OFI Invest Asset Management Invests $93,000 in Consolidated Edison Inc $ED

OFI Invest Asset Management acquired a new position in Consolidated Edison Inc (NYSE:ED) during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund acquired 930 shares of the utilities provider’s stock, valued at approximately $93,000.

Several other hedge funds also recently made changes to their positions in the business. Exchange Traded Concepts LLC grew its stake in shares of Consolidated Edison by 1.0% in the 2nd quarter. Exchange Traded Concepts LLC now owns 11,050 shares of the utilities provider’s stock worth $1,109,000 after purchasing an additional 109 shares during the last quarter. Capital Advisors Ltd. LLC grew its stake in shares of Consolidated Edison by 53.2% in the 2nd quarter. Capital Advisors Ltd. LLC now owns 314 shares of the utilities provider’s stock worth $32,000 after purchasing an additional 109 shares during the last quarter. Farther Finance Advisors LLC grew its stake in shares of Consolidated Edison by 1.3% in the 2nd quarter. Farther Finance Advisors LLC now owns 8,896 shares of the utilities provider’s stock worth $893,000 after purchasing an additional 110 shares during the last quarter. Western Wealth Management LLC grew its stake in shares of Consolidated Edison by 0.7% in the 1st quarter. Western Wealth Management LLC now owns 16,101 shares of the utilities provider’s stock worth $1,781,000 after purchasing an additional 116 shares during the last quarter. Finally, Eastern Bank grew its stake in shares of Consolidated Edison by 2.9% in the 1st quarter. Eastern Bank now owns 4,294 shares of the utilities provider’s stock worth $475,000 after purchasing an additional 120 shares during the last quarter. Institutional investors and hedge funds own 66.29% of the company’s stock.

Consolidated Edison Stock Performance

ED stock opened at $100.85 on Tuesday. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.01 and a current ratio of 1.10. The stock has a market cap of $36.37 billion, a P/E ratio of 18.30, a P/E/G ratio of 2.85 and a beta of 0.32. The firm has a 50 day simple moving average of $99.64 and a 200 day simple moving average of $102.94. Consolidated Edison Inc has a 52 week low of $87.28 and a 52 week high of $114.87.

Consolidated Edison (NYSE:ED) last posted its quarterly earnings results on Thursday, August 7th. The utilities provider reported $0.67 EPS for the quarter, topping the consensus estimate of $0.66 by $0.01. The business had revenue of $3.60 billion during the quarter, compared to analysts’ expectations of $3.39 billion. Consolidated Edison had a net margin of 11.98% and a return on equity of 8.56%. During the same period last year, the company posted $0.59 earnings per share. Consolidated Edison has set its FY 2025 guidance at 5.500-5.700 EPS. Research analysts anticipate that Consolidated Edison Inc will post 5.62 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 15th. Investors of record on Wednesday, August 13th were issued a dividend of $0.85 per share. This represents a $3.40 annualized dividend and a dividend yield of 3.4%. The ex-dividend date was Wednesday, August 13th. Consolidated Edison’s dividend payout ratio (DPR) is currently 61.71%.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the stock. Evercore ISI assumed coverage on shares of Consolidated Edison in a research report on Tuesday, October 7th. They issued an “in-line” rating and a $106.00 target price on the stock. New Street Research set a $106.00 target price on shares of Consolidated Edison in a research report on Monday, October 6th. KeyCorp reissued an “overweight” rating on shares of Consolidated Edison in a research report on Wednesday, July 16th. Morgan Stanley dropped their target price on shares of Consolidated Edison from $95.00 to $93.00 and set an “underweight” rating on the stock in a research report on Thursday, September 25th. Finally, Bank of America downgraded shares of Consolidated Edison from a “buy” rating to an “underperform” rating and dropped their target price for the stock from $112.00 to $101.00 in a research report on Friday, August 15th. Four analysts have rated the stock with a Buy rating, five have given a Hold rating and three have given a Sell rating to the company. According to MarketBeat, Consolidated Edison has an average rating of “Hold” and a consensus target price of $105.75.

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.