Consolidated Edison serves 3.7 million electric customers, 1.1 million gas customers, and 1,500 steam customers in New York and 400,000 customers in Orange and Rockland Counties. With the sale of Con Edison Clean Energy Businesses, Con Ed has become a pure-play regulated utility. It provides a wide range of energy-related products and services through the following subsidiaries: Consolidated Edison Co. of New York (CECONY), a regulated utility providing electricity, gas, and steam in New York City and Westchester County; Orange and Rockland Utilities (O&R), a utility serving customers in southeastern New York State, northern New Jersey, and northeastern Pennsylvania; Con Edison Solutions, a retail energy supply and services company; Con Edison Energy, a wholesale energy supply company; Con Edison Development, which owns and operates generating plants and participates in other infrastructure projects; and Con Ed Transmission, a FERC-regulated electric and natural gas utility. The company has little generating power except for steam production, with natural gas accounting for 71% of its generation mix. Con Ed purchases and transports gas from as far away as Canada and the Gulf of Mexico. Revenues in 2025 were $16.9 billion, of which 75% were from electric operations and 93% were earned by CECONY. ED is increasing investment in solar and wind generation and is targeting net-zero emissions by 2040. The current market cap is about $39.5 billion.

The war in Iran (and its impact on the price of oil) continues to take top billing over headlines that include the future path for interest rates and inflation. And with the newsflow related to the war suggesting an ongoing ceasefire and the reopening of the Strait of Hormuz are more likely than less likely, stocks are hanging in at all-time high levels. Last week, we reported that insiders had turned cautious -- but that late-breaking positive news out of Iran might change that stance. This week, insider-sentiment is indeed improved in the sense that the long-term (eight-week) sentiment data from Vickers Stock Research is all solidly neutral while the short-term (one-week) data is neutral or very near to it. As such, our song remains the same: insiders are not calling for a correction, but nor are they eager to acquire more shares at this juncture in the market. Turning to Vickers' sector sentiment data, some sectors have seen improving sentiment over the past week, while others have weakened. As a reminder, readings/ratios above 6.0 are bearish, while readings below 2.0 are bullish. On the positive side, the Consumer Staples sector has had its One-Week Sell/Buy ratio improve to a bullish stance from a neutral stance over the past week, falling (getting better) to 0.7 from last week's neutral reading of 2.4. Information Technology, while still bearish, has also improved, falling to 6.5 from last week's reading of 36.9. Conversely, the Real Estate sector has turned neutral from its prior bullish stance, with its reading rising to 2.7 from last week's reading of 1.5. Similarly, Communication Services, while already bearish last week, saw its reading jump far above the norm, rising to 34.0 from last week's reading of 13.0. This week, analysts at Vickers highlighted insider transactions of interest at DaVita Inc. (NYSE: DVA) and Clearwater Analytics Holdings Inc. (NYSE: CWAN).

Con Ed is a holding company for Consolidated Edison of New York, or CECONY, and Orange & Rockland, or O&R. These utilities provide steam, natural gas, and electricity to customers in southeastern New York—including New York City—and small parts of New Jersey. The two utilities generate nearly all of Con Ed's earnings following the sale of its clean energy business to RWE in early 2023.

Con Ed is a holding company for Consolidated Edison of New York, or CECONY, and Orange & Rockland, or O&R. These utilities provide steam, natural gas, and electricity to customers in southeastern New York—including New York City—and small parts of New Jersey. The two utilities generate nearly all of Con Ed's earnings following the sale of its clean energy business to RWE in early 2023.