Consolidated Edison, Inc. (NYSE:ED) Short Interest Down 49.3% in March

Consolidated Edison, Inc. (NYSE:ED) was the recipient of 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 daily trading volume, of 2,710,000 shares, the short-interest ratio is currently 3.1 days. Approximately 2.5% of the company’s stock are short sold.

Consolidated Edison Stock Performance

Shares of NYSE ED traded up $1.11 during midday trading on Friday, hitting $109.00. The company’s stock had a trading volume of 981,825 shares, compared to its average volume of 2,134,963. 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. The firm’s fifty day moving average price is $99.26 and its 200-day moving average price is $98.53. The firm has a market cap of $37.80 billion, a P/E ratio of 20.79, a P/E/G ratio of 3.05 and a beta of 0.30.

Consolidated Edison (NYSE:ED) last posted its earnings results on Thursday, February 20th. The utilities provider reported $0.98 EPS for the quarter, beating the consensus estimate of $0.97 by $0.01. The company had revenue of $3.67 billion during the quarter, compared to analyst estimates of $3.63 billion. Consolidated Edison had a return on equity of 8.62% and a net margin of 11.93%. On average, sell-side analysts forecast that Consolidated Edison will post 5.62 EPS for the current fiscal year.

Consolidated Edison Increases Dividend

The business also recently announced a quarterly dividend, which was paid on Friday, March 14th. Shareholders of record on Wednesday, February 19th were paid a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a yield of 3.12%. This is a boost from Consolidated Edison’s previous quarterly dividend of $0.83. The ex-dividend date of this dividend was Wednesday, February 19th. Consolidated Edison’s dividend payout ratio (DPR) is presently 64.89%.

Analysts Set New Price Targets

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

Hedge Funds Weigh In On Consolidated Edison

Several institutional investors have recently modified their holdings of the company. Wilmington Savings Fund Society FSB acquired a new position in Consolidated Edison during the 3rd quarter valued at about $776,000. JPMorgan Chase & Co. boosted its position in shares of Consolidated Edison by 4.0% during the third quarter. JPMorgan Chase & Co. now owns 2,145,128 shares of the utilities provider’s stock worth $223,373,000 after buying an additional 82,985 shares during the period. Hennessy Advisors Inc. grew its holdings in Consolidated Edison by 2.8% in the 4th quarter. Hennessy Advisors Inc. now owns 143,136 shares of the utilities provider’s stock worth $12,772,000 after buying an additional 3,900 shares in the last quarter. Gateway Investment Advisers LLC increased its position in Consolidated Edison by 102.7% in the 4th quarter. Gateway Investment Advisers LLC now owns 430,279 shares of the utilities provider’s stock valued at $38,394,000 after acquiring an additional 217,981 shares during the period. Finally, Jones Financial Companies Lllp raised its stake in Consolidated Edison by 81.4% during the 4th quarter. Jones Financial Companies Lllp now owns 9,921 shares of the utilities provider’s stock valued at $885,000 after acquiring an additional 4,451 shares in the last quarter. Institutional investors own 66.29% of the company’s stock.

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.