Edison International (NYSE:EIX) Releases FY24 Earnings Guidance

Edison International (NYSE:EIX) updated its FY24 earnings guidance on Tuesday. The company provided earnings per share (EPS) guidance of $4.80-5.00 for the period, compared to the consensus estimate of $4.94. Edison International also updated its FY 2024 guidance to 4.800-5.000 EPS.

Wall Street Analyst Weigh In

Several equities analysts recently weighed in on the stock. Guggenheim raised their price objective on shares of Edison International from $80.00 to $83.00 and gave the company a “buy” rating in a research report on Friday, July 26th. Argus raised their price objective on shares of Edison International from $82.00 to $97.00 and gave the company a “buy” rating in a research report on Wednesday, September 11th. Royal Bank of Canada raised their price objective on shares of Edison International from $94.00 to $100.00 and gave the company an “outperform” rating in a research report on Friday, October 4th. Wells Fargo & Company lifted their price target on shares of Edison International from $87.00 to $94.00 and gave the company an “overweight” rating in a research report on Wednesday. Finally, Evercore ISI lifted their price target on shares of Edison International from $82.00 to $88.00 and gave the company an “outperform” rating in a research report on Wednesday, August 14th. One analyst has rated the stock with a sell rating, four have assigned a hold rating and seven have assigned a buy rating to the company. Based on data from MarketBeat.com, Edison International currently has an average rating of “Moderate Buy” and an average target price of $88.36.

Edison International Stock Performance

Shares of Edison International stock traded down $0.82 during midday trading on Thursday, hitting $82.42. The company had a trading volume of 3,176,352 shares, compared to its average volume of 1,999,104. The business’s 50 day simple moving average is $85.47 and its two-hundred day simple moving average is $78.64. The stock has a market cap of $31.83 billion, a PE ratio of 24.17, a P/E/G ratio of 1.94 and a beta of 0.91. The company has a debt-to-equity ratio of 2.04, a current ratio of 1.03 and a quick ratio of 0.96. Edison International has a 1-year low of $62.21 and a 1-year high of $88.77.

Edison International (NYSE:EIX) last announced its quarterly earnings data on Tuesday, October 29th. The utilities provider reported $1.51 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.39 by $0.12. The business 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 6.60% and a return on equity of 13.01%. Edison International’s quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter last year, the company posted $1.38 earnings per share. As a group, equities analysts predict that Edison International will post 4.95 EPS for the current fiscal year.

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. The ex-dividend date is Monday, October 7th. This represents a $3.12 dividend on an annualized basis and a yield of 3.79%. Edison International’s dividend payout ratio is currently 91.50%.

Insiders Place Their Bets

In other Edison International news, CEO J Andrew Murphy sold 23,896 shares of Edison International stock in a transaction on 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 sale, the chief executive officer now owns 19,850 shares in the company, valued at $1,696,182.50. The trade was a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate 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.