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

Edison International (NYSE:EIX) posted its earnings results on Thursday. The utilities provider reported $1.23 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.05 by $0.18, Briefing.com reports. Edison International had a net margin of 6.60% and a return on equity of 13.07%. The firm had revenue of $4.34 billion during the quarter, compared to analysts’ expectations of $4.12 billion. During the same period in the previous year, the company earned $1.01 earnings per share. The company’s 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 Performance

NYSE EIX traded up $2.08 during midday trading on Friday, hitting $78.51. The company had a trading volume of 2,775,708 shares, compared to its average volume of 1,647,022. The firm has a fifty day simple moving average of $73.81 and a two-hundred day simple moving average of $70.86. The stock has a market cap of $30.21 billion, a price-to-earnings ratio of 34.43 and a beta of 0.91. The company has a quick ratio of 0.93, a current ratio of 1.00 and a debt-to-equity ratio of 2.04. Edison International has a fifty-two week low of $58.82 and a fifty-two week high of $79.50.

Edison International Announces Dividend

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

Analyst Upgrades and Downgrades

Several research firms recently issued reports on EIX. The Goldman Sachs Group assumed 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 for the company. Barclays upped their price target on Edison International from $72.00 to $75.00 and gave the stock an “equal weight” rating in a research note on Thursday, May 2nd. Wells Fargo & Company raised their price objective on Edison International from $86.00 to $87.00 and gave the company an “overweight” rating in a research note on Friday. Morgan Stanley decreased their target price on Edison International from $64.00 to $61.00 and set an “underweight” rating for the company in a research report on Monday, June 24th. Finally, Argus lifted their price target on shares of Edison International from $78.00 to $82.00 and gave the company a “buy” rating in a research report on Wednesday, June 12th. One investment analyst has rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, Edison International presently has a consensus rating of “Hold” and an average price target of $77.82.

Insider Activity

In related news, CEO J Andrew Murphy sold 9,794 shares of Edison International stock in a transaction dated Monday, May 13th. The stock was sold at an average price of $75.07, for a total transaction of $735,235.58. Following the sale, the chief executive officer now directly owns 19,660 shares of the company’s stock, valued at $1,475,876.20. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related 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 value of $758,003.08. Following the completion of the transaction, the senior vice president now directly owns 26,918 shares in the company, valued at $2,039,576.86. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CEO J Andrew Murphy sold 9,794 shares of the firm’s stock in a transaction on Monday, May 13th. The stock was sold at an average price of $75.07, for a total value of $735,235.58. Following the completion of the transaction, the chief executive officer now directly owns 19,660 shares of the company’s stock, valued at $1,475,876.20. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 77,897 shares of company stock valued at $5,851,245. Insiders own 1.03% of the company’s stock.

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.