Con Edison falls on $777 mln equity offering

Consolidated Edison

24/02/2026 14:07

** Consolidated Edison's ED.N shares down 1.8% to $110.16 premarket after utility firm's $777 mln follow-on priced

    ** New York City-based ED late Mon announced
     7 mln share offering as part of forward sale agreement with underwriter JP Morgan

    ** Offering priced at $111, thefly.com reports, representing 1% discount to stock's last close

    ** Upon forward sale agreement's settlement, expected to occur by end of 2026, co to use net proceeds to fund subsidiaries' capital requirements, and its other general purposes

** Co has ~361.2 mln shares outstanding for $40.5 bln market cap

** ConEd late last Thurs posted Q4 profit miss, hurt by higher operating and interest expenses and said expects to make capital investments of about $6.6 bln in 2026 and $6.8 bln in 2027

** Through Mon, shares up 13% YTD, outperforming 9% rise in S&P 500 Utilities sector .SPLRCU

** Avg rating of 19 analysts is "hold"; median PT of $110 up from $105 a month ago, according to LSEG data

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

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