Norges Bank Makes New Investment in Consolidated Edison Inc $ED

Key Points

• Norges Bank opened a new position in Consolidated Edison during the fourth quarter, buying 4.93 million shares worth about $489.8 million. The stake represented roughly 1.37% of the utility company.
• Institutional interest in ED was broadly strong, with several firms reporting large new or expanded holdings. The article notes that 66.29% of Consolidated Edison’s stock is owned by institutional investors.
• Analysts remain cautious on the stock despite some recent target-price increases, with the consensus rating at “Reduce” and an average price target of $108.71. Consolidated Edison also recently reported earnings of $2.18 per share, below estimates, and declared a quarterly dividend of $0.8875 per share.

Norges Bank purchased a new position in shares of Consolidated Edison Inc (NYSE:ED - Free Report) in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm purchased 4,931,590 shares of the utilities provider's stock, valued at approximately $489,806,000. Norges Bank owned 1.37% of Consolidated Edison as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently made changes to their positions in ED. Lazard Asset Management LLC lifted its holdings in shares of Consolidated Edison by 121,543.9% during the third quarter. Lazard Asset Management LLC now owns 5,960,553 shares of the utilities provider's stock valued at $599,155,000 after acquiring an additional 5,955,653 shares during the period. PFA Pension Forsikringsaktieselskab bought a new position in shares of Consolidated Edison during the fourth quarter valued at $113,977,000. AQR Capital Management LLC lifted its holdings in shares of Consolidated Edison by 104.6% during the third quarter. AQR Capital Management LLC now owns 1,905,678 shares of the utilities provider's stock valued at $190,530,000 after acquiring an additional 974,419 shares during the period. Qube Research & Technologies Ltd raised its stake in shares of Consolidated Edison by 94.7% in the third quarter. Qube Research & Technologies Ltd now owns 1,904,876 shares of the utilities provider's stock valued at $191,478,000 after acquiring an additional 926,716 shares during the last quarter. Finally, Assenagon Asset Management S.A. raised its stake in shares of Consolidated Edison by 344.6% in the fourth quarter. Assenagon Asset Management S.A. now owns 891,895 shares of the utilities provider's stock valued at $88,583,000 after acquiring an additional 691,304 shares during the last quarter. 66.29% of the stock is owned by institutional investors.

Analyst Ratings Changes

A number of research analysts have recently issued reports on ED shares. KeyCorp lifted their target price on shares of Consolidated Edison from $96.00 to $97.00 and gave the company an "underweight" rating in a research note on Tuesday, April 21st. Bank of America reiterated an "underperform" rating and issued a $104.00 target price on shares of Consolidated Edison in a research note on Wednesday, February 25th. JPMorgan Chase & Co. lifted their price target on Consolidated Edison from $107.00 to $113.00 and gave the company an "underweight" rating in a report on Thursday, March 12th. Weiss Ratings raised Consolidated Edison from a "buy (b-)" rating to a "buy (b)" rating in a report on Friday, April 24th. Finally, The Goldman Sachs Group reaffirmed a "sell" rating and issued a $105.00 price target on shares of Consolidated Edison in a report on Thursday, May 14th. Three equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and six have assigned a Sell rating to the company. Based on data from MarketBeat, Consolidated Edison presently has a consensus rating of "Reduce" and an average target price of $108.71.

Insider Activity at Consolidated Edison

In other Consolidated Edison news, SVP Deneen L. Donnley sold 1,922 shares of the company's stock in a transaction on Thursday, March 12th. The shares were sold at an average price of $113.94, for a total transaction of $218,992.68. Following the completion of the sale, the senior vice president owned 32,453 shares in the company, valued at approximately $3,697,694.82. The trade was a 5.59% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Insiders own 0.15% of the company's stock.

Consolidated Edison Stock Performance

Shares of NYSE:ED opened at $105.88 on Monday. The stock has a market capitalization of $39.02 billion, a P/E ratio of 17.82, a P/E/G ratio of 2.68 and a beta of 0.27. Consolidated Edison Inc has a 1-year low of $94.96 and a 1-year high of $116.23. The company has a current ratio of 1.19, a quick ratio of 1.09 and a debt-to-equity ratio of 1.00. The business has a 50-day moving average price of $109.77 and a two-hundred day moving average price of $106.15.

Consolidated Edison (NYSE:ED - Get Free Report) last announced its quarterly earnings data on Thursday, May 7th. The utilities provider reported $2.18 earnings per share for the quarter, missing the consensus estimate of $2.28 by ($0.10). The firm had revenue of $5.10 billion for the quarter, compared to the consensus estimate of $5.22 billion. Consolidated Edison had a return on equity of 8.33% and a net margin of 12.52%.During the same period in the prior year, the firm posted $2.26 earnings per share. Consolidated Edison has set its FY 2026 guidance at 6.000-6.200 EPS. Equities analysts predict that Consolidated Edison Inc will post 6.09 earnings per share for the current year.

Consolidated Edison Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Monday, June 15th. Shareholders of record on Wednesday, May 13th will be issued a dividend of $0.8875 per share. This represents a $3.55 annualized dividend and a yield of 3.4%. The ex-dividend date of this dividend is Wednesday, May 13th. Consolidated Edison's payout ratio is currently 59.76%.

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.

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 reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.