Short Interest in Consolidated Edison, Inc. (NYSE:ED) Decreases By 5.8%

Consolidated Edison, Inc. (NYSE:ED) saw a large decrease in short interest in the month of March. As of March 31st, there was short interest totalling 5,650,000 shares, a decrease of 5.8% from the March 15th total of 6,000,000 shares. Based on an average trading volume of 1,750,000 shares, the days-to-cover ratio is presently 3.2 days.

Wall Street Analyst Weigh In

Several research analysts have commented on ED shares. KeyCorp upgraded Consolidated Edison from an “underweight” rating to a “sector weight” rating in a research note on Thursday, January 4th. Royal Bank of Canada cut their target price on Consolidated Edison from $94.00 to $93.00 and set a “sector perform” rating for the company in a research note on Friday, February 16th. Scotiabank raised their target price on Consolidated Edison from $90.00 to $91.00 and gave the stock a “sector underperform” rating in a research note on Tuesday, February 20th. Barclays raised their price target on Consolidated Edison from $86.00 to $87.00 and gave the company an “equal weight” rating in a report on Thursday, March 14th. Finally, UBS Group lowered their price target on Consolidated Edison from $99.00 to $94.00 and set a “neutral” rating on the stock in a report on Friday, February 16th. Four research analysts have rated the stock with a sell rating, eight have issued a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, Consolidated Edison has an average rating of “Hold” and an average target price of $87.96.

Consolidated Edison Price Performance

Shares of ED stock opened at $90.33 on Thursday. The firm has a market cap of $31.21 billion, a P/E ratio of 12.58, a P/E/G ratio of 8.42 and a beta of 0.35. Consolidated Edison has a fifty-two week low of $80.46 and a fifty-two week high of $100.92. The business’s 50 day moving average price is $88.87 and its 200-day moving average price is $89.54. The company has a debt-to-equity ratio of 1.04, a quick ratio of 0.94 and a current ratio of 1.01.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings data on Thursday, February 15th. The utilities provider reported $1.00 earnings per share for the quarter, topping analysts’ consensus estimates of $0.98 by $0.02. Consolidated Edison had a return on equity of 8.41% and a net margin of 17.19%. The firm had revenue of $3.44 billion for the quarter, compared to analyst estimates of $3.70 billion. During the same period last year, the company earned $0.81 EPS. The business’s quarterly revenue was down 14.6% compared to the same quarter last year. On average, equities research analysts anticipate that Consolidated Edison will post 5.3 earnings per share for the current year.

Institutional Investors Weigh In On Consolidated Edison

Several hedge funds have recently made changes to their positions in the company. Geode Capital Management LLC boosted its position in shares of Consolidated Edison by 2.0% during the first quarter. Geode Capital Management LLC now owns 7,949,371 shares of the utilities provider’s stock valued at $761,387,000 after purchasing an additional 154,945 shares in the last quarter. Legal & General Group Plc raised its stake in Consolidated Edison by 2.4% during the fourth quarter. Legal & General Group Plc now owns 6,352,837 shares of the utilities provider’s stock valued at $577,917,000 after buying an additional 151,811 shares during the last quarter. Northern Trust Corp raised its stake in shares of Consolidated Edison by 8.2% in the third quarter. Northern Trust Corp now owns 4,484,026 shares of the utilities provider’s stock worth $383,519,000 after purchasing an additional 340,239 shares during the last quarter. Morgan Stanley raised its stake in shares of Consolidated Edison by 1.8% in the third quarter. Morgan Stanley now owns 4,221,543 shares of the utilities provider’s stock worth $361,069,000 after purchasing an additional 72,915 shares during the last quarter. Finally, Moneta Group Investment Advisors LLC raised its stake in shares of Consolidated Edison by 89,231.2% in the fourth quarter. Moneta Group Investment Advisors LLC now owns 4,145,861 shares of the utilities provider’s stock worth $395,142,000 after purchasing an additional 4,141,220 shares during the last quarter. 66.29% of the stock is currently owned by 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.