Consolidated Edison Finally "Coming In"
Ray Merola • 12 Comments
Ray Merola • 12 Comments
Thu, Jul. 21, 2:25 PM
Mon, Jun. 27, 7:27 PM
- One of the biggest Brexit beneficiaries is the utilities sector, as the Dow Jones Utility Average and the SPDR Utilities Select Sector ETF both surged to new record highs as Treasury yields tumble to multiyear lows.
- The implied annual dividend yield for the Dow utilities is 3.08% and 3.18% for the utilities ETF, more than double the 10-year Treasury yield.
- J.P. Morgan equity strategists said today that they believe bond yields "are not going anywhere but lower,” and thus remain overweight on the utilities sector.
- At least six Dow utilities components posted record closes: NEE +3.3%, EIX +2.5%, AWK +2.4%, ED +1.9%, AEP +1.8%, PCG +0.8%.
- Among other major utilities in today's trade: SO +1.9%, DUK +1.9%, SCG +1.6%, ETR +1.1%, D +1%, AEE +1%, XEL +0.9%, SRE +0.9%, PEG +0.7%, FE +0.7%, EXC +0.6%.
- ETFs: XLU, UTG, IDU, VPU, GUT, BUI, FUTY, RYU, UPW, FXU, PUI, SDP, PSCU
Wed, Jun. 8, 1:40 PM
- Willdan Group (WLDN +7.4%) announced that it has been awarded a new two-and-a-half-year $40.6M contract to implement Consolidated Edison’s (NYSE:ED) Multifamily Energy Efficiency program across the utility’s New York City and Westchester County service area.
- This new program is expected to ramp up throughout Q3 and expands upon Willdan’s existing Small Business Direct Install program with Con Edison.
- Willdan has further broadened its clean energy offerings through the recent acquisition of Genesys Engineering.
Thu, Jun. 2, 7:46 AM
- May monthly performance was: +0.76%
- 52-week performance vs. the S&P 500 is: +7%
- No dividends were paid in May
- Top 10 Holdings as of 4/30/2016: Consolidated Edison Inc (ED): 2.09%, Leggett & Platt Inc (LEG): 2.07%, S&P Global Inc (SPGI): 2.07%, Brown-Forman Corp Class B (BF.B): 2.07%, Colgate-Palmolive Co (CL): 2.06%, C.R. Bard Inc (BCR): 2.05%, Hormel Foods Corp (HRL): 2.05%, W.W. Grainger Inc (GWW): 2.05%, Clorox Co (CLX): 2.05%, McCormick & Co Inc Non-Voting (MKC): 2.05%
Mon, May 9, 4:50 PM
- Consolidated Edison (NYSE:ED) -1.7% AH after announcing a public offering of 8.8M common shares, with an underwriters option to purchase up to an additional 1.32M units.
- ED says it plans to use the proceeds for general corporate purposes, including repayment of outstanding short-term debt and then to fund the purchase by an ED subsidiary of an equity interest in a gas pipeline and storage joint venture with available cash and the proceeds from the issuance of additional short-term debt.
Fri, May 6, 12:21 AM
Wed, May 4, 5:35 PM
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Thu, Apr. 21, 3:12 PM
Thu, Apr. 21, 8:14 AM
- Crestwood Equity Partners (NYSE:CEQP) and Consolidated Edison (NYSE:ED) are forming a joint venture to own and develop CEQP's existing natural gas pipeline and storage business located in northern Pennsylvania and southern New York.
- ED will purchase a 50% equity interest in Stagecoach Gas Services for ~$975M, with an implied market value of ~$2B, to be funded with a combination of debt and new equity; CEQP will contribute its existing natural gas pipeline and storage business to the new entity.
- Stagecoach will own four natural gas storage facilities with a combined storage capacity of 41B cf and three natural gas pipelines with a combined throughput capacity of 2,960 Mmcf/day; for the first three years following closing, ED will receive 65%, 65% and 60%, respectively, of cash distributed.
