Hennessy Advisors Inc. Buys 12,400 Shares of Consolidated Edison Inc $ED

by · The Markets Daily

Hennessy Advisors Inc. increased its stake in Consolidated Edison Inc (NYSE:ED – Free Report) by 10.7% in the 2nd quarter, according to its most recent disclosure with the SEC. The institutional investor owned 127,836 shares of the utilities provider’s stock after acquiring an additional 12,400 shares during the period. Hennessy Advisors Inc.’s holdings in Consolidated Edison were worth $14,142,000 as of its most recent SEC filing.

A number of other large investors have also added to or reduced their stakes in ED. BlackRock Inc. purchased a new position in shares of Consolidated Edison in the 2nd quarter worth about $4,609,491,000. State Street Corp lifted its position in Consolidated Edison by 3.6% in the 4th quarter. State Street Corp now owns 24,905,440 shares of the utilities provider’s stock worth $2,473,608,000 after buying an additional 854,868 shares during the last quarter. Lazard Asset Management LLC boosted its stake in Consolidated Edison by 14.8% in the first quarter. Lazard Asset Management LLC now owns 7,075,838 shares of the utilities provider’s stock worth $800,843,000 after buying an additional 910,244 shares in the last quarter. Deutsche Bank AG purchased a new position in shares of Consolidated Edison during the second quarter worth approximately $749,184,000. Finally, Price T Rowe Associates Inc. MD raised its stake in shares of Consolidated Edison by 11.0% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,200,840 shares of the utilities provider’s stock worth $516,549,000 after acquiring an additional 514,178 shares in the last quarter. Hedge funds and other institutional investors own 66.29% of the company’s stock.

Consolidated Edison Trading Up 0.7%

NYSE:ED opened at $107.40 on Friday. The firm has a market capitalization of $39.72 billion, a P/E ratio of 17.64, a P/E/G ratio of 2.73 and a beta of 0.27. The company has a quick ratio of 1.17, a current ratio of 1.27 and a debt-to-equity ratio of 1.04. The company has a fifty day moving average of $109.99 and a 200 day moving average of $109.88. Consolidated Edison Inc has a 52 week low of $94.96 and a 52 week high of $116.23.

Consolidated Edison (NYSE:ED – Get Free Report) last released its quarterly earnings data on Thursday, August 6th. The utilities provider reported $0.83 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.76 by $0.07. The firm had revenue of $4.07 billion for the quarter, compared to analysts’ expectations of $3.60 billion. Consolidated Edison had a net margin of 12.53% and a return on equity of 8.44%. During the same quarter in the previous year, the company earned $0.67 earnings per share. Consolidated Edison has set its FY 2026 guidance at 6.000-6.200 EPS. On average, research analysts predict that Consolidated Edison Inc will post 6.09 earnings per share for the current year.

Consolidated Edison Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Wednesday, August 19th will be paid a $0.8875 dividend. The ex-dividend date of this dividend is Wednesday, August 19th. This represents a $3.55 dividend on an annualized basis and a yield of 3.3%. Consolidated Edison’s dividend payout ratio (DPR) is presently 58.29%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on ED shares. The Goldman Sachs Group reaffirmed a “sell” rating and issued a $105.00 price objective on shares of Consolidated Edison in a research note on Thursday, May 14th. Morgan Stanley lowered their price target on shares of Consolidated Edison from $105.00 to $101.00 and set an “underweight” rating for the company in a research note on Friday, August 21st. Barclays reduced their price objective on Consolidated Edison from $112.00 to $106.00 and set an “underweight” rating on the stock in a research note on Friday, August 7th. Mizuho set a $114.00 price objective on Consolidated Edison in a report on Monday, July 27th. Finally, Evercore reissued a “positive” rating and issued a $112.00 target price on shares of Consolidated Edison in a research note on Monday, August 17th. Three equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and six have given a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Reduce” and a consensus target price of $108.93.

View Our Latest Research Report on Consolidated Edison

About Consolidated Edison

(Free Report)

Consolidated Edison, Inc, commonly known as Con Edison, is an investor-owned energy company that primarily delivers electricity, natural gas and steam to customers in the New York metropolitan area. Its regulated utility operations include the distribution and transmission of electric power, the distribution of natural gas, and the operation of one of the largest district steam systems in the United States, serving commercial, institutional and residential customers in New York City and nearby counties.

The company operates through regulated utility subsidiaries that serve urban and suburban service territories, together with non-utility businesses that develop, own and manage energy infrastructure and clean energy projects.

Featured Articles