Morningstar Rating

Stock Research and Analysis

by Mark Barnett

Bulls Say

Con Ed has raised its dividend each year for 41 years.
At our fair value estimate, Con Ed's dividend would yield 4.4%.
Con Ed's infrastructure investments should allow it to collect higher rates and increase its earnings faster than load growth beyond 2015. Load growth also drives the need for future investment. Read more 

Bears Say

Over the long term, New York's high cost of living puts pressure on a regulated utility to avoid large rate increases.
New York's intense political climate means that achieving rate increases is tougher than in many other jurisdictions.
Con Ed could face annual fines for nonperformance in excess of $400 million and doesn't have much protection from rising property taxes. Read more 


Con Ed has managed to maintain constructive regulatory relationships in a tough environment and operate its system near the top of peer rankings despite the size and complexity of its system. The company's response to Hurricane Sandy limited the storm   Read more 


Consolidated Edison is a holding company for two regulated utilities, Con Ed of New York and Orange & Rockland. These utilities provide steam, natural gas, and electricity   Read more 

A Good Entry Point for 2 Solid Utilities 
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