Traders Buy High Volume of Consolidated Edison Call Options (NYSE:ED)

Consolidated Edison Inc (NYSE:ED) was the target of some unusual options trading activity on Tuesday. Investors bought 36,661 call options on the stock. This represents an increase of 3,672% compared to the average daily volume of 972 call options.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on ED shares. Barclays reduced their target price on Consolidated Edison from $101.00 to $100.00 and set an “underweight” rating for the company in a research note on Thursday, January 22nd. JPMorgan Chase & Co. cut their price target on shares of Consolidated Edison from $101.00 to $97.00 and set an “underweight” rating for the company in a report on Friday, December 12th. Royal Bank Of Canada reaffirmed a “sector perform” rating and set a $118.00 price objective on shares of Consolidated Edison in a report on Friday, January 23rd. Wells Fargo & Company dropped their target price on shares of Consolidated Edison from $99.00 to $95.00 and set an “equal weight” rating on the stock in a research report on Tuesday, January 20th. Finally, KeyCorp reduced their price target on shares of Consolidated Edison from $90.00 to $86.00 and set an “underweight” rating for the company in a research report on Friday, December 12th. Three equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and five have assigned a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of “Reduce” and an average price target of $104.20.

Insider Transactions at Consolidated Edison

In other Consolidated Edison news, Director John F. Killian sold 2,276 shares of the company’s stock in a transaction on Thursday, December 11th. The shares were sold at an average price of $96.89, for a total value of $220,521.64. Following the sale, the director directly owned 38,661 shares of the company’s stock, valued at approximately $3,745,864.29. This represents a 5.56% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 0.19% of the stock is owned by corporate insiders.

Institutional Trading of Consolidated Edison

A number of large investors have recently made changes to their positions in the stock. Revolve Wealth Partners LLC grew its position in shares of Consolidated Edison by 13.4% in the fourth quarter. Revolve Wealth Partners LLC now owns 3,721 shares of the utilities provider’s stock valued at $332,000 after purchasing an additional 441 shares during the period. Empowered Funds LLC increased its position in Consolidated Edison by 42.1% during the first quarter. Empowered Funds LLC now owns 8,978 shares of the utilities provider’s stock worth $993,000 after purchasing an additional 2,659 shares during the last quarter. Woodline Partners LP raised its stake in Consolidated Edison by 40.7% during the first quarter. Woodline Partners LP now owns 29,271 shares of the utilities provider’s stock worth $3,237,000 after purchasing an additional 8,468 shares during the period. Ritholtz Wealth Management boosted its holdings in shares of Consolidated Edison by 60.8% in the 2nd quarter. Ritholtz Wealth Management now owns 3,297 shares of the utilities provider’s stock valued at $331,000 after purchasing an additional 1,247 shares during the last quarter. Finally, Mutual Advisors LLC grew its stake in shares of Consolidated Edison by 6.1% during the 2nd quarter. Mutual Advisors LLC now owns 5,978 shares of the utilities provider’s stock valued at $611,000 after buying an additional 344 shares during the period. Institutional investors and hedge funds own 66.29% of the company’s stock.

Consolidated Edison Price Performance

Shares of NYSE:ED traded up $0.10 during trading on Tuesday, hitting $113.82. 1,717,107 shares of the stock were exchanged, compared to its average volume of 1,921,410. The company has a fifty day moving average price of $102.53 and a two-hundred day moving average price of $100.66. The company has a current ratio of 1.08, a quick ratio of 0.97 and a debt-to-equity ratio of 1.03. The company has a market cap of $41.08 billion, a PE ratio of 19.90, a P/E/G ratio of 3.10 and a beta of 0.38. Consolidated Edison has a 12-month low of $94.50 and a 12-month high of $115.25.

Consolidated Edison Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Monday, March 16th. Investors of record on Wednesday, February 18th will be paid a $0.8875 dividend. This represents a $3.55 dividend on an annualized basis and a yield of 3.1%. The ex-dividend date of this dividend is Wednesday, February 18th. This is a positive change from Consolidated Edison’s previous quarterly dividend of $0.85. Consolidated Edison’s dividend payout ratio is currently 62.06%.

About Consolidated Edison

Consolidated Edison, Inc, commonly known as Con Edison, is an investor-owned energy company that primarily delivers electricity, natural gas and steam to customers in the New York metropolitan area. Its regulated utility operations include the distribution and transmission of electric power, the distribution of natural gas, and the operation of one of the largest district steam systems in the United States, serving commercial, institutional and residential customers in New York City and nearby counties.

The company operates through regulated utility subsidiaries that serve urban and suburban service territories, together with non-utility businesses that develop, own and manage energy infrastructure and clean energy projects.