Viking Fund Management LLC held its position in Consolidated Edison Inc (NYSE:ED) during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 23,000 shares of the utilities provider’s stock at the end of the second quarter. Viking Fund Management LLC’s holdings in Consolidated Edison were worth $1,859,000 as of its most recent filing with the SEC.
Other institutional investors have also recently added to or reduced their stakes in the company. Welch & Forbes LLC boosted its position in Consolidated Edison by 0.3% in the first quarter. Welch & Forbes LLC now owns 3,263 shares of the utilities provider’s stock valued at $254,000 after buying an additional 9 shares in the last quarter. Court Place Advisors LLC boosted its position in Consolidated Edison by 0.4% in the first quarter. Court Place Advisors LLC now owns 4,014 shares of the utilities provider’s stock valued at $312,000 after buying an additional 14 shares in the last quarter. Cleararc Capital Inc. boosted its position in Consolidated Edison by 0.3% in the first quarter. Cleararc Capital Inc. now owns 7,446 shares of the utilities provider’s stock valued at $578,000 after buying an additional 21 shares in the last quarter. Alexandria Capital LLC boosted its position in Consolidated Edison by 0.6% in the first quarter. Alexandria Capital LLC now owns 4,279 shares of the utilities provider’s stock valued at $332,000 after buying an additional 26 shares in the last quarter. Finally, D Orazio & Associates Inc. boosted its position in Consolidated Edison by 0.8% in the first quarter. D Orazio & Associates Inc. now owns 3,465 shares of the utilities provider’s stock valued at $269,000 after buying an additional 28 shares in the last quarter. Institutional investors and hedge funds own 55.61% of the company’s stock.
Consolidated Edison Inc (NYSE ED) traded down 0.92% during trading on Friday, reaching $82.87. The company had a trading volume of 1,547,043 shares. The firm has a market capitalization of $25.33 billion, a price-to-earnings ratio of 20.05 and a beta of 0.08. The company’s 50-day moving average is $82.01 and its 200 day moving average is $79.28. Consolidated Edison Inc has a 52 week low of $68.76 and a 52 week high of $85.13.
Consolidated Edison (NYSE:ED) last released its quarterly earnings results on Thursday, August 3rd. The utilities provider reported $0.58 EPS for the quarter, missing the consensus estimate of $0.61 by $0.03. Consolidated Edison had a return on equity of 8.59% and a net margin of 10.57%. The firm had revenue of $2.63 billion for the quarter, compared to analysts’ expectations of $2.79 billion. During the same quarter in the prior year, the business earned $0.60 earnings per share. Equities analysts anticipate that Consolidated Edison Inc will post $4.09 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 15th. Stockholders of record on Wednesday, August 16th will be paid a $0.69 dividend. This represents a $2.76 annualized dividend and a dividend yield of 3.33%. The ex-dividend date is Monday, August 14th. Consolidated Edison’s payout ratio is currently 66.67%.
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A number of brokerages have recently commented on ED. UBS AG lifted their target price on Consolidated Edison from $72.00 to $75.00 and gave the stock a “sell” rating in a report on Monday, May 8th. Zacks Investment Research cut Consolidated Edison from a “hold” rating to a “sell” rating in a report on Wednesday, July 5th. BidaskClub cut Consolidated Edison from a “buy” rating to a “hold” rating in a report on Saturday, July 1st. BMO Capital Markets reiterated a “hold” rating and issued a $80.00 target price on shares of Consolidated Edison in a report on Monday, May 15th. Finally, Morgan Stanley lifted their target price on Consolidated Edison from $75.00 to $78.00 and gave the stock an “underweight” rating in a report on Thursday. Five equities research analysts have rated the stock with a sell rating and nine have assigned a hold rating to the stock. Consolidated Edison has an average rating of “Hold” and a consensus target price of $76.96.
In related news, Director Linda S. Sanford acquired 900 shares of Consolidated Edison stock in a transaction dated Wednesday, May 17th. The shares were acquired at an average cost of $79.74 per share, for a total transaction of $71,766.00. Following the completion of the purchase, the director now owns 8,748 shares in the company, valued at $697,565.52. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last quarter, insiders bought 1,319 shares of company stock worth $106,510. Insiders own 0.20% of the company’s stock.
About Consolidated Edison
Consolidated Edison, Inc (Con Edison) is a holding company. The Company operates through its subsidiaries, which include Consolidated Edison Company of New York, Inc (CECONY), Orange and Rockland Utilities, Inc (O&R), Con Edison Clean Energy Businesses, Inc (the Clean Energy Businesses) and Con Edison Transmission, Inc (Con Edison Transmission).
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