Con Edison options turn bullish as shorts retreat before earnings

Three distinct data streams on Consolidated Edison are pointing the same direction with two days to go before the November 5 earnings report.

Short interest has fallen 11.8% over the past week to 3.19% of the free float. Borrow availability sits at 3,145%, meaning roughly 31 shares remain available to borrow for every one already lent out. Cost to borrow is 0.40%, down 8% on the week. There is no pressure in the lending market.

Options Market Shifts

The put/call ratio dropped to 0.9655 on November 2, down sharply from 1.08 at the start of October. At 2.8 standard deviations below its 20-day mean, this is the most call-heavy options positioning ED has seen in several months. The 52-week low for the PCR is 0.29, so the current reading is not an outlier in absolute terms, but the speed of the move stands out. Just a week ago the ratio was 1.08, in line with recent norms.

A Record in the Wrong Direction

US Environmental Protection Agency CAMPD data adds a less straightforward note. Consolidated Edison's gross capacity factor fell to 19.13% in September 2026, the smallest reading since records began in 2024, according to ORTEX Alt Data. The metric captures how much of available generating capacity the utility actually deployed. No lead relationship between this series and the company's reported financials has been established, so it is colour rather than a forward indicator. Still, it is the standout fact on the company's own operational line this quarter.

Analyst Divide Still Intact

The consensus mean price target stands at $107.38, well below the current price of $118.48. Wells Fargo's Overweight call with a $118 target, issued at the start of October, now looks like the ceiling rather than the floor. HSBC initiated at Hold with a $104 target in late October. Keybanc cut its target to $87 while maintaining Underweight. Morgan Stanley holds two Underweight marks from August and September, both well below the current price. BlackRock added 2.2 million shares as of September 30, the largest holder change among the top institutional names.

Data Summary

• Short interest: 3.19% of free float, down 11.8% over the past week
• Borrow availability: 3,145%, up 24% week on week
• Cost to borrow: 0.40%, down 8% on the week
• Put/call ratio: 0.9655, 2.8 standard deviations below the 20-day mean of 1.07
• Gross capacity factor (September 2026): 19.13%, record low per EPA CAMPD data since 2024
• Earnings: November 5
• Stock up 2.65% over the past week; median peer gain 3.1%