Westpac Banking Corp Acquires New Holdings in Consolidated Edison Inc $ED

Westpac Banking Corp bought a new position in Consolidated Edison Inc (NYSE:ED) during the 2nd quarter, Holdings Channel reports. The institutional investor bought 52,202 shares of the utilities provider’s stock, valued at approximately $5,775,000.

A number of other large investors have also added to or reduced their stakes in ED. BlackRock Inc. purchased a new stake in Consolidated Edison during the 2nd quarter valued at $4,609,491,000. Deutsche Bank AG purchased a new position in shares of Consolidated Edison in the 2nd quarter worth $749,184,000. Lazard Asset Management LLC boosted its stake in shares of Consolidated Edison by 121,543.9% in the 3rd quarter. Lazard Asset Management LLC now owns 5,960,553 shares of the utilities provider’s stock worth $599,155,000 after buying an additional 5,955,653 shares during the last quarter. Norges Bank bought a new stake in shares of Consolidated Edison in the fourth quarter worth $489,806,000. Finally, Bank of New York Mellon Corp bought a new stake in shares of Consolidated Edison in the second quarter worth $231,014,000. Institutional investors own 66.29% of the company’s stock.

Wall Street Analysts Forecast Growth

ED has been the topic of a number of recent research reports. The Goldman Sachs Group reissued a “sell” rating and issued a $105.00 target price on shares of Consolidated Edison in a report on Thursday, May 14th. Morgan Stanley cut their price target on Consolidated Edison from $105.00 to $101.00 and set an “underweight” rating for the company in a research note on Friday. Barclays lowered their price objective on shares of Consolidated Edison from $112.00 to $106.00 and set an “underweight” rating on the stock in a research note on Friday, August 7th. Evercore reissued a “positive” rating and issued a $112.00 price objective on shares of Consolidated Edison in a report on Monday. Finally, Weiss Ratings restated a “buy (b)” rating on shares of Consolidated Edison in a research report on Tuesday, July 21st. 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 company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Reduce” and an average target price of $108.93.

Consolidated Edison Price Performance

NYSE:ED opened at $106.52 on Friday. The company has a quick ratio of 1.17, a current ratio of 1.27 and a debt-to-equity ratio of 1.04. The business’s 50-day simple moving average is $109.96 and its two-hundred day simple moving average is $109.88. The stock has a market cap of $39.39 billion, a PE ratio of 17.49, a P/E/G ratio of 2.81 and a beta of 0.27. Consolidated Edison Inc has a 52 week low of $94.96 and a 52 week high of $116.23.

Consolidated Edison (NYSE:ED) last released its quarterly earnings data on Thursday, August 6th. The utilities provider reported $0.83 earnings per share for the quarter, topping analysts’ consensus estimates of $0.76 by $0.07. Consolidated Edison had a return on equity of 8.44% and a net margin of 12.53%.The firm had revenue of $4.07 billion during the quarter, compared to analyst estimates of $3.60 billion. During the same quarter in the prior year, the company posted $0.67 earnings per share. Consolidated Edison has set its FY 2026 guidance at 6.000-6.200 EPS. As a group, analysts forecast that Consolidated Edison Inc will post 6.09 EPS for the current fiscal year.

Consolidated Edison Dividend Announcement

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

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.