Edison International (NYSE:EIX) Stock Price Up 9% – What’s Next?

Edison International (NYSE:EIX)’s share price rose 9% during mid-day trading on Wednesday . The stock traded as high as $63.85 and last traded at $63.71. Approximately 2,483,349 shares traded hands during mid-day trading, a decline of 64% from the average daily volume of 6,880,090 shares. The stock had previously closed at $58.43.

Analysts Set New Price Targets

EIX has been the subject of several research reports. Wells Fargo & Company increased their price target on shares of Edison International from $87.00 to $94.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. Royal Bank of Canada increased their price target on shares of Edison International from $94.00 to $100.00 and gave the stock an “outperform” rating in a research note on Friday, October 4th. Morgan Stanley decreased their price target on shares of Edison International from $74.00 to $72.00 and set an “underweight” rating for the company in a research note on Friday, November 22nd. Jefferies Financial Group initiated coverage on shares of Edison International in a research note on Thursday, November 7th. They issued a “buy” rating and a $93.00 price target for the company. Finally, LADENBURG THALM/SH SH upgraded shares of Edison International from a “sell” rating to a “neutral” rating and set a $56.50 price target for the company in a research note on Wednesday. One research analyst has rated the stock with a sell rating, four have issued a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, Edison International presently has a consensus rating of “Moderate Buy” and a consensus target price of $83.58.

Edison International Stock Performance

The business’s fifty day moving average price is $80.31 and its 200-day moving average price is $81.48. The company has a debt-to-equity ratio of 1.96, a quick ratio of 0.81 and a current ratio of 0.88. The stock has a market cap of $23.68 billion, a PE ratio of 17.94, a P/E/G ratio of 1.34 and a beta of 0.93.

Edison International (NYSE:EIX) last announced its quarterly earnings results on Tuesday, October 29th. The utilities provider reported $1.51 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.38 by $0.13. The firm had revenue of $5.20 billion for the quarter, compared to the consensus estimate of $5.01 billion. Edison International had a net margin of 8.52% and a return on equity of 13.17%. The business’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter last year, the firm posted $1.38 EPS. As a group, equities research analysts forecast that Edison International will post 4.94 EPS for the current fiscal year.

Edison International Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Stockholders of record on Tuesday, January 7th will be issued a dividend of $0.8275 per share. This represents a $3.31 dividend on an annualized basis and a dividend yield of 5.41%. The ex-dividend date of this dividend is Tuesday, January 7th. This is an increase from Edison International’s previous quarterly dividend of $0.78. Edison International’s dividend payout ratio (DPR) is presently 97.07%.

Insider Activity

In related news, VP Adam S. Umanoff sold 25,619 shares of the business’s stock in a transaction that occurred on Thursday, October 31st. The shares were sold at an average price of $83.05, for a total transaction of $2,127,657.95. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Insiders own 1.20% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of EIX. Highline Wealth Partners LLC purchased a new position in Edison International during the third quarter valued at $26,000. Eastern Bank purchased a new position in shares of Edison International during the 3rd quarter valued at about $27,000. Larson Financial Group LLC grew its stake in shares of Edison International by 125.0% during the 3rd quarter. Larson Financial Group LLC now owns 351 shares of the utilities provider’s stock valued at $31,000 after acquiring an additional 195 shares during the period. Prospera Private Wealth LLC bought a new position in shares of Edison International during the 3rd quarter valued at approximately $32,000. Finally, Concord Wealth Partners increased its holdings in Edison International by 277.0% in the 3rd quarter. Concord Wealth Partners now owns 377 shares of the utilities provider’s stock worth $33,000 after acquiring an additional 277 shares in the last quarter. Hedge funds and other institutional investors own 88.95% 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.