Bayforest Capital Ltd Invests $273,000 in Consolidated Edison Inc (NYSE:ED)

Key Points

• Bayforest Capital Ltd has invested $273,000 in Consolidated Edison Inc, acquiring 2,469 shares in the first quarter.
• The company recently reported earnings of $2.25 per share, falling short of the consensus estimate by $0.05, while generating revenue of $4.80 billion.
• Consolidated Edison announced a quarterly dividend of $0.85, scheduled to be paid on September 15th, reflecting an annualized yield of 3.3%.

Bayforest Capital Ltd purchased a new position in Consolidated Edison Inc (NYSE:ED - Free Report) in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 2,469 shares of the utilities provider's stock, valued at approximately $273,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Alpine Bank Wealth Management acquired a new stake in Consolidated Edison during the 1st quarter valued at approximately $32,000. Fort Vancouver Investment Management LLC bought a new stake in Consolidated Edison in the first quarter valued at about $33,000. Wood Tarver Financial Group LLC bought a new stake in Consolidated Edison in the fourth quarter valued at about $35,000. Elite Financial Inc. bought a new stake in Consolidated Edison in the first quarter valued at about $38,000. Finally, N.E.W. Advisory Services LLC acquired a new stake in Consolidated Edison during the first quarter worth about $44,000. Hedge funds and other institutional investors own 66.29% of the company's stock.

Consolidated Edison Price Performance

NYSE:ED traded up $0.91 during mid-day trading on Friday, reaching $104.41. 2,272,574 shares of the company were exchanged, compared to its average volume of 1,936,933. The company has a fifty day moving average of $101.55 and a 200 day moving average of $102.68. The company has a quick ratio of 1.19, a current ratio of 1.28 and a debt-to-equity ratio of 1.04. The stock has a market cap of $37.62 billion, a PE ratio of 19.30, a PEG ratio of 3.33 and a beta of 0.24. Consolidated Edison Inc has a 12 month low of $87.28 and a 12 month high of $114.87.

Consolidated Edison (NYSE:ED - Get Free Report) last issued its quarterly earnings data on Thursday, May 1st. The utilities provider reported $2.25 EPS for the quarter, missing the consensus estimate of $2.30 by ($0.05). The business had revenue of $4.80 billion for the quarter, compared to analyst estimates of $4.21 billion. Consolidated Edison had a return on equity of 8.61% and a net margin of 11.98%. During the same period in the previous year, the business posted $2.15 EPS. On average, research analysts anticipate that Consolidated Edison Inc will post 5.62 EPS for the current fiscal year.

Consolidated Edison Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Investors of record on Wednesday, August 13th will be issued a dividend of $0.85 per share. The ex-dividend date is Wednesday, August 13th. This represents a $3.40 annualized dividend and a yield of 3.3%. Consolidated Edison's dividend payout ratio is presently 62.85%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the stock. Guggenheim increased their price objective on shares of Consolidated Edison from $96.00 to $103.00 and gave the stock a "neutral" rating in a research note on Friday, May 2nd. KeyCorp reiterated an "overweight" rating on shares of Consolidated Edison in a research report on Wednesday, July 16th. Wells Fargo & Company lifted their price objective on shares of Consolidated Edison from $103.00 to $114.00 and gave the company an "equal weight" rating in a research report on Friday, May 2nd. Mizuho upgraded Consolidated Edison from a "neutral" rating to an "outperform" rating and boosted their price target for the stock from $105.00 to $107.00 in a research report on Monday, June 30th. Finally, Citigroup upped their price objective on shares of Consolidated Edison from $116.00 to $120.00 and gave the stock a "buy" rating in a report on Wednesday, April 9th. Two analysts have rated the stock with a sell rating, six have issued a hold rating and four have issued a buy rating to the stock. Based on data from MarketBeat, Consolidated Edison currently has an average rating of "Hold" and a consensus target price of $105.09.

Consolidated Edison 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.