Traders Buy Shares of Consolidated Edison (ED) on Weakness

Investors bought shares of Consolidated Edison, Inc. (NYSE:ED) on weakness during trading hours on Monday. $27.61 million flowed into the stock on the tick-up and $11.17 million flowed out of the stock on the tick-down, for a money net flow of $16.44 million into the stock. Of all stocks tracked, Consolidated Edison had the 27th highest net in-flow for the day. Consolidated Edison traded down ($0.53) for the day and closed at $78.92

Several equities research analysts recently commented on the stock. ValuEngine raised shares of Consolidated Edison from a “sell” rating to a “hold” rating in a report on Tuesday, June 26th. Barclays assumed coverage on shares of Consolidated Edison in a report on Tuesday, July 10th. They issued an “equal weight” rating and a $81.00 price target for the company. Zacks Investment Research raised shares of Consolidated Edison from a “sell” rating to a “hold” rating in a report on Wednesday, May 2nd. Howard Weil started coverage on shares of Consolidated Edison in a research note on Tuesday, July 24th. They set a “sector underperform” rating on the stock. Finally, Morgan Stanley lifted their target price on shares of Consolidated Edison from $71.00 to $77.00 and gave the stock an “underweight” rating in a research note on Monday, July 16th. Five investment analysts have rated the stock with a sell rating, seven have issued a hold rating and one has issued a buy rating to the stock. The stock has an average rating of “Hold” and an average target price of $77.45.

The company has a debt-to-equity ratio of 0.97, a quick ratio of 0.57 and a current ratio of 0.63. The company has a market capitalization of $24.72 billion, a PE ratio of 19.23, a price-to-earnings-growth ratio of 6.20 and a beta of 0.06.

Consolidated Edison (NYSE:ED) last announced its earnings results on Thursday, August 2nd. The utilities provider reported $0.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.57 by $0.04. Consolidated Edison had a net margin of 12.90% and a return on equity of 8.52%. The company had revenue of $2.70 billion for the quarter, compared to analysts’ expectations of $2.64 billion. During the same quarter in the previous year, the company posted $0.58 EPS. research analysts predict that Consolidated Edison, Inc. will post 4.27 earnings per share for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 17th. Shareholders of record on Wednesday, August 15th will be paid a dividend of $0.715 per share. The ex-dividend date is Tuesday, August 14th. This represents a $2.86 annualized dividend and a yield of 3.62%. Consolidated Edison’s dividend payout ratio (DPR) is presently 69.93%.

A number of institutional investors and hedge funds have recently made changes to their positions in the business. Wills Financial Group Inc. boosted its position in shares of Consolidated Edison by 13.8% during the 1st quarter. Wills Financial Group Inc. now owns 9,620 shares of the utilities provider’s stock valued at $749,000 after acquiring an additional 1,170 shares during the last quarter. Commonwealth Equity Services LLC boosted its position in shares of Consolidated Edison by 2.6% during the 2nd quarter. Commonwealth Equity Services LLC now owns 360,396 shares of the utilities provider’s stock valued at $28,104,000 after acquiring an additional 9,220 shares during the last quarter. Swiss National Bank boosted its position in shares of Consolidated Edison by 4.1% during the 2nd quarter. Swiss National Bank now owns 2,279,371 shares of the utilities provider’s stock valued at $177,745,000 after acquiring an additional 90,600 shares during the last quarter. Kovack Advisors Inc. boosted its position in shares of Consolidated Edison by 50.9% during the 2nd quarter. Kovack Advisors Inc. now owns 3,979 shares of the utilities provider’s stock valued at $310,000 after acquiring an additional 1,343 shares during the last quarter. Finally, Sei Investments Co. boosted its position in shares of Consolidated Edison by 5.4% during the 2nd quarter. Sei Investments Co. now owns 124,705 shares of the utilities provider’s stock valued at $9,725,000 after acquiring an additional 6,368 shares during the last quarter. 58.63% of the stock is currently owned by institutional investors.

Consolidated Edison Company Profile (NYSE:ED)

Consolidated Edison, Inc, through its subsidiaries, engages in regulated electric, gas, and steam delivery businesses in the United States. The company offers electric services to approximately 3.4 million customers in New York City and Westchester County; gas to approximately 1.1 million customers in Manhattan, the Bronx, parts of Queens, and Westchester County; and steam to approximately 1,600 customers in parts of Manhattan.

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