Patton Fund Management Inc. Invests $2.94 Million in Consolidated Edison Inc $ED

Key Points

• Patton Fund Management Inc. invested approximately $2.94 million in 29,319 shares of Consolidated Edison Inc during the 2nd quarter.
• Consolidated Edison recently reported an earnings per share (EPS) of $0.67 for the last quarter, exceeding expectations and showing a year-over-year increase from $0.59.
• The company declared a quarterly dividend of $0.85 per share, with a dividend yield of 3.4% and a payout ratio of 61.71%.

Patton Fund Management Inc. purchased a new position in shares of Consolidated Edison Inc (NYSE:ED - Free Report) in the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund purchased 29,319 shares of the utilities provider's stock, valued at approximately $2,942,000.

Several other hedge funds and other institutional investors have also made changes to their positions in the company. Vanguard Group Inc. raised its stake 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 buying an additional 661,432 shares during the last quarter. UBS AM A Distinct Business Unit of UBS Asset Management Americas LLC increased its position in 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 in the last quarter. Deutsche Bank AG increased its position in 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 in the last quarter. JPMorgan Chase & Co. increased its position in 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 in the last quarter. Finally, ATLAS Infrastructure Partners UK Ltd. purchased a new stake in Consolidated Edison during the 1st quarter worth about $254,205,000. Institutional investors and hedge funds own 66.29% of the company's stock.

Consolidated Edison Stock Up 1.3%

ED opened at $99.63 on Friday. 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 stock has a market capitalization of $35.93 billion, a price-to-earnings ratio of 18.08, a price-to-earnings-growth ratio of 2.73 and a beta of 0.28. The business has a 50-day moving average of $100.30 and a two-hundred day moving average of $103.53. 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 posted its quarterly earnings results on Thursday, August 7th. The utilities provider reported $0.67 EPS for the quarter, beating the consensus estimate of $0.66 by $0.01. The company 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. Consolidated Edison has set its FY 2025 guidance at 5.500-5.700 EPS. On average, research analysts expect that Consolidated Edison Inc will post 5.62 earnings per share for the current year.

Consolidated Edison Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Monday, September 15th. Stockholders of record on Wednesday, August 13th were issued a dividend of $0.85 per share. The ex-dividend date was 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 presently 61.71%.

Analyst Upgrades and Downgrades

A number of research firms recently commented on ED. Scotiabank lifted their price objective on Consolidated Edison from $101.00 to $106.00 and gave the stock a "sector perform" rating in a research report on Monday, August 11th. Morgan Stanley dropped their price objective on Consolidated Edison from $95.00 to $93.00 and set an "underweight" rating for the company in a research report on Thursday. Barclays lifted their price objective on Consolidated Edison from $101.00 to $107.00 and gave the stock an "underweight" rating in a research report on Wednesday, August 13th. Mizuho lifted their price objective on Consolidated Edison from $107.00 to $112.00 and gave the stock an "outperform" rating in a research report on Friday, August 8th. Finally, Bank of America cut Consolidated Edison from a "buy" rating to an "underperform" rating and dropped their price objective for the stock from $112.00 to $101.00 in a research report on Friday, August 15th. Three equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, Consolidated Edison presently has a consensus rating of "Hold" and an average target price of $105.91.

About Consolidated Edison

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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