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ED

Consolidated Edison

$85.39

0.39 (0.46%)

14:50
03/15/19
03/15
14:50
03/15/19
14:50

NY PSC says ConEd faces potential penalty in enforcement action

The New York State Public Service Commission, after a lengthy and detailed investigation by the staff of the Department of Public Service, ordered Consolidated Edison of New York, Inc. to explain why the Commission should not commence a penalty action after the utility failed to comply with the Commission's gas safety rules related to gas infrastructure work in New York City. In addition, the investigation found that the company failed to inspect work completed by its contractors during construction and at sufficient intervals to ensure compliance, and that it allowed work to be completed by plastic fusers and plastic fusion inspectors who were not qualified to do the work. The Commission determined that the Department's investigation presented credible information to warrant Commission action requiring Con Edison to formally respond to the investigation's findings. As a result, Con Edison was ordered to respond within 45 days and explain why a penalty action should not be commenced and why a penalty should not be assessed against Con Edison for multiple and continuing failures to comply with gas safety rules. The Commission is also considering a prudence proceeding against Con Edison to ensure that all costs incurred to correct hundreds of construction deficiencies will not be borne by ratepayers. Today's order starts an enforcement proceeding; it is not a final determination by the Commission concerning the allegations. Reference Link

ED Consolidated Edison
$85.39

0.39 (0.46%)

01/18/19
BOFA
01/18/19
DOWNGRADE
BOFA
Neutral
Consolidated Edison downgraded to Neutral from Buy at BofA/Merrill
BofA/Merrill analyst Julien Dumoulin-Smith downgraded Consolidated Edison (ED) to Neutral and trimmed his price target to $80 from $83 citing a series of cautious datapoints. The analyst cites exposure to PG&E (PCG), pipeline permitting headlines that are cautious including risks to its MVP project, and potential further negative earnings revisions.
02/12/19
EVER
02/12/19
DOWNGRADE
EVER
Underperform
Consolidated Edison downgraded to Underperform from In Line at Evercore ISI
02/13/19
02/13/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Deere (DE) downgraded to Neutral from Buy at BofA/Merrill with analyst Ross Gilardi saying he views risk/reward as more balanced heading into Friday's Q1 report following recent share outperformance. 2. Consolidated Edison (ED) downgraded to Underperform from In Line at Evercore ISI. 3. Clearway Energy (CWEN) downgraded to Sell from Neutral at Guggenheim with analyst Shahriar Pourreza saying he expects the company to announce a dividend cut in the next few days after his discussions with key stakeholders and the management, adding that "at a minimum," the company's cash may be "locked up at the project level for a pronounced period of time." 4. Huntsman (HUN) downgraded to Neutral from Overweight at JPMorgan with analyst Jeffrey Zekauskas saying the company has its work cut out to reach its own adjusted EBITDA forecasts for 2019. 5. Aquantia (AQ) downgraded to Equal Weight from Overweight at Morgan Stanley and to Market Perform from Outperform at Raymond James. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
03/11/19
MZHO
03/11/19
INITIATION
Target $85
MZHO
Neutral
Consolidated Edison initiated with a Neutral at Mizuho
Mizuho analyst Anthony Crowdell started Consolidated Edison with a Neutral rating and $85 price target. The unregulated businesses still represent less than 5% of Consolidated Edison's earnings so its valuation is still driven by its regulated businesses, Crowdell tells investors in a research note. Despite being a small portion of the overall company, the analyst believes the unregulated businesses are an overhang on the stock "given the perceived risk."

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