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

Consolidated Edison, Inc. (NYSE:ED) saw a large decline in short interest in the month of March. As of March 15th, there was short interest totalling 8,520,000 shares, a decline of 49.3% from the February 28th total of 16,790,000 shares. Based on an average trading volume of 2,710,000 shares, the days-to-cover ratio is presently 3.1 days. Approximately 2.5% of the shares of the company are short sold.

Consolidated Edison Price Performance

Shares of NYSE:ED traded up $0.92 during midday trading on Friday, reaching $108.81. 2,392,308 shares of the company’s stock traded hands, compared to its average volume of 2,141,644. The company has a market cap of $37.73 billion, a P/E ratio of 20.77, a PEG ratio of 3.05 and a beta of 0.30. The company has a fifty day simple moving average of $99.56 and a two-hundred day simple moving average of $98.51. The company has a debt-to-equity ratio of 1.07, a quick ratio of 0.93 and a current ratio of 1.01. Consolidated Edison has a 1 year low of $87.28 and a 1 year high of $109.44.

Consolidated Edison (NYSE:ED) last released its quarterly earnings results on Thursday, February 20th. The utilities provider reported $0.98 earnings per share for the quarter, topping the consensus estimate of $0.97 by $0.01. The firm had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $3.63 billion. Consolidated Edison had a net margin of 11.93% and a return on equity of 8.62%. Equities analysts predict that Consolidated Edison will post 5.62 EPS for the current fiscal year.

Consolidated Edison Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 14th. Investors of record on Wednesday, February 19th were given a dividend of $0.85 per share. This represents a $3.40 annualized dividend and a dividend yield of 3.12%. This is a boost from Consolidated Edison’s previous quarterly dividend of $0.83. The ex-dividend date was Wednesday, February 19th. Consolidated Edison’s payout ratio is presently 64.89%.

Analysts Set New Price Targets

Several analysts have weighed in on ED shares. Evercore ISI downgraded Consolidated Edison from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, January 21st. Barclays increased their price target on shares of Consolidated Edison from $92.00 to $95.00 and gave the stock an “underweight” rating in a report on Monday, February 24th. Morgan Stanley lifted their price objective on shares of Consolidated Edison from $85.00 to $91.00 and gave the company an “underweight” rating in a research note on Thursday, March 20th. Mizuho increased their price objective on shares of Consolidated Edison from $92.00 to $95.00 and gave the stock a “neutral” rating in a research note on Monday, February 3rd. Finally, Scotiabank raised their target price on shares of Consolidated Edison from $100.00 to $101.00 and gave the stock a “sector perform” rating in a report on Monday, February 24th. Two investment analysts have rated the stock with a sell rating, seven have issued a hold rating, two have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Hold” and a consensus target price of $102.40.

Institutional Inflows and Outflows

Hedge funds have recently added to or reduced their stakes in the company. United Bank purchased a new stake in shares of Consolidated Edison in the third quarter valued at approximately $227,000. Cerity Partners LLC increased its stake in shares of Consolidated Edison by 17.5% in the 3rd quarter. Cerity Partners LLC now owns 77,323 shares of the utilities provider’s stock worth $8,052,000 after acquiring an additional 11,528 shares during the last quarter. The Manufacturers Life Insurance Company raised its holdings in shares of Consolidated Edison by 0.6% during the 3rd quarter. The Manufacturers Life Insurance Company now owns 242,614 shares of the utilities provider’s stock worth $25,263,000 after acquiring an additional 1,507 shares during the period. D.A. Davidson & CO. raised its holdings in shares of Consolidated Edison by 1.1% during the 3rd quarter. D.A. Davidson & CO. now owns 11,142 shares of the utilities provider’s stock worth $1,160,000 after acquiring an additional 124 shares during the period. Finally, FMR LLC boosted its position in shares of Consolidated Edison by 82.3% during the 3rd quarter. FMR LLC now owns 1,268,424 shares of the utilities provider’s stock valued at $132,081,000 after acquiring an additional 572,530 shares during the last quarter. 66.29% of the stock is owned by institutional investors and hedge funds.

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.