Hennessy Advisors Inc. Buys 12,400 Shares of Consolidated Edison Inc $ED

Hennessy Advisors Inc. boosted its stake in Consolidated Edison Inc (NYSE:ED) by 10.7% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 127,836 shares of the utilities provider’s stock after buying an additional 12,400 shares during the quarter. Hennessy Advisors Inc.’s holdings in Consolidated Edison were worth $14,142,000 as of its most recent SEC filing.

Several other large investors have also bought and sold shares of ED. BlackRock Inc. purchased a new position in shares of Consolidated Edison during the 2nd quarter worth approximately $4,609,491,000. State Street Corp lifted its stake in shares of Consolidated Edison by 3.6% in the 4th quarter. State Street Corp now owns 24,905,440 shares of the utilities provider’s stock valued at $2,473,608,000 after purchasing an additional 854,868 shares during the period. Lazard Asset Management LLC boosted its position in shares of Consolidated Edison by 14.8% during the first quarter. Lazard Asset Management LLC now owns 7,075,838 shares of the utilities provider’s stock valued at $800,843,000 after purchasing an additional 910,244 shares in the last quarter. Deutsche Bank AG bought a new stake in shares of Consolidated Edison during the second quarter valued at approximately $749,184,000. Finally, Price T Rowe Associates Inc. MD grew its stake in Consolidated Edison by 11.0% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 5,200,840 shares of the utilities provider’s stock worth $516,549,000 after purchasing an additional 514,178 shares during the period. 66.29% of the stock is owned by institutional investors.

Consolidated Edison Stock Performance

Shares of ED stock opened at $107.40 on Friday. The company has a market capitalization of $39.72 billion, a price-to-earnings ratio of 17.64, a price-to-earnings-growth ratio of 2.73 and a beta of 0.27. The company has a debt-to-equity ratio of 1.04, a quick ratio of 1.17 and a current ratio of 1.27. Consolidated Edison Inc has a one year low of $94.96 and a one year high of $116.23. The company’s 50-day moving average is $109.99 and its 200 day moving average is $109.88.

Consolidated Edison (NYSE:ED) last issued its earnings results on Thursday, August 6th. The utilities provider reported $0.83 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.76 by $0.07. The business had revenue of $4.07 billion during the quarter, compared to analysts’ expectations of $3.60 billion. Consolidated Edison had a net margin of 12.53% and a return on equity of 8.44%. During the same period in the previous year, the company earned $0.67 earnings per share. Consolidated Edison has set its FY 2026 guidance at 6.000-6.200 EPS. Sell-side analysts expect that Consolidated Edison Inc will post 6.09 EPS for the current fiscal year.

Consolidated Edison Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 15th. Investors of record on Wednesday, August 19th will be given a $0.8875 dividend. The ex-dividend date of this dividend is Wednesday, August 19th. This represents a $3.55 annualized dividend and a yield of 3.3%. Consolidated Edison’s dividend payout ratio is 58.29%.

Analyst Upgrades and Downgrades

A number of brokerages have recently commented on ED. Wells Fargo & Company boosted their target price on shares of Consolidated Edison from $106.00 to $108.00 and gave the company an “equal weight” rating in a report on Friday, August 7th. Argus set a $112.00 price target on shares of Consolidated Edison in a research report on Tuesday, June 23rd. Weiss Ratings reissued a “buy (b)” rating on shares of Consolidated Edison in a research report on Tuesday, July 21st. The Goldman Sachs Group reissued a “sell” rating and issued a $105.00 price target on shares of Consolidated Edison in a research report on Thursday, May 14th. Finally, KeyCorp cut their price target on Consolidated Edison from $97.00 to $94.00 and set an “underweight” rating on the stock in a research note on Thursday, July 23rd. Three equities research analysts have rated the stock with a Buy rating, six have assigned a Hold rating and six have assigned a Sell rating to the stock. Based on data from MarketBeat.com, Consolidated Edison presently has a consensus rating of “Reduce” and a consensus price target of $108.93.

About Consolidated Edison

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.