CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT Invests $3.09 Million in Consolidated Edison, Inc. (NYSE:ED)

CUSHING ASSET MANAGEMENT LP dba NXG INVESTMENT MANAGEMENT bought a new position in Consolidated Edison, Inc. (NYSE:ED) during the 4th quarter, HoldingsChannel reports. The fund bought 34,000 shares of the utilities provider’s stock, valued at approximately $3,093,000.

A number of other hedge funds have also recently added to or reduced their stakes in ED. Retirement Group LLC raised its holdings in Consolidated Edison by 74.8% during the 4th quarter. Retirement Group LLC now owns 271 shares of the utilities provider’s stock worth $26,000 after buying an additional 116 shares during the period. Financial Gravity Asset Management Inc. grew its stake in shares of Consolidated Edison by 215.6% during the 3rd quarter. Financial Gravity Asset Management Inc. now owns 284 shares of the utilities provider’s stock worth $25,000 after acquiring an additional 194 shares in the last quarter. Level Financial Advisors Inc. bought a new position in shares of Consolidated Edison in the third quarter valued at $26,000. Tyler Stone Wealth Management bought a new position in shares of Consolidated Edison in the second quarter valued at $28,000. Finally, CGC Financial Services LLC bought a new position in shares of Consolidated Edison in the second quarter valued at $30,000. Institutional investors own 66.29% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts have commented on the stock. JPMorgan Chase & Co. lifted their price objective on shares of Consolidated Edison from $84.00 to $87.00 and gave the stock an “underweight” rating in a research report on Wednesday, November 29th. Scotiabank boosted their price target on Consolidated Edison from $90.00 to $91.00 and gave the company a “sector underperform” rating in a research note on Tuesday, February 20th. Royal Bank of Canada lowered their target price on Consolidated Edison from $94.00 to $93.00 and set a “sector perform” rating for the company in a research note on Friday, February 16th. LADENBURG THALM/SH SH initiated coverage on Consolidated Edison in a research note on Wednesday, January 3rd. They set a “neutral” rating and a $92.50 target price for the company. Finally, Barclays boosted their price target on Consolidated Edison from $86.00 to $87.00 and gave the stock an “equal weight” rating in a report on Thursday, March 14th. Four investment analysts have rated the stock with a sell rating, eight have assigned a hold rating and one has issued a buy rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average target price of $87.96.

Consolidated Edison Stock Up 3.0 %

Shares of NYSE:ED traded up $2.60 during trading on Wednesday, reaching $90.05. 1,920,320 shares of the stock were exchanged, compared to its average volume of 1,786,932. The company has a debt-to-equity ratio of 1.04, a current ratio of 1.01 and a quick ratio of 0.94. Consolidated Edison, Inc. has a 1-year low of $80.46 and a 1-year high of $100.92. The stock has a fifty day moving average of $88.95 and a two-hundred day moving average of $89.53. The firm has a market cap of $31.11 billion, a price-to-earnings ratio of 12.54, a price-to-earnings-growth ratio of 8.34 and a beta of 0.35.

Consolidated Edison (NYSE:ED) last issued its earnings results on Thursday, February 15th. The utilities provider reported $1.00 earnings per share for the quarter, topping analysts’ consensus estimates of $0.98 by $0.02. Consolidated Edison had a return on equity of 8.41% and a net margin of 17.19%. The company had revenue of $3.44 billion for the quarter, compared to analyst estimates of $3.70 billion. During the same period in the prior year, the firm earned $0.81 earnings per share. Consolidated Edison’s revenue for the quarter was down 14.6% on a year-over-year basis. Research analysts anticipate that Consolidated Edison, Inc. will post 5.3 earnings per share for the current fiscal year.

Consolidated Edison Increases Dividend

The business also recently declared a quarterly dividend, which was paid on Friday, March 15th. Investors of record on Wednesday, February 14th were given a $0.83 dividend. This is a positive change from Consolidated Edison’s previous quarterly dividend of $0.81. This represents a $3.32 dividend on an annualized basis and a yield of 3.69%. The ex-dividend date was Tuesday, February 13th. Consolidated Edison’s dividend payout ratio is presently 46.24%.

Consolidated Edison Profile

Consolidated Edison, Inc, through its subsidiaries, engages in the regulated electric, gas, and steam delivery businesses in the United States. It offers electric services to approximately 3.7 million customers in New York City and Westchester County; gas to approximately 1.1 million customers in Manhattan, the Bronx, parts of Queens, and Westchester County; and steam to approximately 1,530 customers in parts of Manhattan.