- In a revised 2016 outlook, CEQP sees adjusted EBITDA of $435M-$465M, distributable cash flow of $275M-$305M, and growth capital spending and JV contributions of $50M-$75M; it is cutting its quarterly distribution to $0.60/unit from $1.375.
Mon, Apr. 18, 3:38 PM
- Consolidated Edison (ED -0.3%) is downgraded to Sell from Hold with a $70 price target at Deutsche Bank, following a strong YTD performance relative to other regulated utilities.
- The firm says ED is overvalued in the mid-70s, which is at odds with fundamentals given below average compound annual EPS growth potential - the firm projects a 2% compound annual growth rate vs. a ~4% sector average - and the absence of any formal management guidance on the long-term outlook.
- Deutsche Bank also remains wary of potential risk from the 2014 Harlem explosion which was traced to ED’s natural gas infrastructure; New York regulators have opened an investigation, which is still at early stages, and ED eventually could face some sort of penalty.
- Now read It's hard to make a compelling case for Consolidated Edison
Thu, Feb. 18, 5:18 PM
Wed, Feb. 17, 5:35 PM
Mon, Feb. 8, 4:46 PM
- Silver Spring (NYSE:SSNI) expects to report Q4 revenue of $74M-$75M and EPS of $0.07-$0.08; consensus is at $74.1M and $0.06.
- 633K endpoints were delivered in Q4, up from 552K a year ago. Over the whole of 2015, cumulative endpoints delivered rose 13% to 22.9M.
- The company has also announced a deal with utilities Con Edison and Orange & Rockland (O&R), both subsidiaries of Consolidated Edison (NYSE:ED), to "connect approximately 3.9 million electric and 1.3 million gas customers through the deployment of Silver Spring's multi-application networking, data, and control platform."
- Silver Spring: "This secure communications network will provide Con Edison and O&R with data and insights into its grid, empowering customers to better manage their energy usage, and enabling advancements in reliability and customer service ... The deployment of the AMI communications system and smart meter rollout is scheduled to begin in early 2017 and is expected to take five years, pending regulatory approval."
- Also announced: Updates to the fifth-gen version of Silver Spring's core smart grid networking platform. Silver Spring states the updates doubles the platform's max speed to 2.4Mbps, increases "computational performance" by 10x, and adds 4G connectivity support.
- Meanwhile, Silver Spring has filed a $200M mixed shelf registration with the SEC that enables futures stock, debt, and/or warrant offerings. The company only says any proceeds will be used for "general corporate purposes."
- Silver Spring has risen to $10.50 after hours on modest volume (3,300 shares). Q4 results are due on the afternoon of Feb. 16.
Thu, Jan. 21, 5:49 PM
- Consolidated Edison (NYSE:ED) declares $0.67/share quarterly dividend, 3.1% increase from prior dividend of $0.65.
- Forward yield 3.96%
- Payable March 15; for shareholders of record Feb. 17; ex-div Feb. 12.
Tue, Jan. 12, 3:02 PM
- Morgan Stanley upgrades the regulated utilities industry to In-Line from Cautious, believing the market will better differentiate high-growth names from others in 2016 and that the valuation gap between undervalued public companies and overvalued private companies will begin to close.
- The firm names Dynegy (DYN -2.7%) its top overall pick in the space, but also remains Overweight on NRG Energy (NRG -2.7%) and Calpine (CPN -4.5%), while maintaining its Underweight rating on Consolidated Edison (ED -1.5%), Southern Co. (SO -0.9%) and Public Service Enterprise (PEG -0.5%).
- Stanley also downgrades Laclede (LG -1.9%) and Pinnacle West (PNW -2.4%) to Underweight from Equal Weight.
Nov. 5, 2015, 6:06 PM
- Consolidated Edison (NYSE:ED): Q3 EPS of $1.45 misses by $0.03.
Consolidated Edison, Inc. operates as a holding company, which through its subsidiaries engages in the business of regulated electric, gas and steam delivery. It operates through three segments: Consolidated Edison Co. of New York, Inc., Orange & Rockland Utilities, Inc. and Competitive Energy... More
Industry: Diversified Utilities
Country: United States
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