Con Edison edges down on $633 mln equity raise

Consolidated Edison

05/03/2025 14:28

**  Consolidated Edison's ED.N shares down 1.3% to $101 before the bell after it raises equity

** New York utility late Tues said it agreed to sell 6.3 mln shares to Barclays as underwriter in public offering

** Offering priced at $100.50, thefly.com reports, which equates to deal size of $633.2 mln

** ED shares on Tues closed at $102.15 amid broader market sell-off

** Co plans to use net offering proceeds to fund capex, 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

** In Dec, co secured nearly $680 mln of equity in 7 mln share offering structured as 1-year forward sale with JP Morgan JPM.N as sole bookrunner

** Through Tues, ED shares 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% to begin 2025

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

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