Short Interest in Consolidated Edison, Inc. (NYSE:ED) Expands By 7.3%

Consolidated Edison, Inc. (NYSE:ED) saw a significant increase in short interest in 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 Performance

Shares of ED stock traded up $1.52 during trading hours on Monday, reaching $93.74. The company had a trading volume of 3,516,795 shares, compared to its average volume of 1,807,728. 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 business has a fifty day moving average price of $93.35 and a 200-day moving average price of $97.97. Consolidated Edison has a one year low of $85.85 and a one year high of $107.75. The firm has a market cap of $32.47 billion, a PE ratio of 17.65, a price-to-earnings-growth ratio of 2.81 and a beta of 0.38.

Consolidated Edison (NYSE:ED) last posted its earnings results on Thursday, November 7th. The utilities provider reported $1.68 EPS for the quarter, topping analysts’ consensus estimates of $1.56 by $0.12. The business had revenue of $4.09 billion during the quarter, compared to the consensus estimate of $4.02 billion. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.70%. Sell-side analysts predict that Consolidated Edison will post 5.35 earnings per share for the current fiscal year.

Consolidated Edison Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Wednesday, February 19th will be paid a dividend of $0.85 per share. This is an increase from Consolidated Edison’s previous quarterly dividend of $0.83. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.63%. The ex-dividend date of this dividend is Wednesday, February 19th. Consolidated Edison’s payout ratio is currently 62.52%.

Wall Street Analyst Weigh In

A number of research analysts recently issued reports on the company. Barclays reduced their price target on Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating on the stock in a report on Friday, November 8th. Morgan Stanley reduced their price objective on shares of Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating on the stock in a research report on Friday, November 22nd. Scotiabank raised shares of Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and lifted their target price for the company from $90.00 to $100.00 in a research note on Thursday, December 12th. Citigroup raised shares of Consolidated Edison from a “neutral” rating to a “buy” rating and increased their price target for the stock from $103.00 to $116.00 in a research note on Tuesday, October 15th. Finally, Jefferies Financial Group started coverage on Consolidated Edison in a research report on Wednesday, October 9th. They set a “hold” rating and a $108.00 price objective on the stock. 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 assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus target price of $100.64.

Institutional Investors Weigh In On Consolidated Edison

Several hedge funds and other institutional investors have recently made changes to their positions in ED. Benjamin F. Edwards & Company Inc. grew its holdings in Consolidated Edison by 13.0% during the second quarter. Benjamin F. Edwards & Company Inc. now owns 868 shares of the utilities provider’s stock valued at $78,000 after purchasing an additional 100 shares during the period. TD Private Client Wealth LLC lifted its holdings in Consolidated Edison by 4.7% during the third quarter. TD Private Client Wealth LLC now owns 2,334 shares of the utilities provider’s stock valued at $243,000 after purchasing an additional 104 shares in the last quarter. D.A. Davidson & CO. boosted its position in shares of Consolidated Edison by 1.1% in the third quarter. D.A. Davidson & CO. now owns 11,142 shares of the utilities provider’s stock worth $1,160,000 after purchasing an additional 124 shares during the period. Townsquare Capital LLC increased its stake in shares of Consolidated Edison by 2.4% in the third quarter. Townsquare Capital LLC now owns 5,574 shares of the utilities provider’s stock worth $580,000 after purchasing an additional 130 shares in the last quarter. Finally, Brookstone Capital Management raised its position in shares of Consolidated Edison by 0.6% during the 3rd quarter. Brookstone Capital Management now owns 24,173 shares of the utilities provider’s stock valued at $2,517,000 after purchasing an additional 136 shares during the period. Hedge funds and other institutional investors own 66.29% of the company’s stock.

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.