Short Interest in Consolidated Edison, Inc. (NYSE:ED) Increases By 9.6%

Consolidated Edison, Inc. (NYSE:ED) was the target of a significant growth in short interest during the month of April. As of April 15th, there was short interest totalling 6,190,000 shares, a growth of 9.6% from the March 31st total of 5,650,000 shares. Based on an average daily trading volume, of 1,890,000 shares, the short-interest ratio is presently 3.3 days.

Consolidated Edison Stock Performance

Consolidated Edison stock opened at $93.97 on Tuesday. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.01 and a quick ratio of 0.94. Consolidated Edison has a 12 month low of $80.46 and a 12 month high of $100.44. The company has a market cap of $32.47 billion, a price-to-earnings ratio of 13.09, a price-to-earnings-growth ratio of 8.75 and a beta of 0.35. The stock’s 50-day moving average is $89.65 and its 200-day moving average is $89.97.

Consolidated Edison (NYSE:ED) last released its quarterly earnings data on Thursday, February 15th. The utilities provider reported $1.00 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.98 by $0.02. The company had revenue of $3.44 billion during the quarter, compared to the consensus estimate of $3.70 billion. Consolidated Edison had a net margin of 17.19% and a return on equity of 8.41%. Consolidated Edison’s revenue for the quarter was down 14.6% on a year-over-year basis. During the same period in the previous year, the firm earned $0.81 earnings per share. Equities analysts anticipate that Consolidated Edison will post 5.31 earnings per share for the current year.

Consolidated Edison Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 14th. Shareholders of record on Wednesday, May 15th will be issued a dividend of $0.83 per share. The ex-dividend date of this dividend is Tuesday, May 14th. This represents a $3.32 annualized dividend and a yield of 3.53%. Consolidated Edison’s dividend payout ratio is presently 46.24%.

Analysts Set New Price Targets

A number of research analysts have weighed in on ED shares. KeyCorp raised shares of Consolidated Edison from an “underweight” rating to a “sector weight” rating in a research note on Thursday, January 4th. Royal Bank of Canada dropped their price objective on shares of Consolidated Edison from $94.00 to $93.00 and set a “sector perform” rating for the company in a report on Friday, February 16th. Barclays lifted their target price on shares of Consolidated Edison from $86.00 to $87.00 and gave the stock an “equal weight” rating in a research note on Thursday, March 14th. Scotiabank reduced their price target on shares of Consolidated Edison from $91.00 to $85.00 and set a “sector underperform” rating on the stock in a research report on Monday, April 22nd. Finally, LADENBURG THALM/SH SH assumed coverage on Consolidated Edison in a research report on Wednesday, January 3rd. They issued a “neutral” rating and a $92.50 target price on the stock. Four equities research analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating to the company. According to MarketBeat, Consolidated Edison currently has an average rating of “Hold” and a consensus price target of $87.54.

Hedge Funds Weigh In On Consolidated Edison

Institutional investors and hedge funds have recently made changes to their positions in the business. Marino Stram & Associates LLC increased its holdings in shares of Consolidated Edison by 0.6% in the 1st quarter. Marino Stram & Associates LLC now owns 19,623 shares of the utilities provider’s stock valued at $1,782,000 after acquiring an additional 108 shares during the last quarter. MGO One Seven LLC grew its position in shares of Consolidated Edison by 2.1% during the 3rd quarter. MGO One Seven LLC now owns 5,727 shares of the utilities provider’s stock valued at $490,000 after buying an additional 119 shares during the last quarter. Advisors Capital Management LLC raised its position in shares of Consolidated Edison by 3.8% during the 3rd quarter. Advisors Capital Management LLC now owns 3,312 shares of the utilities provider’s stock worth $283,000 after purchasing an additional 122 shares during the period. Jeppson Wealth Management LLC increased its position in Consolidated Edison by 1.6% in the fourth quarter. Jeppson Wealth Management LLC now owns 7,716 shares of the utilities provider’s stock worth $702,000 after buying an additional 125 shares during the period. Finally, Sandy Spring Bank boosted its holdings in shares of Consolidated Edison by 11.4% during the fourth quarter. Sandy Spring Bank now owns 1,222 shares of the utilities provider’s stock valued at $111,000 after acquiring an additional 125 shares during the period. 66.29% of the stock is currently owned by hedge funds and other institutional investors.

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.