Tectonic Advisors LLC Grows Stake in Consolidated Edison Inc (NYSE:ED)

Tectonic Advisors LLC raised its stake in shares of Consolidated Edison Inc (NYSE:ED - Free Report) by 9.1% in the first quarter, according to its most recent filing with the Securities & Exchange Commission. The institutional investor owned 73,129 shares of the utilities provider's stock after buying an additional 6,097 shares during the quarter. Tectonic Advisors LLC's holdings in Consolidated Edison were worth $8,087,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently modified their holdings of the business. Alpine Bank Wealth Management bought a new stake in Consolidated Edison in the 1st quarter worth approximately $32,000. Fort Vancouver Investment Management LLC bought a new stake in Consolidated Edison in the 1st quarter worth approximately $33,000. Elite Financial Inc. bought a new stake in Consolidated Edison in the 1st quarter worth approximately $38,000. Wood Tarver Financial Group LLC bought a new stake in Consolidated Edison in the 4th quarter worth approximately $35,000. Finally, Garde Capital Inc. bought a new stake in Consolidated Edison in the 1st quarter worth approximately $49,000. Hedge funds and other institutional investors own 66.29% of the company's stock.

Wall Street Analysts Forecast Growth

ED has been the subject of several recent research reports. UBS Group boosted their price objective on Consolidated Edison from $110.00 to $113.00 and gave the company a "neutral" rating in a research report on Friday, March 21st. KeyCorp reiterated an "overweight" rating on shares of Consolidated Edison in a research report on Wednesday. Mizuho upgraded Consolidated Edison from a "neutral" rating to an "outperform" rating and boosted their price objective for the company from $105.00 to $107.00 in a research report on Monday, June 30th. Citigroup boosted their price objective on Consolidated Edison from $116.00 to $120.00 and gave the company a "buy" rating in a research report on Wednesday, April 9th. Finally, Guggenheim boosted their price objective on Consolidated Edison from $96.00 to $103.00 and gave the company a "neutral" rating in a research report on Friday, May 2nd. Two analysts have rated the stock with a sell rating, six have given a hold rating and four have issued a buy rating to the company's stock. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $105.09.

Consolidated Edison Trading Up 0.2%

Shares of ED traded up $0.24 during mid-day trading on Thursday, hitting $100.70. 2,131,708 shares of the company's stock traded hands, compared to its average volume of 2,409,151. The firm has a market capitalization of $36.28 billion, a P/E ratio of 18.61, a PEG ratio of 3.19 and a beta of 0.26. The business's 50-day moving average price is $101.95 and its 200-day moving average price is $101.56. Consolidated Edison Inc has a 1 year low of $87.28 and a 1 year high of $114.87. The company has a quick ratio of 1.19, a current ratio of 1.28 and a debt-to-equity ratio of 1.04.

Consolidated Edison (NYSE:ED - Get Free Report) last issued its quarterly earnings results on Thursday, May 1st. The utilities provider reported $2.25 earnings per share for the quarter, missing the consensus estimate of $2.30 by ($0.05). The firm had revenue of $4.80 billion during the quarter, compared to analysts' expectations 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 company earned $2.15 earnings per share. As a group, sell-side analysts forecast that Consolidated Edison Inc will post 5.62 EPS for the current fiscal year.

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.