Con Edison slips after announcing stock offering

Consolidated Edison

23/02/2026 21:59

** Utility Consolidated Edison's ED.N shares down 1.5% to $110.50 post-market after planned equity raise news

    ** New York City-based firm announces 7 mln share offering as part of forward sale agreement with underwriter JP Morgan

    ** Upon 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

** With ~361.2 mln shares outstanding, it has $40.5 bln market cap

** ConEd late 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

** ED shares on Mon finished up 2.1% at $112.14. Stock up 13% YTD, outperforming 9% rise in S&P 500 Utilities sector .SPLRCU

** Avg rating among 19 analysts is "hold"; median PT $106, 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))