Occidental Asset Management LLC Takes Position in Consolidated Edison Inc $ED

Key Points

• Occidental Asset Management LLC has acquired a new stake in Consolidated Edison Inc, purchasing 9,872 shares valued at approximately $991,000 in the second quarter.
• The company reported $0.67 earnings per share for the last quarter, exceeding analysts' expectations, with revenue reaching $3.60 billion.
• Consolidated Edison recently announced a $0.85 quarterly dividend, translating to an annualized dividend yield of 3.5% and a payout ratio of 61.71%.

Occidental Asset Management LLC bought a new stake in Consolidated Edison Inc (NYSE:ED - Free Report) in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The institutional investor bought 9,872 shares of the utilities provider's stock, valued at approximately $991,000.

Other large investors have also recently added to or reduced their stakes in the company. Merit Financial Group LLC boosted its stake in Consolidated Edison by 16.8% during the 1st quarter. Merit Financial Group LLC now owns 10,666 shares of the utilities provider's stock valued at $1,180,000 after acquiring an additional 1,533 shares during the last quarter. Ritholtz Wealth Management acquired a new stake in shares of Consolidated Edison during the first quarter worth $227,000. Wealth Enhancement Advisory Services LLC raised its holdings in shares of Consolidated Edison by 2.8% during the first quarter. Wealth Enhancement Advisory Services LLC now owns 250,014 shares of the utilities provider's stock worth $27,649,000 after purchasing an additional 6,869 shares during the period. Flagship Harbor Advisors LLC acquired a new stake in shares of Consolidated Edison in the 1st quarter worth about $217,000. Finally, AG2R LA Mondiale Gestion D Actifs acquired a new stake in shares of Consolidated Edison in the 1st quarter worth about $1,631,000. 66.29% of the stock is currently owned by institutional investors.

Consolidated Edison Price Performance

NYSE ED opened at $96.62 on Tuesday. The company has a quick ratio of 1.01, a current ratio of 1.10 and a debt-to-equity ratio of 1.04. The stock has a market capitalization of $34.85 billion, a PE ratio of 17.54, a price-to-earnings-growth ratio of 2.68 and a beta of 0.28. The company has a 50 day moving average price of $100.44 and a two-hundred day moving average price of $103.69. Consolidated Edison Inc has a 12-month low of $87.28 and a 12-month high of $114.87.

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

Consolidated Edison Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Wednesday, August 13th were paid a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.5%. The ex-dividend date was Wednesday, August 13th. Consolidated Edison's payout ratio is presently 61.71%.

Analyst Ratings Changes

ED has been the topic of a number of analyst reports. Barclays increased their price objective on shares of Consolidated Edison from $101.00 to $107.00 and gave the stock an "underweight" rating in a report on Wednesday, August 13th. Scotiabank increased their price objective on shares of Consolidated Edison from $101.00 to $106.00 and gave the stock a "sector perform" rating in a report on Monday, August 11th. Morgan Stanley reissued an "underweight" rating on shares of Consolidated Edison in a research note on Thursday, August 21st. Mizuho raised their target price on shares of Consolidated Edison from $107.00 to $112.00 and gave the company an "outperform" rating in a research note on Friday, August 8th. Finally, Bank of America cut shares of Consolidated Edison from a "buy" rating to an "underperform" rating and lowered their target price for the company from $112.00 to $101.00 in a research note on Friday, August 15th. Three analysts have rated the stock with a Buy rating, six have issued a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of "Hold" and an average price target of $105.82.

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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