Consolidated Edison, IncNYSE: ED
Utilities · Multi-Utilities
$107.55
+0.47%
Vol: 615K
Research Digest
Thursday, June 18, 2026
Consolidated Edison was downgraded to Neutral from Outperform at Mizuho on June 17, 2026, capping a stock that has run up near 52-week highs.
On June 17, 2026, Mizuho downgraded Consolidated Edison to Neutral from Outperform, signaling limited remaining upside after a strong run. The utility continues to reaffirm 2026 adjusted EPS guidance of $6.00-$6.20 with projected earnings growth above 7%. Separately, on June 1 ConEd's NY subsidiary entered an underwriting agreement to issue new long-term registered debentures, reinforcing its investment-grade access for grid modernization financing. A $0.89 quarterly dividend was paid June 15, 2026. The risk is that the stock now trades near 52-week highs with a Neutral analyst consensus (3 buy vs 6 sell), leaving little valuation cushion if rate-base growth disappoints.
Previous Market Intelligence
13 daysJun 17No significant overnight updatesNeutral▶
No material news in the last 48 hours.
Jun 16No significant overnight updatesNeutral▶
No material news in the last 48 hours. Latest catalysts (Q1 2026 results, the $2B ATM equity program, and J.P. Morgan/Goldman Sachs Sell ratings) are all older than 48 hours.
Jun 15No significant overnight updatesNeutral▶
No material news in the last 48 hours.
Jun 14No significant overnight updatesNeutral▶
No material news in the last 48 hours.
May 21Con Edison launches $2B ATM equity program after Q1 EPS beatNeutral▶
On May 7, 2026, Consolidated Edison reported Q1 net income of $924M ($2.55/share) vs $791M ($2.26) a year earlier; adjusted EPS was $2.18. The next day, May 8, the company announced a $2B at-the-market equity offering program. The board declared an $0.8875 quarterly dividend payable June 15. At the May 18 shareholder meeting, detailed director vote results were disclosed.
May 20No significant overnight updatesNeutral▶
No material news in the last 48 hours.
May 19No significant overnight updatesNeutral▶
No material news in the last 48 hours.
May 18No significant overnight updatesNeutral▶
No material news in the last 48 hours. Recent context: Con Edison reported Q1 2026 net income of $2.55/share on May 7, announced a $2B ATM equity offering on May 12, and declared a $0.8875 quarterly dividend payable June 15.
May 15Consolidated Edison advances $2B at-the-market equity program as Goldman raises price target to $105 on financing progressMixed▶
Con Edison has launched a $2 billion at-the-market equity offering program to fund its capital needs, with the company completing approximately 70% of its 2026 equity financing during Q1. Goldman Sachs raised its price target to $105 citing financing progress, while Barclays trimmed its target to $107 from $110. Q1 2026 adjusted EPS came in at $2.18, down from $2.26 year-over-year, with management reaffirming FY2026 non-GAAP EPS guidance of $6.00 to $6.20. Trading volume surged to $0.35B on May 12 amid interest in the steady $3.55 annual dividend (3.34% yield). Among 19 analysts, consensus remains Hold based on three Strong Buys, ten Holds, one Moderate Sell and five Strong Sells. Key risk: regulatory and dilution pressure from the equity raise.
May 14Con Edison launches $2B ATM equity offering program on May 8 and announces second offering on May 12 to fund capital investments after Q1 EPS of $2.55Mixed▶
Consolidated Edison announced a $2 billion at-the-market (ATM) equity offering program on May 8, 2026, with agents including Barclays Capital and J.P. Morgan, to fund subsidiaries' capital requirements. Trading volume hit $0.35 billion on May 12 amid the announcement. The offering follows Q1 2026 GAAP EPS of $2.55 (vs $2.26 prior year), boosted by a gain on the Mountain Valley Pipeline sale completed for $357.5 million. Adjusted EPS came in at $2.18, slightly below the $2.26 prior year due to higher O&M costs and interest expense. The company reaffirmed 2026 adjusted EPS guidance of $6.00-$6.20. Con Edison also settled a forward sale agreement for 7 million shares generating $776 million in equity proceeds during Q1.
May 13Con Edison launched a $2 billion at-the-market equity offering program to fund infrastructure capex.Mixed▶
On May 12, 2026, Consolidated Edison announced a $2 billion ATM equity offering program, with shares to be sold through agents including Barclays Capital and J.P. Morgan. The program supports the company's sizable capital investment plan in New York energy infrastructure. This follows a Q1 2026 report where net income reached $924 million ($2.55/share GAAP), boosted by the Mountain Valley Pipeline divestiture, while adjusted EPS came in at $2.18. Con Edison reaffirmed full-year 2026 adjusted EPS guidance of $6.00 to $6.20. The ex-dividend date is May 13, 2026 at an annualized $3.55 dividend (~3.3% yield). The new equity issuance creates near-term dilution but funds long-term grid investment.
May 12Con Edison launches $2B at-the-market equity offering on May 8 to fund capital plan after Q1 EPS beatMixed▶
Con Edison disclosed a new $2 billion ATM equity offering program on May 8, 2026, with major investment banks including Barclays, BNY Mellon, BofA, CIBC, Jefferies and JPMorgan as agents. The capital raise follows Q1 2026 net income of $924M ($2.55/share), boosted by a $357.5M gain on the sale of its Mountain Valley Pipeline stake. Adjusted EPS of $2.18 actually missed estimates due to higher expenses. The company reaffirmed full-year adjusted EPS guidance of $6.00-$6.20. Barclays lowered the price target to $107 from $110. The equity offering risks dilution and signals heavy capex pressure on infrastructure investments.
May 11Con Edison launched a $2B at-the-market equity offering on May 8 after Q1 EPS beat GAAP but missed adjusted estimates.Mixed▶
Consolidated Edison announced a $2B ATM equity offering program on May 8, 2026, to fund subsidiary capital needs and general corporate purposes — a meaningful dilution event for a utility. Q1 2026 net income reached $924M ($2.55/share) vs. $791M ($2.26) a year earlier, beating GAAP but missing revenue and adjusted EPS estimates. The company declared a $0.8875/share quarterly dividend payable June 15. Management is reviewing strategic alternatives for stakes in Mountain Valley Pipeline and Honeoye Storage. Argus raised PT to $118 (Buy) on regulatory rate increases, while BofA raised to $104 (Underperform). Risks: equity dilution, regulatory rate outcomes.
Sector Peers
| Company | Price | Day | 1M | Fwd P/E | Beta | Mkt Cap |
|---|---|---|---|---|---|---|
| NEENEXTERA | $87.28 | +1.81% | -4.8% | 19.5x | 0.67 | $178.8B |
| DDOMINION | $69.11 | +1.60% | -0.2% | 17.8x | 0.64 | $59.8B |
| SRESEMPRA | $91.17 | +1.02% | -1.2% | 16.3x | 0.58 | $59.0B |
| XELXCEL | $78.36 | +1.16% | -2.9% | 17.1x | 0.41 | $48.4B |
| EDCONSOLIDATED | $107.55 | +0.47% | -1.0% | 16.5x | 0.27 | $39.4B |
| PCGP | $16.65 | +1.28% | +0.2% | 9.1x | 0.27 | $36.2B |
Key Fundamentals
RSI (14-Day)
52-Week Range
Moving Averages
Price between 50d and 200d. Testing 50d support.