Consolidated Edison, Inc. (NYSE:ED) Sees Large Growth in Short Interest

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 short-interest ratio is currently 3.7 days.

Wall Street Analysts Forecast Growth

A number of equities analysts recently weighed in on ED shares. Wells Fargo & Company upped their target price on shares of Consolidated Edison from $93.00 to $97.00 and gave the stock an “equal weight” rating in a research note on Friday, May 3rd. Argus upgraded Consolidated Edison to a “strong-buy” rating in a report on Friday, June 7th. Barclays boosted their target price on Consolidated Edison from $89.00 to $97.00 and gave the company an “equal weight” rating in a research note on Tuesday, May 7th. Morgan Stanley decreased 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 note on Monday, June 24th. Finally, Mizuho boosted their price objective on shares of Consolidated Edison from $93.00 to $95.00 and gave the stock a “neutral” rating in a research report on Tuesday, May 28th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating, one has assigned a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average target price of $89.27.

Institutional Investors Weigh In On Consolidated Edison

A number of large investors have recently added to or reduced their stakes in ED. Financial Gravity Asset Management Inc. grew its holdings in shares of Consolidated Edison by 215.6% during the 3rd quarter. Financial Gravity Asset Management Inc. now owns 284 shares of the utilities provider’s stock worth $25,000 after purchasing an additional 194 shares in the last quarter. Beacon Capital Management LLC increased its holdings in 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 buying an additional 300 shares during the period. Turtle Creek Wealth Advisors LLC acquired a new position in shares of Consolidated Edison in the 4th quarter valued at approximately $29,000. Tidemark LLC bought a new stake in shares of Consolidated Edison during the 4th quarter worth approximately $29,000. Finally, Raleigh Capital Management Inc. bought a new position in Consolidated Edison in the fourth quarter valued at approximately $29,000. Institutional investors and hedge funds own 66.29% of the company’s stock.

Consolidated Edison Stock Down 0.3 %

Consolidated Edison stock opened at $88.71 on Thursday. Consolidated Edison has a twelve month low of $80.46 and a twelve month high of $98.85. The stock has a market cap 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. The company’s 50-day moving average price is $93.40 and its two-hundred day moving average price is $91.08. The company has a quick ratio of 0.92, a current ratio of 0.99 and a debt-to-equity ratio of 1.01.

Consolidated Edison (NYSE:ED) last announced its earnings results on Thursday, May 2nd. The utilities provider reported $2.15 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.89 by $0.26. Consolidated Edison had a net margin of 12.43% and a return on equity of 8.79%. The company had revenue of $4.28 billion during the quarter, compared to analysts’ expectations of $4.40 billion. During the same quarter in the previous year, the business posted $1.83 earnings per share. Consolidated Edison’s quarterly revenue was down 2.8% on a year-over-year basis. As a group, analysts expect that Consolidated Edison will post 5.33 EPS for the current year.

Consolidated Edison Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Friday, June 14th. Stockholders of record on Wednesday, May 15th were given a $0.83 dividend. The ex-dividend date of this dividend was Tuesday, May 14th. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.74%. Consolidated Edison’s payout ratio is 63.72%.

About Consolidated Edison

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.