KLP Kapitalforvaltning AS Grows Position in Consolidated Edison Inc $ED

Key Points

• KLP Kapitalforvaltning AS increased its position in Consolidated Edison Inc by 7.7%, now holding approximately 371,465 shares valued at $37.3 million.
• Consolidated Edison reported quarterly earnings of $0.67 EPS, exceeding estimates, with revenues of $3.60 billion compared to the expected $3.39 billion.
• The company declared a quarterly dividend of $0.85 per share, resulting in an annualized dividend of $3.40 and a yield of 3.4%.

KLP Kapitalforvaltning AS lifted its holdings in shares of Consolidated Edison Inc (NYSE:ED - Free Report) by 7.7% in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 371,465 shares of the utilities provider's stock after purchasing an additional 26,500 shares during the quarter. KLP Kapitalforvaltning AS owned about 0.10% of Consolidated Edison worth $37,277,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also modified their holdings of the business. Vanguard Group Inc. grew its holdings in shares of Consolidated Edison by 1.6% during the 1st quarter. Vanguard Group Inc. now owns 43,117,094 shares of the utilities provider's stock worth $4,768,319,000 after purchasing an additional 661,432 shares during the period. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC grew its holdings in shares of Consolidated Edison by 1.0% during the 1st quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC now owns 4,868,772 shares of the utilities provider's stock worth $538,437,000 after purchasing an additional 48,323 shares during the period. Deutsche Bank AG grew its holdings in shares of Consolidated Edison by 130.6% during the 1st quarter. Deutsche Bank AG now owns 3,926,814 shares of the utilities provider's stock worth $434,266,000 after purchasing an additional 2,223,959 shares during the period. JPMorgan Chase & Co. grew its holdings in shares of Consolidated Edison by 106.9% during the 1st quarter. JPMorgan Chase & Co. now owns 2,790,876 shares of the utilities provider's stock worth $308,643,000 after purchasing an additional 1,441,785 shares during the period. Finally, ATLAS Infrastructure Partners UK Ltd. purchased a new position in Consolidated Edison during the 1st quarter valued at about $254,205,000. 66.29% of the stock is currently owned by hedge funds and other institutional investors.

Consolidated Edison Price Performance

ED stock opened at $100.02 on Wednesday. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.10 and a quick ratio of 1.01. The firm has a market capitalization of $36.07 billion, a P/E ratio of 18.15, a P/E/G ratio of 2.76 and a beta of 0.32. The business's 50-day moving average is $99.87 and its two-hundred day moving average is $103.15. Consolidated Edison Inc has a 1 year low of $87.28 and a 1 year high of $114.87.

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

Consolidated Edison Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Wednesday, August 13th were given 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 of this dividend was Wednesday, August 13th. Consolidated Edison's dividend payout ratio (DPR) is 61.71%.

Analyst Upgrades and Downgrades

ED has been the subject of a number of research analyst reports. Evercore ISI initiated coverage on Consolidated Edison in a report on Tuesday. They set an "in-line" rating and a $106.00 target price for the company. KeyCorp restated an "overweight" rating on shares of Consolidated Edison in a report on Wednesday, July 16th. Barclays raised their target price on Consolidated Edison from $101.00 to $107.00 and gave the company an "underweight" rating in a report on Wednesday, August 13th. Mizuho raised their target price on Consolidated Edison from $107.00 to $112.00 and gave the company an "outperform" rating in a report on Friday, August 8th. Finally, New Street Research set a $106.00 target price on Consolidated Edison in a report on Monday. Four research analysts have rated the stock with a Buy rating, six have given a Hold rating and three have given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock currently has an average rating of "Hold" and an average price target of $105.92.

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.

Want to see what other hedge funds are holding ED? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Consolidated Edison Inc (NYSE:ED - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.