Edison International (NYSE:EIX) Posts Quarterly Earnings Results, Beats Estimates By $0.18 EPS

Edison International (NYSE:EIX) issued its earnings results on Thursday. The utilities provider reported $1.23 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.05 by $0.18, Briefing.com reports. The company had revenue of $4.34 billion during the quarter, compared to analyst estimates of $4.12 billion. Edison International had a return on equity of 13.07% and a net margin of 6.60%. The firm’s quarterly revenue was up 9.4% on a year-over-year basis. During the same quarter last year, the business posted $1.01 EPS. Edison International updated its FY24 guidance to $4.75-5.05 EPS and its FY 2024 guidance to 4.750-5.050 EPS.

Edison International Price Performance

EIX stock traded up $2.08 during trading on Friday, hitting $78.51. The stock had a trading volume of 2,775,708 shares, compared to its average volume of 1,647,022. The stock has a market capitalization of $30.21 billion, a P/E ratio of 34.43 and a beta of 0.91. The company’s 50-day moving average price is $73.81 and its two-hundred day moving average price is $70.86. Edison International has a twelve month low of $58.82 and a twelve month high of $79.50. The company has a debt-to-equity ratio of 2.04, a current ratio of 1.00 and a quick ratio of 0.93.

Edison International Dividend Announcement

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

Insider Transactions at Edison International

In related news, SVP Caroline Choi sold 10,004 shares of the stock in a transaction on Wednesday, June 5th. The stock was sold at an average price of $75.77, for a total value of $758,003.08. Following the completion of the transaction, the senior vice president now directly owns 26,918 shares of the company’s stock, valued at approximately $2,039,576.86. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other Edison International news, CEO J Andrew Murphy sold 9,794 shares of the firm’s stock in a transaction that occurred 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 of the company’s stock, valued at approximately $1,475,876.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, SVP Caroline Choi sold 10,004 shares of the company’s stock in a transaction that occurred on Wednesday, June 5th. The shares were sold at an average price of $75.77, for a total value of $758,003.08. Following the completion of the sale, the senior vice president now owns 26,918 shares of the company’s stock, valued at $2,039,576.86. The disclosure for this sale can be found here. Insiders have sold 77,897 shares of company stock valued at $5,851,245 over the last ninety days. Insiders own 1.03% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts recently commented on the company. Wells Fargo & Company lifted their target price on Edison International from $86.00 to $87.00 and gave the stock an “overweight” rating in a report on Friday. The Goldman Sachs Group initiated coverage on shares of Edison International in a research note on Wednesday, April 10th. They issued a “neutral” rating and a $78.00 price objective on the stock. Argus upped their price target on shares of Edison International from $78.00 to $82.00 and gave the company a “buy” rating in a report on Wednesday, June 12th. Mizuho lifted their price objective on Edison International from $75.00 to $85.00 and gave the company a “buy” rating in a research note on Friday, May 17th. Finally, Guggenheim upped their target price on Edison International from $80.00 to $83.00 and gave the stock a “buy” rating in a research note on Friday. One research analyst has rated the stock with a sell rating, six have given a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Hold” and an average target price of $77.82.

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.