Edison International (NYSE:EIX) Releases Quarterly Earnings Results, Beats Expectations By $0.12 EPS

Edison International (NYSE:EIX) issued its quarterly earnings results on Tuesday. The utilities provider reported $1.51 earnings per share for the quarter, topping analysts’ consensus estimates of $1.39 by $0.12, Briefing.com reports. The firm had revenue of $5.20 billion during the quarter, compared to analysts’ expectations of $5.01 billion. Edison International had a net margin of 6.60% and a return on equity of 13.01%. Edison International’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.38 EPS. 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 Trading Up 0.2 %

Shares of NYSE:EIX traded up $0.19 during midday trading on Wednesday, reaching $83.33. The company’s stock had a trading volume of 633,291 shares, compared to its average volume of 1,984,736. The firm has a market cap of $32.18 billion, a price-to-earnings ratio of 33.37, a price-to-earnings-growth ratio of 1.94 and a beta of 0.91. The business has a 50 day moving average price of $85.52 and a 200 day moving average price of $78.58. Edison International has a 1 year low of $62.21 and a 1 year high of $88.77. The company has a quick ratio of 0.96, a current ratio of 1.03 and a debt-to-equity ratio of 2.04.

Edison International Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Monday, October 7th will be paid a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a dividend yield of 3.74%. The ex-dividend date is Monday, October 7th. Edison International’s dividend payout ratio is presently 125.30%.

Insider Buying and Selling

In other news, CEO J Andrew Murphy sold 23,896 shares of the company’s stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $85.45, for a total transaction 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 $1,696,182.50. This represents a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. 1.20% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

A number of equities analysts have commented on EIX shares. UBS Group upped their price objective on shares of Edison International from $86.00 to $89.00 and gave the stock a “neutral” rating in a research report on Wednesday, September 4th. Morgan Stanley increased their price target on shares of Edison International from $68.00 to $72.00 and gave the stock an “underweight” rating in a report on Wednesday, September 25th. Royal Bank of Canada lifted their price objective on Edison International from $94.00 to $100.00 and gave the company an “outperform” rating in a report on Friday, October 4th. Barclays increased their target price on Edison International from $89.00 to $91.00 and gave the stock an “equal weight” rating in a research note on Wednesday. Finally, Guggenheim raised their price target on Edison International from $80.00 to $83.00 and gave the company a “buy” rating in a report on Friday, July 26th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and seven have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $88.36.

Edison International Company Profile

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.