Investors Buy Shares of Consolidated Edison Inc (NYSE:ED) on Weakness

Investors bought shares of Consolidated Edison Inc (NYSE:ED) on weakness during trading hours on Tuesday. $37.52 million flowed into the stock on the tick-up and $17.79 million flowed out of the stock on the tick-down, for a money net flow of $19.73 million into the stock. Of all companies tracked, Consolidated Edison had the 27th highest net in-flow for the day. Consolidated Edison traded down ($0.12) for the day and closed at $82.74

Several research firms have recently commented on ED. Morgan Stanley lifted their price target on Consolidated Edison from $75.00 to $78.00 and gave the stock an “underweight” rating in a report on Thursday, August 10th. UBS AG boosted their price objective on shares of Consolidated Edison from $72.00 to $75.00 and gave the company a “sell” rating in a report on Monday, May 8th. BidaskClub lowered shares of Consolidated Edison from a “strong-buy” rating to a “buy” rating in a research note on Saturday, June 24th. Zacks Investment Research raised Consolidated Edison from a “hold” rating to a “buy” rating and set a $89.00 price objective for the company in a research report on Thursday, May 18th. Finally, Deutsche Bank AG downgraded Consolidated Edison from a “hold” rating to a “sell” rating and set a $74.00 price target for the company. in a report on Monday, May 8th. Five research analysts have rated the stock with a sell rating and nine have issued a hold rating to the company. The company has an average rating of “Hold” and an average target price of $76.96.

The company has a market cap of $25.53 billion, a price-to-earnings ratio of 20.21 and a beta of 0.08. The company’s 50 day moving average price is $82.08 and its 200-day moving average price is $79.65.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings results on Thursday, August 3rd. The utilities provider reported $0.58 earnings per share for the quarter, missing analysts’ consensus estimates of $0.61 by $0.03. Consolidated Edison had a net margin of 10.57% and a return on equity of 8.59%. The business had revenue of $2.63 billion for the quarter, compared to analysts’ expectations of $2.79 billion. During the same quarter in the prior year, the firm posted $0.60 EPS. On average, equities research analysts expect that Consolidated Edison Inc will post $4.09 EPS for the current year.

The firm also recently declared a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Wednesday, August 16th will be issued a dividend of $0.69 per share. The ex-dividend date is Monday, August 14th. This represents a $2.76 dividend on an annualized basis and a dividend yield of 3.30%. Consolidated Edison’s dividend payout ratio is 66.67%.

Several hedge funds and other institutional investors have recently modified their holdings of ED. Armbruster Capital Management Inc. increased its position in shares of Consolidated Edison by 127.3% in the second quarter. Armbruster Capital Management Inc. now owns 1,250 shares of the utilities provider’s stock worth $101,000 after buying an additional 700 shares in the last quarter. Stuart Chaussee & Associates Inc. increased its position in shares of Consolidated Edison by 138.3% in the first quarter. Stuart Chaussee & Associates Inc. now owns 1,370 shares of the utilities provider’s stock worth $106,000 after buying an additional 795 shares during the period. WFG Advisors LP increased its position in shares of Consolidated Edison by 19.6% in the second quarter. WFG Advisors LP now owns 1,308 shares of the utilities provider’s stock worth $106,000 after buying an additional 214 shares during the period. Oakworth Capital Inc. increased its position in shares of Consolidated Edison by 10.5% in the second quarter. Oakworth Capital Inc. now owns 1,447 shares of the utilities provider’s stock worth $117,000 after buying an additional 137 shares during the period. Finally, Enterprise Financial Services Corp increased its position in shares of Consolidated Edison by 2.5% in the first quarter. Enterprise Financial Services Corp now owns 1,555 shares of the utilities provider’s stock worth $121,000 after buying an additional 38 shares during the period. Institutional investors and hedge funds own 54.90% of the company’s stock.

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About Consolidated Edison

Consolidated Edison, Inc (Con Edison) is a holding company. The Company operates through its subsidiaries, which include Consolidated Edison Company of New York, Inc (CECONY), Orange and Rockland Utilities, Inc (O&R), Con Edison Clean Energy Businesses, Inc (the Clean Energy Businesses) and Con Edison Transmission, Inc (Con Edison Transmission).

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