Con Edison dips on about $640 mln stock sale

Consolidated Edison

04/03/2025 22:30

**  Consolidated Edison's ED.N shares down 1.6% to $100.49 in post-market trading after equity raise news

** New York utility says agrees to issue 6.3 mln shares in public offering with Barclays as underwriter

** Based on stock's last close of $102.15, offering size equates to ~$643.5 mln

** Co plans to use net offering proceeds to fund capital requirements, other general purposes

** With 346.77 mln shares outstanding as of Feb 28, per the SEC prospectus filing, co has ~$35.4 bln market cap

** Shares, which closed down 1.8% on Tues amid broader market selloff, are up 14.5% YTD and well outperforming 2.5% gain in S&P 500 Utilities sector .SPLRCU

** S&P 500 .SPX is down 1.8% YTD as trade wars weigh .N

((Lance Tupper is a Reuters market analyst. The views expressed are his own)

((lance.tupper@tr.com 1-646-279-6380))