Consolidated Edison, Inc. (NYSE:ED) Short Interest Up 97.9% in December

Consolidated Edison, Inc. (NYSE:ED) was the target of a significant growth in short interest in the month of December. As of December 15th, there was short interest totalling 13,890,000 shares, a growth of 97.9% from the November 30th total of 7,020,000 shares. Based on an average trading volume of 2,090,000 shares, the days-to-cover ratio is presently 6.6 days.

Consolidated Edison Stock Performance

Shares of Consolidated Edison stock traded down $0.03 during trading hours on Friday, reaching $89.56. The company had a trading volume of 1,319,594 shares, compared to its average volume of 1,913,096. The firm has a market cap of $31.02 billion, a PE ratio of 16.87, a price-to-earnings-growth ratio of 3.11 and a beta of 0.36. Consolidated Edison has a one year low of $85.85 and a one year high of $107.75. The company has a debt-to-equity ratio of 1.07, a current ratio of 1.01 and a quick ratio of 0.93. The business has a fifty day simple moving average of $97.24 and a 200 day simple moving average of $97.98.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings data on Thursday, November 7th. The utilities provider reported $1.68 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.56 by $0.12. The business 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%. On average, analysts anticipate that Consolidated Edison will post 5.34 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Monday, December 16th. Investors of record on Wednesday, November 13th were paid a dividend of $0.83 per share. The ex-dividend date was Wednesday, November 13th. This represents a $3.32 annualized dividend and a yield of 3.71%. Consolidated Edison’s dividend payout ratio is currently 62.52%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. UBS Group lifted their target price on Consolidated Edison from $105.00 to $106.00 and gave the stock a “neutral” rating in a research note on Friday, September 20th. Scotiabank raised shares of Consolidated Edison from a “sector underperform” rating to a “sector perform” rating and lifted their price objective for the stock from $90.00 to $100.00 in a research report on Thursday, December 12th. Citigroup raised shares of Consolidated Edison from a “neutral” rating to a “buy” rating and increased their target price for the company from $103.00 to $116.00 in a research report on Tuesday, October 15th. Morgan Stanley decreased their price target on shares of Consolidated Edison from $88.00 to $85.00 and set an “underweight” rating for the company in a research note on Friday, November 22nd. Finally, Jefferies Financial Group began coverage on Consolidated Edison in a research note on Wednesday, October 9th. They issued a “hold” rating and a $108.00 price objective on the stock. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, two have given a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Consolidated Edison presently has an average rating of “Hold” and a consensus price target of $99.96.

Institutional Trading of Consolidated Edison

Institutional investors and hedge funds have recently bought and sold shares of the company. Capital Performance Advisors LLP purchased a new stake in shares of Consolidated Edison in the 3rd quarter valued at about $27,000. Ashton Thomas Securities LLC bought a new position in shares of Consolidated Edison in the third quarter worth approximately $30,000. FSA Wealth Management LLC purchased a new stake in Consolidated Edison in the third quarter valued at approximately $55,000. Future Financial Wealth Managment LLC bought a new stake in Consolidated Edison during the third quarter valued at approximately $55,000. Finally, Webster Bank N. A. grew its stake in Consolidated Edison by 189.5% in the 3rd quarter. Webster Bank N. A. now owns 579 shares of the utilities provider’s stock worth $60,000 after buying an additional 379 shares in the last quarter. 66.29% of the stock is currently owned by hedge funds and other institutional investors.

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.