Edison International (NYSE:EIX) Issues FY24 Earnings Guidance

Edison International (NYSE:EIX) issued an update on its FY24 earnings guidance on Thursday morning. The company provided EPS guidance of $4.75-5.05 for the period, compared to the consensus EPS estimate of $4.92. Edison International also updated its FY 2024 guidance to 4.750-5.050 EPS.

Edison International Trading Up 2.7 %

EIX stock traded up $2.08 during midday trading on Friday, hitting $78.51. The company had a trading volume of 2,763,324 shares, compared to its average volume of 2,015,903. The company has a current ratio of 1.00, a quick ratio of 0.93 and a debt-to-equity ratio of 2.04. Edison International has a 52 week low of $58.82 and a 52 week high of $79.50. The stock’s 50 day moving average price is $73.81 and its 200 day moving average price is $70.88. The stock has a market cap of $30.21 billion, a price-to-earnings ratio of 34.43 and a beta of 0.91.

Edison International (NYSE:EIX) last posted its earnings results on Tuesday, April 30th. The utilities provider reported $1.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.12 by $0.01. Edison International had a return on equity of 12.48% and a net margin of 6.14%. The firm had revenue of $4.08 billion for the quarter, compared to analysts’ expectations of $4.16 billion. During the same period in the previous year, the firm earned $1.09 earnings per share. The business’s revenue was up 2.8% compared to the same quarter last year. As a group, equities research analysts expect that Edison International will post 4.92 earnings per share for the current fiscal year.

Edison International Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Wednesday, July 31st. Stockholders of record on Monday, July 8th will be paid a dividend of $0.78 per share. The ex-dividend date of this dividend is Monday, July 8th. This represents a $3.12 annualized dividend and a dividend yield of 3.97%. Edison International’s dividend payout ratio (DPR) is presently 136.84%.

Wall Street Analysts Forecast Growth

Several equities analysts have recently issued reports on the company. Argus boosted their target price on Edison International from $78.00 to $82.00 and gave the company a buy rating in a research note on Wednesday, June 12th. UBS Group cut Edison International from a buy rating to a neutral rating and reduced their price target for the stock from $83.00 to $82.00 in a research note on Friday, July 19th. Morgan Stanley reduced their price target on Edison International from $64.00 to $61.00 and set an underweight rating on the stock in a research note on Monday, June 24th. Mizuho upped their price target on Edison International from $75.00 to $85.00 and gave the stock a buy rating in a research note on Friday, May 17th. Finally, Guggenheim upped their price target on Edison International from $80.00 to $83.00 and gave the stock a buy rating in a research note on Friday. One analyst has rated the stock with a sell rating, six have assigned a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat.com, the stock presently has a consensus rating of Hold and an average target price of $77.82.

Insider Transactions at Edison International

In other news, SVP Caroline Choi sold 10,004 shares of the company’s stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $75.77, for a total transaction of $758,003.08. Following the transaction, the senior vice president now directly owns 26,918 shares of the company’s stock, valued at $2,039,576.86. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other news, SVP Caroline Choi sold 10,004 shares of the company’s stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $75.77, for a total transaction of $758,003.08. Following the transaction, the senior vice president now directly owns 26,918 shares of the company’s stock, valued at $2,039,576.86. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, CEO J Andrew Murphy sold 9,794 shares of the company’s stock in a transaction on Monday, May 13th. The shares were sold at an average price of $75.07, for a total value of $735,235.58. Following the transaction, the chief executive officer now directly owns 19,660 shares in the company, valued at $1,475,876.20. The disclosure for this sale can be found here. Over the last three months, insiders have sold 77,897 shares of company stock valued at $5,851,245. Insiders own 1.03% of the company’s stock.

Edison International Company Profile

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.