Ray Merola • 12 Comments
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.
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.
Mar. 26, 2015, 3:59 PM
- Con Edison (ED -2.8%) sinks into the close in a move some market watchers attribute to this afternoon's NYC building collapse, as an explosion in Manhattan's East Village reportedly injured ~30 people.
- Officials say the explosion, which occurred near Second Avenue and St. Marks Place, left a storefront blasted out.
Oct. 14, 2014, 11:32 AM
- While much of the stock market has been tanking, Duke Energy (DUK +2.8%) and Consolidated Edsion (ED +3.2%) are hitting 52-week highs and continue to rally today even as the rest of the market tries to recover.
- Investors are betting on a continued turnaround and redirection that will drive DUK and ED earnings and dividends higher than expected, 24/7's Jon Ogg writes.
Nov. 20, 2013, 3:59 PM
- Consolidated Edison (ED -1.6%) is downgraded to Hold from Buy at Argus based on valuation and the firm's expectations for an upcoming unfavorable rate case decision from the New York Public Service Commission, which is seen as unlikely to approve ED's request for an allowed ROE of 10.1%.
- The firm's long-term rating on ED remains a Buy, as it likes the strong financial position, limited risk profile and visible earnings stream will continue to provide stable returns for shareholders; shares also offer an attractive 4.2% dividend yield, above the industry average.
Oct. 8, 2013, 2:56 PM
- Jim Cramer touts three dividend yielding utilities as the strongest bounceback candidates in the event of a U.S. default.
- Dominion's (D +0.2%) strong core utility business allows for the continued increase in dividends, Cramer says, and an MLP spinoff will bring in lots of cash.
- ConEdison (ED +1.5%) is a stock Cramer believes is somewhat insulated from the D.C. debacle simply because it services the New York metro area.
- He likes Southern Company's (SO +1.4%) "long-term history of paying the dividend through the toughest times imaginable... they get the sanctity of the dividend better than just about any other utility."
- Separately, New York Gov. Cuomo calls on the state's Public Service Commission to reject ED’s request for a rate hike next year.
- Utilities are generally higher today as investors avoid riskier bets amid shutdown and default nervousness.
Sep. 11, 2013, 11:59 AM
- Consolidated Edison (ED -1.8%) is downgraded to Hold from Buy with a $58 price target, down from $67, at Jefferies, due to lower estimates based on a reduction in retail margins at the company's unregulated business (Con Ed Solutions).
- The firm also believes parties involved in the current electric, gas and steam rate filing will be unable to reach a settlement agreement, which could put further downward pressure on the company's earnings.
Jul. 9, 2013, 11:26 AM
Shares of Ambient (AMBT +11%) pop after Consolidated Edison (ED) contracts the company to provide application development and communications equipment to replace discontinued technology for its commercial and industrial metering. AMBT already completed a year of testing and a successful pilot program prior to being granted the contract.| Jul. 9, 2013, 11:26 AM
Jul. 5, 2013, 10:58 AM
Oct. 31, 2012, 8:29 AM
Consolidated Edison (ED) says it has restored power to more than 160K of the 930K total customers knocked out by Hurricane Sandy, leaving ~764K still without power. Sandy knocked out power to ~30% of ED's 3M-plus power customers in NYC and Westchester County. ED -1.5% premarket.| Oct. 31, 2012, 8:29 AM
Aug. 4, 2011, 7:19 PMConsolidated Edison (ED): EPS of $0.57 beats by $0.04. Profits of (-9.8% Y/Y) Company sees FY11 EPS $3.45 - $3.65 vs. consensus of $3.55. Shares +1.5% AH. (PR) | Aug. 4, 2011, 7:19 PM