Joseph Miller, Vice President and Controller at Consolidated Edison Inc. (NYSE:ED), recently acquired shares of the company's common stock. According to a recent SEC filing, Miller purchased 1.058 shares on December 16 at a price of $92.58 per share, totaling approximately $97. The utility giant, currently valued at $31.46 billion, is trading near its 52-week low with technical indicators suggesting oversold conditions. InvestingPro analysis reveals the stock has maintained an impressive track record of 50 consecutive years of dividend increases.
Following this transaction, Miller now directly owns 1,219.719 shares. Additionally, Miller's indirect ownership through the Tax Reduction Act Stock Ownership Plan (TRASOP) increased, with a total of 122.701 shares held under this plan as of November 29, 2024. Known for its low price volatility, Consolidated Edison's comprehensive financial health analysis and 8 additional key insights are available through InvestingPro's detailed research reports.
In other recent news, Consolidated Edison has announced a public offering of 7 million shares and a significant debt sale of $1.45 billion in debentures. These financial moves are part of a strategy to support the capital needs of its subsidiaries and other corporate purposes. The company has also secured a $700 million credit facility, providing additional liquidity for potential future investments.
Recent analyst notes indicate that Guggenheim has maintained a Neutral rating for the company, while BofA Securities and a Citi analyst have upgraded their stock ratings to Buy. Jefferies has initiated coverage with a Hold rating.
Consolidated Edison's Q2 2024 earnings report revealed an adjusted EPS of $0.59 and an operating revenue of $3.22 billion. The company's subsidiary, Orange and Rockland Utilities, has proposed new rate plans for 2025-2027, pending approval by the New York State Public Service Commission. Furthermore, Kirkland B. Andrews has recently joined Consolidated Edison as the new CFO.
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