Rise Advisors LLC raised its stake in Consolidated Edison, Inc. (NYSE:ED – Free Report) by 10.6% during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 1,661 shares of the utilities provider’s stock after purchasing an additional 159 shares during the period. Rise Advisors LLC’s holdings in Consolidated Edison were worth $150,000 as of its most recent SEC filing.
Several other hedge funds also recently added to or reduced their stakes in ED. Dark Forest Capital Management LP purchased a new position in shares of Consolidated Edison during the fourth quarter worth approximately $25,000. Retirement Group LLC lifted its holdings in shares of Consolidated Edison by 74.8% during the fourth quarter. Retirement Group LLC now owns 271 shares of the utilities provider’s stock worth $26,000 after purchasing an additional 116 shares during the period. Venturi Wealth Management LLC acquired a new stake in shares of Consolidated Edison during the first quarter worth $28,000. Clear Street Markets LLC lifted its holdings in shares of Consolidated Edison by 261.0% during the fourth quarter. Clear Street Markets LLC now owns 361 shares of the utilities provider’s stock worth $34,000 after purchasing an additional 261 shares during the period. Finally, Almanack Investment Partners LLC. acquired a new stake in shares of Consolidated Edison during the third quarter worth $36,000. 64.53% of the stock is currently owned by hedge funds and other institutional investors.
Wall Street Analysts Forecast Growth
Several brokerages recently weighed in on ED. Royal Bank of Canada decreased their price target on Consolidated Edison from $97.00 to $92.00 and set a “sector perform” rating for the company in a report on Wednesday, September 6th. Wells Fargo & Company decreased their price target on Consolidated Edison from $102.00 to $96.00 and set an “underweight” rating for the company in a report on Friday, August 4th. Barclays started coverage on Consolidated Edison in a report on Wednesday, August 23rd. They set an “equal weight” rating and a $88.00 price target for the company. StockNews.com started coverage on Consolidated Edison in a report on Thursday, August 17th. They issued a “hold” rating for the company. Finally, Morgan Stanley reduced their target price on Consolidated Edison from $74.00 to $73.00 and set an “underweight” rating for the company in a report on Wednesday, August 23rd. Five investment analysts have rated the stock with a sell rating, six have issued a hold rating and two have assigned a buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and an average target price of $89.79.
Consolidated Edison Price Performance
Shares of NYSE:ED traded down $0.89 during midday trading on Friday, hitting $91.49. 3,727,649 shares of the stock were exchanged, compared to its average volume of 1,830,590. The stock has a market cap of $31.56 billion, a P/E ratio of 13.16, a PEG ratio of 9.32 and a beta of 0.37. The company has a current ratio of 1.02, a quick ratio of 0.95 and a debt-to-equity ratio of 0.99. Consolidated Edison, Inc. has a twelve month low of $78.10 and a twelve month high of $100.92. The company has a 50 day moving average price of $91.34 and a 200-day moving average price of $93.53.
Consolidated Edison (NYSE:ED – Get Free Report) last released its quarterly earnings results on Thursday, August 3rd. The utilities provider reported $0.61 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.58 by $0.03. The business had revenue of $2.94 billion during the quarter, compared to the consensus estimate of $3.31 billion. Consolidated Edison had a return on equity of 8.27% and a net margin of 15.84%. During the same quarter in the previous year, the company posted $0.64 EPS. On average, research analysts forecast that Consolidated Edison, Inc. will post 4.9 earnings per share for the current year.
Consolidated Edison Announces Dividend
The business also recently disclosed a quarterly dividend, which was paid on Friday, September 15th. Investors of record on Wednesday, August 16th were given a dividend of $0.81 per share. This represents a $3.24 dividend on an annualized basis and a yield of 3.54%. The ex-dividend date of this dividend was Tuesday, August 15th. Consolidated Edison’s dividend payout ratio is presently 46.62%.
Consolidated Edison 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 3.6 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.
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