Northwest & Ethical Investments L.P. Increases Stock Holdings in Consolidated Edison Inc $ED

Key Points

• Northwest & Ethical Investments L.P. increased its stake in Consolidated Edison by 42.0% during the first quarter, acquiring a total of 44,747 shares valued at approximately $4.95 million.
• Consolidated Edison reported a EPS of $0.67 for the last quarter, exceeding analysts' expectations and demonstrating a year-over-year earnings improvement from $0.59.
• The company also announced a quarterly dividend of $0.85 per share, which equates to an annualized dividend yield of 3.4%.

Northwest & Ethical Investments L.P. boosted its position in Consolidated Edison Inc (NYSE:ED - Free Report) by 42.0% during the 1st quarter, according to its most recent Form 13F filing with the SEC. The fund owned 44,747 shares of the utilities provider's stock after purchasing an additional 13,231 shares during the period. Northwest & Ethical Investments L.P.'s holdings in Consolidated Edison were worth $4,949,000 as of its most recent SEC filing.

Other institutional investors have also recently made changes to their positions in the company. Alpine Bank Wealth Management bought a new position in shares of Consolidated Edison in the first quarter worth about $32,000. Fort Vancouver Investment Management LLC bought a new position in shares of Consolidated Edison in the first quarter worth about $33,000. Financial Network Wealth Advisors LLC bought a new position in shares of Consolidated Edison in the first quarter worth about $33,000. Cary Street Partners Investment Advisory LLC raised its stake in Consolidated Edison by 64.9% during the 1st quarter. Cary Street Partners Investment Advisory LLC now owns 305 shares of the utilities provider's stock valued at $34,000 after purchasing an additional 120 shares during the period. Finally, Elite Financial Inc. bought a new stake in Consolidated Edison during the 1st quarter valued at approximately $38,000. Institutional investors own 66.29% of the company's stock.

Analyst Upgrades and Downgrades

Several brokerages recently issued reports on ED. Guggenheim lifted their target price on Consolidated Edison from $96.00 to $103.00 and gave the company a "neutral" rating in a research note on Friday, May 2nd. Bank of America reissued an "underperform" rating and set a $101.00 target price (down previously from $112.00) on shares of Consolidated Edison in a research note on Friday. Wells Fargo & Company lifted their target price on Consolidated Edison from $103.00 to $114.00 and gave the company an "equal weight" rating in a research note on Friday, May 2nd. Barclays set a $107.00 target price on Consolidated Edison and gave the company an "underweight" rating in a research note on Wednesday. Finally, KeyCorp reissued an "overweight" rating on shares of Consolidated Edison in a research note on Wednesday, July 16th. Three equities research analysts have rated the stock with a sell rating, six have given a hold rating and three have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of "Hold" and an average price target of $105.82.

Consolidated Edison Stock Performance

NYSE:ED opened at $100.86 on Monday. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.10 and a quick ratio of 1.01. Consolidated Edison Inc has a 1 year low of $87.28 and a 1 year high of $114.87. The stock's 50 day simple moving average is $101.70 and its two-hundred day simple moving average is $103.61. The company has a market cap of $36.38 billion, a price-to-earnings ratio of 18.30, a PEG ratio of 3.22 and a beta of 0.24.

Consolidated Edison (NYSE:ED - Get Free Report) last announced its earnings results on Thursday, August 7th. The utilities provider reported $0.67 EPS for the quarter, topping analysts' consensus estimates of $0.66 by $0.01. The firm had revenue of $3.60 billion during the quarter, compared to analysts' expectations 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 in the previous year, the business earned $0.59 EPS. As a group, equities analysts anticipate that Consolidated Edison Inc will post 5.62 earnings per share for the current fiscal year.

Consolidated Edison Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Monday, September 15th. Stockholders of record on Wednesday, August 13th will be issued a $0.85 dividend. The ex-dividend date is Wednesday, August 13th. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.4%. Consolidated Edison's payout ratio is 61.71%.

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.

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