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

Consolidated Edison, Inc. (NYSE:ED) was the target of a significant increase in short interest during the month of December. As of December 31st, there was short interest totalling 14,910,000 shares, an increase of 7.3% from the December 15th total of 13,890,000 shares. Based on an average daily volume of 2,170,000 shares, the short-interest ratio is currently 6.9 days.

Consolidated Edison Stock Up 1.6 %

Consolidated Edison stock opened at $93.74 on Tuesday. The firm has a market cap of $32.47 billion, a PE ratio of 17.65, a P/E/G ratio of 2.81 and a beta of 0.38. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.93 and a current ratio of 1.01. The firm’s 50 day moving average price is $93.35 and its two-hundred day moving average price is $97.97. Consolidated Edison has a twelve month low of $85.85 and a twelve month high of $107.75.

Consolidated Edison (NYSE:ED) last announced its quarterly earnings results on Thursday, November 7th. The utilities provider reported $1.68 EPS for the quarter, topping the consensus estimate of $1.56 by $0.12. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. The company had revenue of $4.09 billion for the quarter, compared to analyst estimates of $4.02 billion. On average, research analysts predict that Consolidated Edison will post 5.35 EPS for the current fiscal year.

Consolidated Edison Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Investors of record on Wednesday, February 19th will be paid a $0.85 dividend. The ex-dividend date of this dividend is Wednesday, February 19th. This is a positive change from Consolidated Edison’s previous quarterly dividend of $0.83. This represents a $3.40 dividend on an annualized basis and a yield of 3.63%. Consolidated Edison’s dividend payout ratio (DPR) is presently 62.52%.

Analyst Ratings Changes

Several research firms recently commented on ED. Scotiabank raised shares of Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and increased their target price for the company from $90.00 to $100.00 in a research note on Thursday, December 12th. Jefferies Financial Group began coverage on shares of Consolidated Edison in a research report on Wednesday, October 9th. They issued a “hold” rating and a $108.00 price target for the company. Morgan Stanley reduced their price target on shares of Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating for the company in a research report on Friday, November 22nd. Barclays reduced their price target on shares of Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating for the company in a research report on Friday, November 8th. Finally, Citigroup upgraded shares of Consolidated Edison from a “neutral” rating to a “buy” rating and upped their price target for the company from $103.00 to $116.00 in a research report on Tuesday, October 15th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have assigned a buy rating and two have issued a strong buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and an average target price of $100.64.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of ED. Capital Performance Advisors LLP bought a new stake in Consolidated Edison in the 3rd quarter valued at $27,000. Ashton Thomas Securities LLC bought a new stake in Consolidated Edison in the 3rd quarter valued at $30,000. FSA Wealth Management LLC bought a new stake in Consolidated Edison in the 3rd quarter valued at $55,000. Future Financial Wealth Managment LLC bought a new stake in Consolidated Edison in the 3rd quarter valued at $55,000. Finally, Webster Bank N. A. boosted its holdings in Consolidated Edison by 189.5% in the 3rd quarter. Webster Bank N. A. now owns 579 shares of the utilities provider’s stock valued at $60,000 after purchasing an additional 379 shares during the period. 66.29% of the stock is currently owned by institutional investors and hedge funds.

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.