Equitable Holdings Inc. Buys New Holdings in Consolidated Edison Inc $ED

Key Points

• Equitable Holdings bought 19,066 shares of Consolidated Edison in the second quarter, valued at approximately $2.1 million. Institutional investors and hedge funds collectively own 66.29% of ED.
• Analyst sentiment remains cautious, with a consensus “Reduce” rating and an average price target of $108.93; Morgan Stanley, Barclays, and KeyCorp recently lowered their targets and maintained “underweight” ratings.
• Con Edison exceeded quarterly earnings expectations, reporting $0.83 in EPS versus the $0.76 consensus and $4.07 billion in revenue. The company also announced a quarterly dividend of $0.8875 per share, representing a 3.3% annualized yield.

Equitable Holdings Inc. purchased a new position in Consolidated Edison Inc (NYSE:ED - Free Report) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund purchased 19,066 shares of the utilities provider's stock, valued at approximately $2,109,000.

Several other institutional investors and hedge funds also recently added to or reduced their stakes in ED. QRG Capital Management Inc. boosted its holdings in Consolidated Edison by 16.9% in the first quarter. QRG Capital Management Inc. now owns 204,989 shares of the utilities provider's stock valued at $23,201,000 after acquiring an additional 29,635 shares during the last quarter. North Dakota State Investment Board acquired a new position in Consolidated Edison during the 4th quarter valued at about $1,228,000. Los Angeles Capital Management LLC lifted its position in Consolidated Edison by 9.0% during the 4th quarter. Los Angeles Capital Management LLC now owns 253,230 shares of the utilities provider's stock valued at $24,865,000 after purchasing an additional 20,972 shares during the period. M3 Wealth Management LLC bought a new position in shares of Consolidated Edison in the 4th quarter valued at about $1,380,000. Finally, Arbejdsmarkedets Tillaegspension bought a new position in shares of Consolidated Edison in the 4th quarter valued at about $24,109,000. Institutional investors and hedge funds own 66.29% of the company's stock.

Wall Street Analyst Weigh In

ED has been the subject of a number of recent research reports. Morgan Stanley dropped 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 shares of Consolidated Edison from $112.00 to $106.00 and set an "underweight" rating on the stock in a research note on Friday, August 7th. KeyCorp lowered their target price on shares of Consolidated Edison from $97.00 to $94.00 and set an "underweight" rating for the company in a report on Thursday, July 23rd. Evercore reiterated a "positive" rating and set a $112.00 target price on shares of Consolidated Edison in a research report on Monday, August 17th. Finally, The Goldman Sachs Group reissued a "sell" rating and issued a $105.00 price target on shares of Consolidated Edison in a research note on Thursday, May 14th. Three investment analysts have rated the stock with a Buy rating, six have issued a Hold rating and six have issued a Sell rating to the stock. According to MarketBeat.com, Consolidated Edison has a consensus rating of "Reduce" and an average target price of $108.93.

Consolidated Edison Price Performance

Consolidated Edison stock opened at $107.40 on Friday. The company has a current ratio of 1.27, a quick ratio of 1.17 and a debt-to-equity ratio of 1.04. The firm has a market capitalization of $39.72 billion, a P/E ratio of 17.64, a PEG ratio of 2.71 and a beta of 0.27. The business has a 50-day moving average of $109.99 and a 200-day moving average of $109.88. Consolidated Edison Inc has a 1 year low of $94.96 and a 1 year high of $116.23.

Consolidated Edison (NYSE:ED - Get Free Report) last announced its quarterly earnings results on Thursday, August 6th. The utilities provider reported $0.83 earnings per share for the quarter, beating analysts' consensus estimates of $0.76 by $0.07. Consolidated Edison had a net margin of 12.53% and a return on equity of 8.44%. The business had revenue of $4.07 billion for the quarter, compared to the consensus estimate of $3.60 billion. During the same period last year, the company posted $0.67 EPS. Consolidated Edison has set its FY 2026 guidance at 6.000-6.200 EPS. On average, equities analysts anticipate that Consolidated Edison Inc will post 6.09 EPS for the current year.

Consolidated Edison Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Shareholders of record on Wednesday, August 19th will be issued a $0.8875 dividend. The ex-dividend date is Wednesday, August 19th. This represents a $3.55 annualized dividend and a yield of 3.3%. Consolidated Edison's dividend payout ratio (DPR) is 58.29%.

Consolidated Edison Company Profile

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.

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