Consolidated Edison, Inc. (NYSE:ED) Short Interest Up 97.9% in December

Consolidated Edison, Inc. (NYSE:ED - Get Free Report) was the recipient of a significant increase in short interest during the month of December. As of December 15th, there was short interest totalling 13,890,000 shares, an increase of 97.9% from the November 30th total of 7,020,000 shares. Based on an average daily volume of 2,090,000 shares, the days-to-cover ratio is presently 6.6 days.

Analyst Upgrades and Downgrades

A number of analysts recently issued reports on ED shares. Evercore ISI raised Consolidated Edison from a "hold" rating to a "strong-buy" rating in a research report on Friday, November 8th. Citigroup raised Consolidated Edison from a "neutral" rating to a "buy" rating and increased their price objective for the company from $103.00 to $116.00 in a report on Tuesday, October 15th. Scotiabank raised shares of Consolidated Edison from a "sector underperform" rating to a "sector perform" rating and lifted their target price for the company from $90.00 to $100.00 in a report on Thursday, December 12th. UBS Group raised their price objective on shares of Consolidated Edison from $105.00 to $106.00 and gave the stock a "neutral" rating in a research report on Friday, September 20th. Finally, Jefferies Financial Group initiated coverage on shares of Consolidated Edison in a report on Wednesday, October 9th. They issued a "hold" rating and a $108.00 target price for the company. Two investment analysts have rated the stock with a sell rating, nine have issued a hold rating, two have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, Consolidated Edison currently has a consensus rating of "Hold" and a consensus target price of $99.96.

Consolidated Edison Price Performance

Shares of ED traded down $0.03 during mid-day trading on Friday, reaching $89.56. 1,319,594 shares of the company's stock were exchanged, compared to its average volume of 1,913,096. Consolidated Edison has a 52-week low of $85.85 and a 52-week high of $107.75. The company has a quick ratio of 0.93, a current ratio of 1.01 and a debt-to-equity ratio of 1.07. The company has a 50-day simple moving average of $97.24 and a two-hundred day simple moving average of $98.02. The company has a market cap of $31.02 billion, a price-to-earnings ratio of 16.87, a PEG ratio of 3.11 and a beta of 0.36.

Consolidated Edison (NYSE:ED - Get Free Report) last posted its quarterly earnings data on Thursday, November 7th. The utilities provider reported $1.68 EPS for the quarter, beating analysts' consensus estimates of $1.56 by $0.12. The business had revenue of $4.09 billion for the quarter, compared to analyst estimates of $4.02 billion. Consolidated Edison had a return on equity of 8.70% and a net margin of 12.27%. On average, sell-side analysts predict that Consolidated Edison will post 5.34 EPS for the current fiscal year.

Consolidated Edison Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, December 16th. Shareholders of record on Wednesday, November 13th were paid a dividend of $0.83 per share. This represents a $3.32 dividend on an annualized basis and a dividend yield of 3.71%. The ex-dividend date was Wednesday, November 13th. Consolidated Edison's dividend payout ratio is presently 62.52%.

Institutional Investors Weigh In On Consolidated Edison

Hedge funds and other institutional investors have recently made changes to their positions in the business. Retirement Planning Co of New England Inc. increased its position in Consolidated Edison by 4.2% during the second quarter. Retirement Planning Co of New England Inc. now owns 2,501 shares of the utilities provider's stock worth $224,000 after purchasing an additional 100 shares during the last quarter. Benjamin F. Edwards & Company Inc. grew its stake in shares of Consolidated Edison by 13.0% during the 2nd quarter. Benjamin F. Edwards & Company Inc. now owns 868 shares of the utilities provider's stock valued at $78,000 after buying an additional 100 shares during the period. TD Private Client Wealth LLC increased its holdings in shares of Consolidated Edison by 4.7% during the 3rd quarter. TD Private Client Wealth LLC now owns 2,334 shares of the utilities provider's stock worth $243,000 after buying an additional 104 shares during the last quarter. D.A. Davidson & CO. raised its position in shares of Consolidated Edison by 1.1% in the 3rd quarter. D.A. Davidson & CO. now owns 11,142 shares of the utilities provider's stock worth $1,160,000 after buying an additional 124 shares during the period. Finally, Townsquare Capital LLC boosted its holdings in Consolidated Edison by 2.4% in the third quarter. Townsquare Capital LLC now owns 5,574 shares of the utilities provider's stock valued at $580,000 after acquiring an additional 130 shares during the last quarter. Hedge funds and other institutional investors own 66.29% of the company's stock.

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.