Edison International (EIX) Upgraded to “Buy” by Zacks Investment Research
Zacks Investment Research upgraded shares of Edison International (NYSE:EIX) from a hold rating to a buy rating in a report issued on Thursday morning. They currently have $78.00 price objective on the stock.
According to Zacks, “Edison International remains focused on its transmission and distribution infrastructural development programs, and expansion of its operations. Its SCE unit targets average annual rate base and earnings growth of 7% through 2017 driven by infrastructural investment. In addition, Edison International boasts a solid financial position backed by strong cash generation capacity. However, the company presents a lower risk profile compared to its utility-only peers, with a strong portfolio of regulated utility assets and well-managed merchant energy operations. Meanwhile, any change in environmental rules, adverse decision of regulatory bodies, and power and coal price volatility are causes of concern. Moreover, any adverse decision on a General Rate Case (GRC) will greatly affect the utility's earnings growth, the company’s performance is subject to approvals from regulatory bodies.”
Several other equities analysts have also commented on the stock. Citigroup Inc. decreased their price objective on shares of Edison International from $79.00 to $76.00 and set a neutral rating on the stock in a report on Tuesday, October 4th. Argus decreased their price objective on shares of Edison International from $86.00 to $81.00 and set a buy rating on the stock in a report on Tuesday, October 4th. SunTrust Banks Inc. upped their price objective on shares of Edison International from $82.00 to $84.00 and gave the stock a buy rating in a report on Monday, September 26th. Deutsche Bank AG set a $78.00 price objective on shares of Edison International and gave the stock a hold rating in a report on Sunday, September 4th. Finally, Jefferies Group restated a hold rating and issued a $80.00 price objective on shares of Edison International in a report on Friday, September 2nd. Ten investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and a consensus target price of $76.79.
Edison International (NYSE:EIX) traded up 0.13% during trading on Thursday, reaching $71.10. 472,934 shares of the company’s stock traded hands. The company has a market cap of $23.17 billion, a PE ratio of 26.36 and a beta of 0.23. Edison International has a 12-month low of $57.51 and a 12-month high of $78.72. The company has a 50 day moving average price of $72.48 and a 200-day moving average price of $73.15.
Edison International (NYSE:EIX) last posted its earnings results on Thursday, July 28th. The company reported $0.85 earnings per share for the quarter, missing the 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. Edison International had a net margin of 8.56% and a return on equity of 9.13%. The business’s revenue for the quarter was down 4.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $1.16 earnings per share. On average, equities research analysts forecast that Edison International will post $3.91 EPS for the current fiscal year.
The business also recently announced a quarterly dividend, which will be paid on Monday, October 31st. Investors of record on Friday, September 30th will be given a $0.48 dividend. This represents a $1.92 dividend on an annualized basis and a dividend yield of 2.70%. The ex-dividend date of this dividend is Wednesday, September 28th. Edison International’s dividend payout ratio (DPR) is 71.11%.
In related news, Director Ellen O. Tauscher sold 3,012 shares of the stock in a transaction on Wednesday, September 14th. The shares were sold at an average price of $71.87, for a total value of $216,472.44. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Jagjeet S. Bindra sold 3,995 shares of the stock in a transaction on Wednesday, September 7th. The shares were sold at an average price of $73.80, for a total transaction of $294,831.00. The disclosure for this sale can be found here. 1.51% of the stock is currently owned by corporate insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of EIX. Benjamin F. Edwards & Company Inc. increased its position in Edison International by 0.6% in the second quarter. Benjamin F. Edwards & Company Inc. now owns 2,898 shares of the company’s stock worth $225,000 after buying an additional 16 shares during the period. Baystate Wealth Management LLC boosted its stake in shares of Edison International by 0.5% in the third quarter. Baystate Wealth Management LLC now owns 3,042 shares of the company’s stock worth $220,000 after buying an additional 16 shares in the last quarter. Washington Trust Bank boosted its stake in shares of Edison International by 0.9% in the third quarter. Washington Trust Bank now owns 2,777 shares of the company’s stock worth $201,000 after buying an additional 25 shares in the last quarter. Security National Trust Co. boosted its stake in shares of Edison International by 0.5% in the second quarter. Security National Trust Co. now owns 6,390 shares of the company’s stock worth $496,000 after buying an additional 30 shares in the last quarter. Finally, Wetherby Asset Management Inc. boosted its stake in shares of Edison International by 0.9% in the second quarter. Wetherby Asset Management Inc. now owns 3,361 shares of the company’s stock worth $261,000 after buying an additional 30 shares in the last quarter. 81.95% of the stock is currently owned by hedge funds and other institutional investors.
Edison International Company Profile
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.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Edison International Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Edison International and related companies with MarketBeat.com's FREE daily email newsletter.