Consolidated Edison, Inc. (NYSE:ED) Short Interest Up 7.3% in December

Consolidated Edison, Inc. (NYSE:ED) saw a significant growth in short interest during the month of December. As of December 31st, there was short interest totalling 14,910,000 shares, a growth of 7.3% from the December 15th total of 13,890,000 shares. Based on an average trading volume of 2,170,000 shares, the days-to-cover ratio is currently 6.9 days.

Consolidated Edison Stock Performance

Shares of NYSE:ED traded up $1.52 during midday trading on Friday, hitting $93.74. The stock had a trading volume of 3,516,795 shares, compared to its average volume of 1,807,728. The company has a market capitalization of $32.47 billion, a PE ratio of 17.65, a P/E/G ratio of 2.81 and a beta of 0.38. Consolidated Edison has a 1 year low of $85.85 and a 1 year high of $107.75. The stock has a 50 day moving average price of $93.35 and a two-hundred day moving average price of $97.91. The company has a current ratio of 1.01, a quick ratio of 0.93 and a debt-to-equity ratio of 1.07.

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

Consolidated Edison Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, March 14th. Shareholders of record on Wednesday, February 19th will be given a dividend of $0.85 per share. This is a positive change from Consolidated Edison’s previous quarterly dividend of $0.83. This represents a $3.40 annualized dividend and a dividend yield of 3.63%. The ex-dividend date is Wednesday, February 19th. Consolidated Edison’s payout ratio is presently 62.52%.

Analyst Ratings Changes

Several research analysts have recently issued reports on the stock. Citigroup upgraded shares of Consolidated Edison from a “neutral” rating to a “buy” rating and upped their target price for the company from $103.00 to $116.00 in a report on Tuesday, October 15th. Evercore ISI upgraded Consolidated Edison from a “hold” rating to a “strong-buy” rating in a research report on Friday, November 8th. Morgan Stanley decreased their target price on Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating for the company in a research report on Friday, November 22nd. Scotiabank upgraded Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and boosted their price objective for the company from $90.00 to $100.00 in a research note on Thursday, December 12th. Finally, Barclays lowered their target price on shares of Consolidated Edison from $104.00 to $99.00 and set an “underweight” rating on the stock in a research report on Friday, November 8th. Two equities research analysts have rated the stock with a sell rating, seven have assigned a hold rating, two have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to data from MarketBeat.com, Consolidated Edison presently has an average rating of “Hold” and a consensus price target of $100.64.

Hedge Funds Weigh In On Consolidated Edison

Large investors have recently made changes to their positions in the stock. Wilmington Savings Fund Society FSB acquired a new position in Consolidated Edison during the third quarter worth $776,000. Pathway Financial Advisers LLC raised its stake in shares of Consolidated Edison by 10,302.6% during the 3rd quarter. Pathway Financial Advisers LLC now owns 24,446 shares of the utilities provider’s stock worth $2,546,000 after buying an additional 24,211 shares during the last quarter. JPMorgan Chase & Co. boosted its position in shares of Consolidated Edison by 4.0% in the 3rd 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 in the last quarter. Gateway Investment Advisers LLC grew its stake 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 last quarter. Finally, Hennessy Advisors Inc. increased its holdings in Consolidated Edison by 2.8% during the 4th quarter. Hennessy Advisors Inc. now owns 143,136 shares of the utilities provider’s stock valued at $12,772,000 after acquiring an additional 3,900 shares in the last quarter. 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.