Empower Advisory Group LLC recently acquired a new position in Consolidated Edison, Inc. during the first quarter of this year, according to the company’s 13F filing with the Securities and Exchange Commission. The fund purchased 116,279 shares of Consolidated Edison’s stock, with an estimated value of $11,057,000.
Consolidated Edison (NYSE:ED) is a renowned utilities provider that offers electricity and natural gas services to customers in New York City and Westchester County. The company has been providing reliable energy solutions for over a century and has established itself as a leader in the industry.
The latest earnings results announced by Consolidated Edison on August 3rd showcased its strong performance. The utilities provider reported earnings per share (EPS) of $0.61 for the quarter, surpassing analysts’ consensus estimates of $0.58 by $0.03. Despite slightly lower revenue of $2.94 billion compared to analysts’ expectations of $3.31 billion, Consolidated Edison demonstrated solid financials.
With a return on equity of 8.27% and a net margin of 15.84%, Consolidated Edison continues to exhibit efficiency in managing its operations and generating profits for shareholders. Although there was a slight decrease in earnings per share compared to the same quarter last year ($0.64), these figures suggest stability and sustainability within the company.
Equities analysts are optimistic about Consolidated Edison’s future prospects, predicting that it will post earnings per share of 4.9 for the current year. This projection indicates confidence in the utilities provider’s ability to navigate challenges successfully and continue delivering value to its stakeholders.
In summary, Empower Advisory Group LLC’s recent acquisition of Consolidated Edison shares reflects their belief in the company’s potential growth and stability within the utilities sector. Consolidated Edison’s latest earnings results demonstrate its ability to outperform expectations despite slight revenue shortfall, indicating its expertise in managing operations and generating healthy margins. As the year progresses, all eyes will be on Consolidated Edison as it continues to strengthen its position as a reliable energy provider.
[bs_slider_forecast ticker=”SRPT”]
Consolidated Edison Stock Activity and Analyst Opinions Create Investor Uncertainty in Utilities Sector
Consolidated Edison, a utilities provider with a market capitalization of $31.55 billion, has recently caught the attention of several institutional investors and hedge funds. Arete Wealth Advisors LLC acquired a new stake in the company during the 1st quarter, amounting to approximately $519,000. Meanwhile, Ameriprise Financial Inc. increased its holdings by 2.0%, now owning 259,341 shares valued at $24,812,000. Guardian Wealth Advisors LLC also saw its holdings grow by 6.5% in the 1st quarter, now owning 6,105 shares worth $584,000. B. Riley Wealth Advisors Inc., on the other hand, experienced a substantial increase of 32.1% in their holdings during the same period, now possessing 34,649 shares with a value of $3,315,000. Lastly, Boston Common Asset Management LLC expanded its holdings by 6.3%, now owning 233,167 shares valued at $22,307,000.
Despite these recent developments among institutional investors and hedge funds regarding Consolidated Edison’s stock activity,some analysts have raised concerns about the company’s performance. Royal Bank of Canada recently lowered the target price for Consolidated Edison from $97.00 to $92.00 and assigned it a “sector perform” rating. Similarly,the Goldman Sachs Group initiated coverage on Consolidated Edison and issued a “sell” rating witha target price of$88.00 per share.JPMorgan Chase & Co., Mizuho,and KeyCorpall dropped their respective price objectives as well.
In total,five equities research analysts have rated Consolidated Edison’s stock as “sell,” while six have given it a “hold” rating.Two remaining analysts haveissued a “buy” rating forthe company.
Consolidated Edison currently opens at $91.46 per share and has witnesseda year-long high of $100.92 and a low of $78.10. It has a price-to-earnings (P/E) ratio of 13.16, a PEG (price-earnings growth) ratio of 9.02, and a beta of 0.37.The company has a quick ratio of 0.95, a current ratio of1.02, anda debt-to-equity ratioof 0.99.
Additionally, the company announced the payment of its quarterly dividend on Friday, September 15th.Stockholders who were recorded as such by Wednesday, August 16th will receive $0.81 per share as dividend payment. Based on the annualized dividend of $3.24 per share,such payout corresponds to adividend yieldof3.54%. Consolidated Edison’s dividend payout ratio is currentlyat46.62%.
These recent developments and announcements provide investors with valuable insight into Consolidated Edison’s stock activity and financial performance.Moreover,the diverging opinions among analysts indicate potential uncertainty surrounding the company’s future prospects in the market.As always,investors should exercise due diligence and consult with financial advisors before making any investment decisions regarding Consolidated Edison or other stocks in the utilities sector.
