ED 8-K SEC Filing Analysis

Latest settled — T+5d ⚠ clustered

ED ▲ +0.28% at T+5d

SHORT call ✗ call lost -0.28% · α vs SPY -0.37% · entry $106.21 → $106.51

Next anchor: T+20d due yesterday

Last close $104.31 (close Jun 8) · +1.79% from $106.21 entry (call sign-flipped)

Entry anchored
May 8, 03:59 PM ET
via Databento tick

T+1d

0.00%

call 0.00% · α -0.14%

$106.21

settled 4w ago

T+5d

+0.28%

call -0.28% · α -0.37%

$106.51

settled 26d ago

T+20d

—

call — · α —

—

due yesterday

T+60d

—

call — · α —

—

in 8w

Price Chart

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Executive Summary

Con Edison entered into an equity distribution agreement to sell up to $2.0 billion of common shares through an at-the-market (ATM) offering, confirmed by a same-day prospectus supplement. The large equity raise signals significant capital needs for infrastructure investment and will dilute existing shareholders by approximately 5% at the current market cap.

Actionable Insight

Monitor the pace of ATM issuances and use of proceeds. The capital raise suggests higher-than-expected capex and may pressure EPS. Watch for any related guidance updates or credit rating changes.

Key Facts

ATM program for up to $2,000,000,000 in common shares
Forward sale structure allows deferred receipt of proceeds
Sales agents' commissions capped at 1.0% of gross proceeds
Forward sellers' compensation also capped at 1.0%
Proceeds expected to fund infrastructure investments

Financial Impact

Up to $2.0 billion equity raise, representing ~5.1% dilution based on $39.2B market cap

dilutionshares outstanding

Risk Factors

Dilution to existing shareholders
Downward pressure on stock price from increased supply
Potential for accelerated issuances if capital needs intensify

Market Snapshot

Exchange

NYSE

Sector

Electric & Other Services Combined

Analyst Consensus

11% bullish (27 analysts)

Documents Analyzed

This report is based on 7 SEC documents filed with EDGAR.

Document	Accession Number
8-K Filing (Primary)	0001193125-26-214767
Document: d147037dex10.htm	0001193125-26-214767
Document: d147037d8k.htm	0001193125-26-214767
Document: d147037dex5.htm	0001193125-26-214767
Document: 0001193125-26-214767-index-headers.html	0001193125-26-214767
Document: 0001193125-26-214767-index.html	0001193125-26-214767
Document: 0001193125-26-214767.txt	0001193125-26-214767

9 reports for ED

T+1T+5T+20T+60

33% Hit rate 1 of 3 directional calls best @ T+5▲ +3.23%Mar 10, 2026

Filters

Reports for ED — sortable, filterable
	Type				Now
Jun 3, 2026 6d ago	8-K NEUTRAL ★ 3/10	$103.48 $104.08	▲ +0.58%	▲ +0.18%	$104.31 (+0.80%)
May 8, 2026 4w ago	8-K BEARISH ★ 6/10	$106.21 $106.21	· 0.00%	▼ −0.14%	$104.31 (+1.79%)
May 8, 2026 4w ago	424B5 BEARISH ★ 6/10	$106.21 $106.21	· 0.00%	▼ −0.14%	$104.31 (+1.79%)
Apr 8, 2026 8w ago	DEFA14A NEUTRAL ★ 3/10	$114.98 $113.56	▼ −1.24%	▼ −1.17%	$104.31 (−9.28%)
Apr 2, 2026 9w ago	Court Ruling BULLISH ★ 6/10	$115.43 $114.61	▼ −0.71%	▼ −1.19%	$104.31 (−9.63%)
Mar 12, 2026 12w ago	Insider Cluster NEUTRAL ★ 3/10	$113.13 $114.88	▲ +1.55%	▲ +2.14%	$104.31 (−7.80%)
Mar 11, 2026 12w ago	8-K NEUTRAL ★ 4/10	$113.13 $114.88	▲ +1.55%	▲ +2.14%	$104.31 (−7.80%)
Mar 10, 2026 13w ago	Court Ruling BULLISH ★ 6/10	$111.30 $111.74	▲ +0.40%	▲ +0.50%	$104.31 (−6.28%)
Feb 25, 2026 14w ago	8-K NEUTRAL ★ 4/10	$110.76 $112.52	▲ +1.59%	▲ +2.04%	$104.31 (−5.82%)

US Market Status

Market Closed — Opens in 6h 57m

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