Edison International (NYSE:EIX) Announces Quarterly Earnings Results, Beats Estimates By $0.13 EPS

Edison International (NYSE:EIX) announced its quarterly earnings results on Tuesday. The utilities provider reported $1.51 earnings per share for the quarter, beating analysts’ consensus estimates of $1.38 by $0.13, Briefing.com reports. The business had revenue of $5.20 billion during the quarter, compared to analysts’ expectations of $5.01 billion. Edison International had a return on equity of 13.17% and a net margin of 8.52%. The business’s revenue for the quarter was up 10.6% on a year-over-year basis. During the same quarter last year, the business posted $1.38 earnings per share. 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 Stock Down 1.0 %

EIX stock opened at $82.42 on Friday. The company has a current ratio of 0.88, a quick ratio of 0.96 and a debt-to-equity ratio of 1.96. The firm has a 50 day simple moving average of $85.47 and a 200-day simple moving average of $78.64. The company has a market capitalization of $31.91 billion, a P/E ratio of 24.17, a PEG ratio of 1.94 and a beta of 0.91. Edison International has a twelve month low of $62.21 and a twelve month high of $88.77.

Edison International Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Monday, October 7th were given a $0.78 dividend. This represents a $3.12 dividend on an annualized basis and a dividend yield of 3.79%. The ex-dividend date of this dividend was Monday, October 7th. Edison International’s payout ratio is 91.50%.

Insider Buying and Selling at Edison International

In other Edison International news, CEO J Andrew Murphy sold 23,896 shares of the company’s stock in a transaction that occurred on Monday, August 26th. The stock was 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. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through this link. 1.03% of the stock is currently owned by insiders.

Analyst Ratings Changes

A number of equities research analysts have commented on EIX shares. Wells Fargo & Company increased their target price on Edison International from $87.00 to $94.00 and gave the company an “overweight” rating in a report on Wednesday. Argus lifted their price objective on Edison International from $82.00 to $97.00 and gave the stock a “buy” rating in a research report on Wednesday, September 11th. Guggenheim raised their price target on shares of Edison International from $80.00 to $83.00 and gave the stock a “buy” rating in a research note on Friday, July 26th. Royal Bank of Canada lifted their price target on shares of Edison International from $94.00 to $100.00 and gave the stock an “outperform” rating in a report on Friday, October 4th. Finally, Morgan Stanley upped their price objective on shares of Edison International from $68.00 to $72.00 and gave the company an “underweight” rating in a research note on Wednesday, September 25th. One research analyst has rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the stock. Based on data from MarketBeat.com, Edison International currently has an average rating of “Moderate Buy” and a consensus target price 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.