Edison International (EIX) Shares Gap Up to $75.50
Shares of Edison International (NYSE:EIX) gapped up prior to trading on Friday . The stock had previously closed at $75.49, but opened at $75.50. Edison International shares last traded at $75.92, with a volume of 476,997 shares traded.
Several analysts have recently weighed in on the company. Zacks Investment Research upgraded Edison International from a “hold” rating to a “buy” rating and set a $81.00 target price for the company in a research report on Tuesday, June 7th. Evercore ISI downgraded Edison International from a “buy” rating to a “hold” rating and lifted their target price for the stock from $70.00 to $79.00 in a research report on Wednesday, July 6th. BMO Capital Markets reiterated an “outperform” rating and set a $82.00 target price (up from $79.00) on shares of Edison International in a research report on Monday, August 1st. Argus lifted their target price on Edison International from $76.00 to $81.00 and gave the stock a “buy” rating in a research report on Wednesday, April 20th. Finally, Jefferies Group lifted their target price on Edison International from $72.00 to $80.00 and gave the stock a “hold” rating in a research report on Friday, July 29th. Ten equities research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company’s stock. Edison International currently has an average rating of “Hold” and an average target price of $77.29.
The company has a market cap of $24.71 billion and a P/E ratio of 28.12. The stock’s 50-day moving average is $76.68 and its 200-day moving average is $71.19.
Edison International (NYSE:EIX) last announced its quarterly earnings results on Thursday, July 28th. The company reported $0.85 EPS for the quarter, missing the Thomson Reuters’ consensus estimate of $0.97 by $0.12. The firm earned $2.78 billion during the quarter, compared to analyst estimates of $3.18 billion. The firm’s revenue was down 4.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $1.16 earnings per share. Equities research analysts expect that Edison International will post $3.90 EPS for the current fiscal year.
In other news, SVP Gaddi H. Vasquez sold 6,842 shares of the company’s stock in a transaction on Friday, June 10th. The stock was sold at an average price of $73.84, for a total value of $505,213.28. Following the transaction, the senior vice president now owns 6,619 shares of the company’s stock, valued at approximately $488,746.96. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, insider Ronald L. Litzinger sold 12,677 shares of the company’s stock in a transaction on Monday, May 16th. The shares were sold at an average price of $71.28, for a total value of $903,616.56. The disclosure for this sale can be found here.
Several institutional investors have made changes to their positions in EIX. Calvert Investment Management Inc. raised its position in shares of Edison International by 271.0% in the fourth quarter. Calvert Investment Management Inc. now owns 46,000 shares of the company’s stock valued at $2,724,000 after buying an additional 33,600 shares during the period. American International Group Inc. raised its position in shares of Edison International by 4.2% in the fourth quarter. American International Group Inc. now owns 128,836 shares of the company’s stock valued at $7,629,000 after buying an additional 5,158 shares during the period. BlackRock Advisors LLC raised its position in shares of Edison International by 43.1% in the fourth quarter. BlackRock Advisors LLC now owns 466,245 shares of the company’s stock valued at $27,607,000 after buying an additional 140,404 shares during the period. BNP Paribas Arbitrage SA raised its position in shares of Edison International by 18.2% in the fourth quarter. BNP Paribas Arbitrage SA now owns 79,960 shares of the company’s stock valued at $4,734,000 after buying an additional 12,307 shares during the period. Finally, Trexquant Investment LP acquired a new position in shares of Edison International during the fourth quarter valued at approximately $1,255,000.
Edison International is the parent holding company of Southern California Edison Company (SCE). SCE is engaged in the business of supplying and delivering electricity to an approximately 50,000 square mile area of southern California. It is also the parent company of subsidiaries that are engaged in competitive businesses focused on providing energy services to commercial and industrial customers, including distributed resources, engaging in transmission opportunities, and exploring distributed water treatment and recycling.
Get Analysts' Upgrades and Downgrades Daily - Enter your email address below to receive a concise daily summary of analysts' upgrades, downgrades and new coverage with MarketBeat.com's FREE daily email newsletter.