Stock Traders Buy High Volume of Consolidated Edison Put Options (ED)
Consolidated Edison, Inc. (NYSE:ED) was the recipient of unusually large options trading activity on Monday. Stock investors acquired 2,123 put options on the company. This represents an increase of approximately 962% compared to the average daily volume of 200 put options.
Large investors have recently bought and sold shares of the business. WFG Advisors LP grew its holdings in shares of Consolidated Edison by 19.6% during the second quarter. WFG Advisors LP now owns 1,308 shares of the utilities provider’s stock worth $106,000 after buying an additional 214 shares in the last quarter. AllSquare Wealth Management LLC purchased a new stake in shares of Consolidated Edison during the third quarter worth about $113,000. Day & Ennis LLC purchased a new stake in shares of Consolidated Edison during the second quarter worth about $205,000. Tower Bridge Advisors purchased a new stake in shares of Consolidated Edison during the third quarter worth about $208,000. Finally, Pinebridge Investments L.P. purchased a new stake in shares of Consolidated Edison during the second quarter worth about $210,000. Hedge funds and other institutional investors own 55.50% of the company’s stock.
Several research firms have recently commented on ED. Evercore ISI cut shares of Consolidated Edison from an “in-line” rating to an “underperform” rating and set a $74.00 target price for the company. in a research note on Tuesday, September 26th. Zacks Investment Research downgraded shares of Consolidated Edison from a “buy” rating to a “hold” rating in a report on Tuesday, September 19th. Guggenheim reiterated a “hold” rating and issued a $88.00 price target on shares of Consolidated Edison in a report on Wednesday, January 3rd. ValuEngine upgraded shares of Consolidated Edison from a “hold” rating to a “buy” rating in a report on Sunday, December 31st. Finally, Bank of America began coverage on shares of Consolidated Edison in a report on Tuesday, October 24th. They issued a “buy” rating and a $92.00 price target for the company. Five equities research analysts have rated the stock with a sell rating, six have issued a hold rating and three have issued a buy rating to the company. The stock currently has a consensus rating of “Hold” and an average price target of $80.95.
Consolidated Edison (NYSE:ED) last posted its earnings results on Thursday, November 2nd. The utilities provider reported $1.47 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $1.54 by ($0.07). Consolidated Edison had a net margin of 10.42% and a return on equity of 8.42%. The business had revenue of $3.21 billion for the quarter, compared to analysts’ expectations of $3.14 billion. During the same quarter last year, the business posted $1.51 earnings per share. equities research analysts anticipate that Consolidated Edison will post 4.09 earnings per share for the current fiscal year.
The firm also recently announced a quarterly dividend, which was paid on Friday, December 15th. Shareholders of record on Wednesday, November 15th were issued a dividend of $0.69 per share. The ex-dividend date was Tuesday, November 14th. This represents a $2.76 annualized dividend and a yield of 3.41%. Consolidated Edison’s dividend payout ratio (DPR) is currently 69.17%.
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Consolidated Edison Company Profile
Consolidated Edison, Inc (Con Edison) is a holding company. The Company operates through its subsidiaries, which include Consolidated Edison Company of New York, Inc (CECONY), Orange and Rockland Utilities, Inc (O&R), Con Edison Clean Energy Businesses, Inc (the Clean Energy Businesses) and Con Edison Transmission, Inc (Con Edison Transmission).
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