Patton Fund Management Inc. Sells 26,827 Shares of Consolidated Edison Inc $ED

Patton Fund Management Inc. cut its stake in Consolidated Edison Inc (NYSE:ED) by 91.5% during the 3rd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 2,492 shares of the utilities provider’s stock after selling 26,827 shares during the period. Patton Fund Management Inc.’s holdings in Consolidated Edison were worth $250,000 at the end of the most recent quarter.

Several other hedge funds have also recently added to or reduced their stakes in the company. Capital Advisors Ltd. LLC lifted its position in shares of Consolidated Edison by 53.2% in the 2nd quarter. Capital Advisors Ltd. LLC now owns 314 shares of the utilities provider’s stock worth $32,000 after purchasing an additional 109 shares during the period. Bogart Wealth LLC raised its stake in Consolidated Edison by 886.5% during the second quarter. Bogart Wealth LLC now owns 365 shares of the utilities provider’s stock worth $37,000 after buying an additional 328 shares during the last quarter. SJS Investment Consulting Inc. lifted its holdings in Consolidated Edison by 1,677.3% in the second quarter. SJS Investment Consulting Inc. now owns 391 shares of the utilities provider’s stock valued at $39,000 after buying an additional 369 shares during the period. HFM Investment Advisors LLC bought a new stake in Consolidated Edison during the first quarter valued at $52,000. Finally, Darwin Wealth Management LLC acquired a new stake in Consolidated Edison during the 2nd quarter worth about $52,000. Institutional investors own 66.29% of the company’s stock.

Analysts Set New Price Targets

ED has been the topic of several research analyst reports. JPMorgan Chase & Co. cut their target price on Consolidated Edison from $101.00 to $97.00 and set an “underweight” rating on the stock in a research report on Friday, December 12th. Morgan Stanley set a $92.00 price objective on shares of Consolidated Edison in a research note on Tuesday, December 16th. UBS Group dropped their target price on shares of Consolidated Edison from $112.00 to $104.00 and set a “neutral” rating on the stock in a research report on Wednesday, December 17th. Evercore ISI began coverage on shares of Consolidated Edison in a report on Tuesday, October 7th. They issued an “in-line” rating and a $106.00 price target for the company. Finally, Weiss Ratings reaffirmed a “buy (b-)” rating on shares of Consolidated Edison in a research note on Monday. Three research analysts have rated the stock with a Buy rating, five have issued a Hold rating and five have assigned a Sell rating to the company’s stock. According to data from MarketBeat, Consolidated Edison has an average rating of “Reduce” and an average price target of $102.54.

Consolidated Edison Stock Performance

Shares of ED stock opened at $98.93 on Wednesday. The company has a current ratio of 1.08, a quick ratio of 0.97 and a debt-to-equity ratio of 1.03. The firm has a fifty day simple moving average of $99.05 and a two-hundred day simple moving average of $99.92. Consolidated Edison Inc has a 12 month low of $87.28 and a 12 month high of $114.87. The firm has a market capitalization of $35.71 billion, a PE ratio of 17.30, a price-to-earnings-growth ratio of 2.85 and a beta of 0.37.

Consolidated Edison (NYSE:ED) last issued its quarterly earnings data on Thursday, November 6th. The utilities provider reported $1.90 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.76 by $0.14. Consolidated Edison had a net margin of 12.27% and a return on equity of 8.79%. The firm had revenue of $4.53 billion during the quarter, compared to analysts’ expectations of $4.22 billion. During the same period last year, the company earned $1.68 earnings per share. Consolidated Edison has set its FY 2025 guidance at 5.600-5.700 EPS. Analysts forecast that Consolidated Edison Inc will post 5.62 EPS for the current fiscal year.

Consolidated Edison Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Monday, December 15th. Stockholders of record on Wednesday, November 19th were issued a $0.85 dividend. This represents a $3.40 dividend on an annualized basis and a dividend yield of 3.4%. The ex-dividend date was Wednesday, November 19th. Consolidated Edison’s dividend payout ratio (DPR) is currently 59.44%.

Insider Activity

In related news, Director John F. Killian sold 2,276 shares of the company’s stock in a transaction on Thursday, December 11th. The stock was sold at an average price of $96.89, for a total transaction of $220,521.64. Following the completion of the sale, the director owned 38,661 shares in the company, valued at approximately $3,745,864.29. This represents a 5.56% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. 0.17% of the stock is currently owned by insiders.

Consolidated Edison Company Profile

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.