Con Edison Trades at All-Time High Even as the Worst-Rated Blue Chip
- Morningstar analyst sees “substantial capital needs” in future
- Stock beats the S&P 500 Utilities Index despite sell ratings
This article is for subscribers only.
Consolidated Edison Inc., the utility that powers New York and the surrounding area, is on quite a run, having hit an all-time high earlier this week and holding there as the stock market sells off.
But there’s a twist: The company is also the worst-rated member of the S&P 500 Index. It has nine sell ratings, seven holds and just one buy. The Bloomberg consensus rating on the shares is 2.06 -- anything under 2.0 is considered a sell. One more downgrade would put it there.