Traders Buy High Volume of Consolidated Edison Call Options (NYSE:ED)

Consolidated Edison Inc (NYSE:ED) was the recipient of some unusual options trading on Tuesday. Stock investors acquired 36,661 call options on the company. This represents an increase of approximately 3,672% compared to the typical daily volume of 972 call options.

Consolidated Edison Stock Up 0.1%

Shares of ED traded up $0.10 during trading on Tuesday, reaching $113.82. The company’s stock had a trading volume of 1,717,107 shares, compared to its average volume of 1,921,410. The company has a market cap of $41.08 billion, a price-to-earnings ratio of 19.90, a P/E/G ratio of 3.10 and a beta of 0.38. The company has a quick ratio of 0.97, a current ratio of 1.08 and a debt-to-equity ratio of 1.03. The company has a fifty day moving average of $102.53 and a two-hundred day moving average of $100.66. Consolidated Edison has a twelve month low of $94.50 and a twelve month high of $115.25.

Consolidated Edison Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, March 16th. Shareholders of record on Wednesday, February 18th will be paid a dividend of $0.8875 per share. This is a positive change from Consolidated Edison’s previous quarterly dividend of $0.85. The ex-dividend date is Wednesday, February 18th. This represents a $3.55 dividend on an annualized basis and a yield of 3.1%. Consolidated Edison’s payout ratio is currently 62.06%.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on ED shares. JPMorgan Chase & Co. reduced their price target on shares of Consolidated Edison from $101.00 to $97.00 and set an “underweight” rating on the stock in a research report on Friday, December 12th. Wells Fargo & Company cut their target price on shares of Consolidated Edison from $99.00 to $95.00 and set an “equal weight” rating on the stock in a research note on Tuesday, January 20th. Morgan Stanley restated an “underweight” rating and set a $96.00 price objective on shares of Consolidated Edison in a research note on Wednesday, January 21st. Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Consolidated Edison in a research report on Monday, December 29th. Finally, UBS Group lifted their price objective on shares of Consolidated Edison from $108.00 to $112.00 and gave the company a “neutral” rating in a research note on Friday, January 23rd. Three investment analysts have rated the stock with a Buy rating, seven have assigned a Hold rating and five have given a Sell rating to the company’s stock. According to MarketBeat, Consolidated Edison presently has a consensus rating of “Reduce” and an average price target of $104.20.

Insider Transactions at Consolidated Edison

In other news, Director John F. Killian sold 2,276 shares of the firm’s stock in a transaction dated Thursday, December 11th. The stock was sold at an average price of $96.89, for a total value of $220,521.64. Following the transaction, the director directly owned 38,661 shares in the company, valued at $3,745,864.29. This trade represents a 5.56% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Company insiders own 0.19% of the company’s stock.

Hedge Funds Weigh In On Consolidated Edison

Large investors have recently modified their holdings of the stock. Basepoint Wealth LLC bought a new position in Consolidated Edison during the 4th quarter worth approximately $26,000. JPL Wealth Management LLC bought a new position in Consolidated Edison during the third quarter worth $26,000. Aventura Private Wealth LLC bought a new position in Consolidated Edison during the fourth quarter worth $27,000. Westfuller Advisors LLC acquired a new stake in shares of Consolidated Edison during the fourth quarter worth $27,000. Finally, Dorato Capital Management acquired a new stake in shares of Consolidated Edison during the fourth quarter worth $28,000. Institutional investors own 66.29% of the company’s stock.

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.