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

Edison International (NYSE:EIX) issued its quarterly earnings data on Thursday. The utilities provider reported $1.23 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.05 by $0.18, Briefing.com reports. Edison International had a return on equity of 13.07% and a net margin of 6.60%. The firm had revenue of $4.34 billion during the quarter, compared to the consensus estimate of $4.12 billion. During the same period in the previous year, the firm posted $1.01 EPS. The company’s quarterly revenue was up 9.4% compared to the same quarter last year. 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 Stock Up 2.7 %

Shares of NYSE:EIX traded up $2.08 during midday trading on Friday, reaching $78.51. The company 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 stock’s fifty day moving average price is $73.81 and its 200-day moving average price is $70.86. 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 has a one year low of $58.82 and a one year high of $79.50.

Edison International Announces Dividend

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

Analyst Ratings Changes

A number of equities research analysts recently issued reports on EIX shares. Argus boosted their target price 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. The Goldman Sachs Group initiated coverage on Edison International in a report on Wednesday, April 10th. They issued a “neutral” rating and a $78.00 price objective on the stock. UBS Group cut Edison International from a “buy” rating to a “neutral” rating and decreased their target price for the stock from $83.00 to $82.00 in a report on Friday, July 19th. Mizuho lifted their price target on shares of Edison International from $75.00 to $85.00 and gave the company a “buy” rating in a research report on Friday, May 17th. Finally, Wells Fargo & Company increased their price objective on shares of Edison International from $86.00 to $87.00 and gave the stock an “overweight” rating in a research report on Friday. One equities research analyst has rated the stock with a sell rating, six have issued a hold rating and six have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Hold” and a consensus target price of $77.82.

Insider Activity

In related news, CEO J Andrew Murphy sold 58,099 shares of the business’s stock in a transaction dated Friday, May 10th. The stock was sold at an average price of $75.01, for a total value of $4,358,005.99. Following the completion of the sale, the chief executive officer now directly owns 19,660 shares of the company’s stock, valued at $1,474,696.60. The sale was disclosed in a filing with the SEC, which can be accessed through this link. In other news, CEO J Andrew Murphy sold 58,099 shares of Edison International stock in a transaction that occurred on Friday, May 10th. The stock was sold at an average price of $75.01, for a total value of $4,358,005.99. Following the completion of the transaction, the chief executive officer now owns 19,660 shares in the company, valued at approximately $1,474,696.60. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, SVP Caroline Choi sold 10,004 shares of the firm’s 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 transaction, the senior vice president now owns 26,918 shares in the company, valued at $2,039,576.86. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 77,897 shares of company stock worth $5,851,245. 1.03% of the stock is currently owned by corporate insiders.

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.