Gateway Wealth Partners LLC Invests $891,000 in Consolidated Edison Inc $ED

Gateway Wealth Partners LLC acquired a new position in shares of Consolidated Edison Inc (NYSE:ED) in the first quarter, according to the company in its most recent disclosure with the SEC. The firm acquired 7,868 shares of the utilities provider’s stock, valued at approximately $891,000.

Several other institutional investors have also recently added to or reduced their stakes in ED. Basepoint Wealth LLC acquired a new position in Consolidated Edison during the fourth quarter worth $26,000. JPL Wealth Management LLC acquired a new stake in shares of Consolidated Edison in the third quarter valued at $26,000. Westfuller Advisors LLC acquired a new stake in shares of Consolidated Edison in the fourth quarter valued at $27,000. Sachetta LLC raised its holdings in shares of Consolidated Edison by 72.9% in the 1st quarter. Sachetta LLC now owns 242 shares of the utilities provider’s stock valued at $27,000 after buying an additional 102 shares during the period. Finally, Dorato Capital Management purchased a new stake in shares of Consolidated Edison in the 4th quarter valued at $28,000. Institutional investors and hedge funds own 66.29% of the company’s stock.

Consolidated Edison Trading Up 0.3%

Shares of NYSE:ED opened at $112.29 on Thursday. Consolidated Edison Inc has a 52 week low of $94.96 and a 52 week high of $116.23. The company’s 50 day moving average is $109.34 and its two-hundred day moving average is $109.35. The company has a market cap of $41.38 billion, a PE ratio of 18.90, a P/E/G ratio of 2.91 and a beta of 0.27. The company has a current ratio of 1.19, a quick ratio of 1.09 and a debt-to-equity ratio of 1.00.

Consolidated Edison Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Wednesday, August 19th will be paid a dividend of $0.8875 per share. The ex-dividend date is Wednesday, August 19th. This represents a $3.55 dividend on an annualized basis and a dividend yield of 3.2%. Consolidated Edison’s payout ratio is presently 59.76%.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on ED shares. Evercore set a $116.00 target price on Consolidated Edison in a report on Monday, May 11th. Weiss Ratings reiterated a “buy (b)” rating on shares of Consolidated Edison in a research note on Tuesday, July 21st. Wells Fargo & Company set a $98.00 price target on shares of Consolidated Edison in a research report on Tuesday, April 21st. Barclays lowered their price objective on shares of Consolidated Edison from $110.00 to $107.00 and set an “underweight” rating for the company in a research note on Monday, May 11th. Finally, Morgan Stanley restated an “underweight” rating on shares of Consolidated Edison in a report on Wednesday, July 22nd. Two analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and six have issued a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Reduce” and an average price target of $108.47.

Consolidated Edison Profile

Consolidated Edison, Inc, commonly known as Con Edison, is an investor-owned energy company that primarily delivers electricity, natural gas and steam to customers in the New York metropolitan area. Its regulated utility operations include the distribution and transmission of electric power, the distribution of natural gas, and the operation of one of the largest district steam systems in the United States, serving commercial, institutional and residential customers in New York City and nearby counties.

The company operates through regulated utility subsidiaries that serve urban and suburban service territories, together with non-utility businesses that develop, own and manage energy infrastructure and clean energy projects.