Wed, Sep. 14, 12:57 PM
- Consolidated Edison (ED +1.2%) is upgraded to Buy from Hold with an $82 price target, raised from $80, at Jefferies, which believes ED will announce the details of a previously announced rate settlement based on a 9% return on equity.
- Jefferies says investors had been concerned about a lower than 9% ROE, but given the recent settlement for Brooklyn Union Gas at 9%, it sees little risk of an ROE at that rate.
- The firm thinks the delay in the announcement could be because this is the first rate proceeding for CECONY since the Reforming the Energy Vision.
Thu, Aug. 4, 5:11 PM
Wed, Aug. 3, 5:35 PM
- AAOI, ABTL, ACAD, ACHN, ACXM, AHS, AHT, AIRM, AL, ALNY, AMBR, AMH, AMRS, ANET, ASYS, ATRC, ATVI, BBG, BLDR, BMRN, BRS, CARA, CBPO, CERS, CINR, CPSI, CPST, CSOD, CTRL, CYTX, DCO, DCT, DMD, EBS, ECOM, ECPG, ECYT, ED, EFC, EGOV, EOG, ESL, EVDY, EVH, FCE.A, FEYE, FFG, FLDM, FLR, FLT, FPRX, FRPT, FRT, FTD, GCAP, GDOT, GEOS, GSAT, GSBD, GST, GTY, GXP, HDP, HE, HTGC, ICON, IILG, IMMR, IMPV, INAP, INGN, IRWD, IVR, JMBA, JUNO, KHC, KMPR, KND, KTOS, KW, LADR, LBTYA, LGF, LNKD, LOCO, LOPE, MACK, MDRX, MELI, MHK, MHLD, MITT, MMI, MNST, MNTX, MRIN, MSI, MTX, MTZ, NAVG, NDLS, NFG, NNI, NOG, NUS, OEC, OLED, OREX, OUT, OVAS, PACB, PCLN, PDLI, PETX, PFMT, PGRE, PKI, POST, PRSS, PSIX, PTCT, RATE, REGI, RMAX, RPTP, RRMS, RTRX, RVNC, SEM, SEMG, SHOR, SMCI, SPXC, SSNI, SWIR, SYMC, SYRG, TASR, TCRD, TEAM, TRMR, TRUE, TSRO, TTWO, TWOU, TXMD, UBNT, UEIC, VVUS, WAIR, WEB, WIFI, WING, WTI, WTS, WTW, ZG, ZNGA
Tue, Aug. 2, 7:06 AM
- July monthly performance was: +2.28%
- 52-week performance vs. the S&P 500 is: +7%
- No dividends were paid in July
- Top 10 Holdings as of 6/30/2016: McCormick & Co Inc Non-Voting (MKC): 2.25805%, Cincinnati Financial Corp (CINF): 2.25221%, AT&T Inc (T): 2.2047%, C.R. Bard Inc (BCR): 2.20417%, Clorox Co (CLX): 2.19531%, Consolidated Edison Inc (ED): 2.18289%, Sysco Corp (SYY): 2.15335%, Medtronic PLC (MDT): 2.13378%, Cintas Corp (CTAS): 2.12501%, Kimberly-Clark Corp (KMB): 2.10475%
Wed, Jul. 27, 9:19 AM
- Exelon (NYSE:EXC) subsidiary Constellation agrees to acquire Con Edison Solutions' (NYSE:ED) retail electricity and natural gas business for an unspecified amount.
- EXC says the retail electricity and natural gas business delivered ~14 TWh of electricity and 1 Bcf of natural gas in 2015, and the acquisition will expand its customer base to more than 2.5M residential and business customers.
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
- ABCO, ABTL, ACAD, ACET, AHS, AHT, AIRM, AL, ALEX, AMBR, AMH, ANET, APLE, ASYS, ATHX, ATVI, ATW, BBG, BCEI, BIO, BIOS, BLDR, BOJA, CAA, CARA, CERN, CINR, CLNE, CLVS, CMLS, CPA, CTRL, CYBR, CZR, DATA, DCT, DEPO, DIOD, DK, DKL, DV, DWA, EBS, ECOM, ED, EFC, EGAN, EGL, EGN, EGY, ELON, ENDP, ENV, EOG, ERII, ESL, EVC, EVDY, EVHC, FCE.A, FEYE, FISV, FLR, FPRX, FTD, GBDC, GEOS, GERN, GPRO, GSAT, GST, GUID, GXP, HLF, HTGC, ICPT, IMMR, IMPV, INAP, JCOM, LADR, LOCO, MAIN, MCHX, MDR, MDRX, MDVN, MELI, MHK, MITT, MNTX, MRIN, MSI, MTD, MTZ, NBIX, NGVC, NSTG, NWSA, OLED, OMED, OUT, OVAS, PACD, PCTY, PEGA, PETX, PKI, PMT, POST, PRSS, PTCT, PTLA, QLGC, RPTP, RRMS, RWT, SAAS, SEM, SEMG, SNCR, SPPI, SPWR, SPXC, SQ, SSNC, SWIR, TCRD, TEAM, TRMR, TRUE, TRQ, TRUP, TSRO, TWOU, UBNT, UEPS, UNXL, WAGE, WAIR, WEB, WIFI, WING, XNPT, Y, YELP
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
- Consolidated Edison (NYSE:ED): Q4 EPS of $0.60 beats by $0.06.
- Revenue of $2.71B (-4.2% Y/Y) misses by $350M.
- Shares +0.55% AH.