Edison International (NYSE:EIX) Announces Quarterly Earnings Results

Edison International (NYSE:EIX) posted its quarterly earnings data on Tuesday. The utilities provider reported $1.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.39 by $0.12, Briefing.com reports. Edison International had a net margin of 6.60% and a return on equity of 13.01%. The company had revenue of $5.20 billion for the quarter, compared to analyst estimates of $5.01 billion. During the same quarter last year, the firm posted $1.38 earnings per share. The business’s quarterly revenue was up 10.6% on a year-over-year basis. 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 Stock Performance

Shares of NYSE:EIX traded up $0.19 during trading hours on Wednesday, hitting $83.33. The stock had a trading volume of 633,291 shares, compared to its average volume of 1,984,736. The company has a debt-to-equity ratio of 2.04, a quick ratio of 0.96 and a current ratio of 1.03. The stock’s fifty day simple moving average is $85.52 and its 200 day simple moving average is $78.58. The firm has a market capitalization of $32.18 billion, a price-to-earnings ratio of 33.37, a PEG ratio of 1.94 and a beta of 0.91. Edison International has a 1-year low of $62.21 and a 1-year high of $88.77.

Edison International Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Monday, October 7th will be given a $0.78 dividend. This represents a $3.12 annualized dividend and a yield of 3.74%. The ex-dividend date is Monday, October 7th. Edison International’s dividend payout ratio (DPR) is 125.30%.

Insider Transactions at Edison International

In other news, CEO J Andrew Murphy sold 23,896 shares of the stock in a transaction on Monday, August 26th. The stock was sold at an average price of $85.45, for a total value of $2,041,913.20. Following the completion of the transaction, the chief executive officer now owns 19,850 shares of the company’s stock, valued at approximately $1,696,182.50. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Insiders own 1.20% of the company’s stock.

Analysts Set New Price Targets

EIX has been the topic of several analyst reports. UBS Group lifted their price target on shares of Edison International from $86.00 to $89.00 and gave the stock a “neutral” rating in a research note on Wednesday, September 4th. Bank of America initiated coverage on Edison International in a research report on Thursday, September 12th. They set a “buy” rating and a $95.00 target price on the stock. Barclays increased their price target on Edison International from $89.00 to $91.00 and gave the company an “equal weight” rating in a report on Wednesday. Evercore ISI lifted their price objective on Edison International from $82.00 to $88.00 and gave the stock an “outperform” rating in a report on Wednesday, August 14th. Finally, Royal Bank of Canada increased their target price on Edison International from $94.00 to $100.00 and gave the company an “outperform” rating in a research note on Friday, October 4th. One research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have given a buy rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average 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.