of Consolidated Edison by 380.2% in the second quarter. Tortoise Investment Management LLC now owns 1,263 shares of the company’s stock worth $102,000 after buying an additional 1,000 shares during the period. Baker Ellis Asset Management LLC bought a new stake in shares of Consolidated Edison during the second quarter worth $105,000. Coconut Grove Bank boosted its stake in shares of Consolidated Edison by 51.7% in the second quarter. Coconut Grove Bank now owns 1,312 shares of the company’s stock worth $105,000 after buying an additional 447 shares during the period. Finally, TCI Wealth Advisors Inc. boosted its stake in shares of Consolidated Edison by 62.5% in the second quarter. TCI Wealth Advisors Inc. now owns 1,347 shares of the company’s stock worth $108,000 after buying an additional 518 shares during the period. Hedge funds and other institutional investors own 54.76% of the company’s stock.
ED has been the subject of a number of research analyst reports. Vetr raised Consolidated Edison from a “sell” rating to a “hold” rating and set a $74.71 price target for the company in a research note on Wednesday, September 7th. Jefferies Group reiterated a “hold” rating on shares of Consolidated Edison in a report on Monday, August 1st. Citigroup Inc. initiated coverage on Consolidated Edison in a report on Friday, August 12th. They issued a “neutral” rating and a $76.00 price objective for the company. They noted that the move was a valuation call. Evercore ISI downgraded Consolidated Edison from a “hold” rating to a “sell” rating and increased their price objective for the stock from $69.50 to $72.50 in a report on Wednesday, July 6th. Finally, BMO Capital Markets initiated coverage on Consolidated Edison in a report on Wednesday, June 22nd. They issued a “hold” rating and a $79.00 price objective for the company. Five equities research analysts have rated the stock with a sell rating, four have issued a hold rating and two have given a buy rating to the company’s stock. The stock has an average rating of “Hold” and an average price target of $74.51.
Consolidated Edison Company Profile
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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