Edison International (NYSE:EIX) Posts Earnings Results

Edison International (NYSE:EIX) announced its earnings results on Tuesday. The utilities provider reported $1.51 earnings per share for the quarter, beating analysts’ consensus estimates of $1.39 by $0.12, Briefing.com reports. The business had revenue of $5.20 billion during the quarter, compared to the consensus estimate of $5.01 billion. Edison International had a net margin of 6.60% and a return on equity of 13.01%. The business’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same quarter last year, the firm earned $1.38 earnings per share. Edison International updated its FY24 guidance to $4.80-5.00 EPS and its FY 2024 guidance to 4.800-5.000 EPS.

Edison International Price Performance

Shares of EIX traded up $0.35 during trading hours on Wednesday, reaching $83.49. 838,235 shares of the stock traded hands, compared to its average volume of 1,985,712. The company has a current ratio of 1.03, a quick ratio of 0.96 and a debt-to-equity ratio of 2.04. Edison International has a 52-week low of $62.21 and a 52-week high of $88.77. The company’s 50-day moving average price is $85.52 and its two-hundred day moving average price is $78.58. The company has a market cap of $32.24 billion, a P/E ratio of 33.37, a price-to-earnings-growth ratio of 1.94 and a beta of 0.91.

Edison International Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Stockholders of record on Monday, October 7th will be paid a dividend of $0.78 per share. This represents a $3.12 annualized dividend and a dividend yield of 3.74%. The ex-dividend date is Monday, October 7th. Edison International’s dividend payout ratio is presently 125.30%.

Insider Activity at Edison International

In related news, CEO J Andrew Murphy sold 23,896 shares of Edison International stock in a transaction on Monday, August 26th. The shares were sold at an average price of $85.45, for a total transaction of $2,041,913.20. Following the transaction, the chief executive officer now owns 19,850 shares in the company, valued at approximately $1,696,182.50. The trade was a 0.00 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. 1.20% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

EIX has been the subject of several analyst reports. Morgan Stanley raised their price target on shares of Edison International from $68.00 to $72.00 and gave the company an “underweight” rating in a research report on Wednesday, September 25th. UBS Group raised their price target on shares of Edison International from $86.00 to $89.00 and gave the company a “neutral” rating in a research report on Wednesday, September 4th. Argus raised their price target on shares of Edison International from $82.00 to $97.00 and gave the company a “buy” rating in a research report on Wednesday, September 11th. Bank of America assumed coverage on shares of Edison International in a research report on Thursday, September 12th. They set a “buy” rating and a $95.00 price target for the company. Finally, Barclays raised their target price on shares of Edison International from $89.00 to $91.00 and gave the stock an “equal weight” rating in a report on Wednesday. One investment analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have issued a buy rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $88.36.

About Edison International

Edison International, through its subsidiaries, engages in the generation and distribution of electric power. The company supplies and delivers electricity to approximately 50,000 square mile area of southern California to residential, commercial, industrial, public authorities, agricultural, and other sectors.