Consolidated Edison, Inc. (NYSE:ED) Short Interest Update

Consolidated Edison, Inc. (NYSE:ED) was the recipient of a large growth in short interest in the month of June. As of June 15th, there was short interest totalling 7,520,000 shares, a growth of 9.0% from the May 31st total of 6,900,000 shares. Based on an average daily trading volume, of 2,040,000 shares, the days-to-cover ratio is currently 3.7 days.

Institutional Investors Weigh In On Consolidated Edison

Institutional investors and hedge funds have recently made changes to their positions in the company. Financial Gravity Asset Management Inc. boosted its stake in Consolidated Edison by 215.6% in the third quarter. Financial Gravity Asset Management Inc. now owns 284 shares of the utilities provider’s stock valued at $25,000 after acquiring an additional 194 shares during the last quarter. Beacon Capital Management LLC lifted its stake in shares of Consolidated Edison by 2,307.7% in the 1st quarter. Beacon Capital Management LLC now owns 313 shares of the utilities provider’s stock valued at $28,000 after purchasing an additional 300 shares during the period. Turtle Creek Wealth Advisors LLC bought a new position in shares of Consolidated Edison in the 4th quarter worth $29,000. Tidemark LLC bought a new position in shares of Consolidated Edison in the 4th quarter worth $29,000. Finally, Raleigh Capital Management Inc. acquired a new stake in shares of Consolidated Edison during the fourth quarter worth $29,000. Institutional investors own 66.29% of the company’s stock.

Consolidated Edison Price Performance

Shares of NYSE:ED traded down $0.26 during midday trading on Wednesday, reaching $88.71. The company’s stock had a trading volume of 922,332 shares, compared to its average volume of 1,912,795. The business’s fifty day simple moving average is $93.40 and its 200-day simple moving average is $91.08. The company has a debt-to-equity ratio of 1.01, a current ratio of 0.99 and a quick ratio of 0.92. Consolidated Edison has a fifty-two week low of $80.46 and a fifty-two week high of $98.85. The company has a market capitalization of $30.68 billion, a P/E ratio of 17.03, a P/E/G ratio of 2.27 and a beta of 0.34.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings data on Thursday, May 2nd. The utilities provider reported $2.15 EPS for the quarter, topping analysts’ consensus estimates of $1.89 by $0.26. The firm had revenue of $4.28 billion for the quarter, compared to analyst estimates of $4.40 billion. Consolidated Edison had a net margin of 12.43% and a return on equity of 8.79%. The company’s revenue was down 2.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $1.83 EPS. As a group, equities research analysts expect that Consolidated Edison will post 5.33 EPS for the current fiscal year.

Consolidated Edison Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 14th. Stockholders of record on Wednesday, May 15th were paid a $0.83 dividend. The ex-dividend date was Tuesday, May 14th. This represents a $3.32 annualized dividend and a dividend yield of 3.74%. Consolidated Edison’s dividend payout ratio (DPR) is currently 63.72%.

Wall Street Analyst Weigh In

Several research firms recently issued reports on ED. Morgan Stanley dropped their price target on shares of Consolidated Edison from $80.00 to $76.00 and set an “underweight” rating for the company in a research report on Monday, June 24th. Barclays raised their target price on Consolidated Edison from $89.00 to $97.00 and gave the stock an “equal weight” rating in a research report on Tuesday, May 7th. Wells Fargo & Company upped their price target on Consolidated Edison from $93.00 to $97.00 and gave the company an “equal weight” rating in a research report on Friday, May 3rd. Scotiabank dropped their price objective on Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating for the company in a research note on Monday, April 22nd. Finally, Mizuho boosted their target price on shares of Consolidated Edison from $93.00 to $95.00 and gave the company a “neutral” rating in a research note on Tuesday, May 28th. Three analysts have rated the stock with a sell rating, eight have given a hold rating, one has given a buy rating and one has given a strong buy rating to the stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and a consensus target price of $89.27.

Consolidated Edison Company Profile

Consolidated Edison, Inc, through its subsidiaries, engages in the regulated electric, gas, and steam delivery businesses in the United States. It offers electric services to approximately 3.7 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 1,530 customers in parts of Manhattan.