Edison International (EIX) Announces Earnings Results

Edison International (NYSE:EIX) announced its quarterly earnings data on Thursday. The utilities provider reported $0.85 EPS for the quarter, hitting the Zacks’ consensus estimate of $0.85, Bloomberg Earnings reports. The company had revenue of $2.97 billion during the quarter, compared to the consensus estimate of $2.92 billion. Edison International had a net margin of 12.64% and a return on equity of 10.70%. Edison International’s quarterly revenue was up 6.8% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.85 EPS. Edison International updated its FY17 guidance to $4.13-4.33 EPS.

Shares of Edison International (EIX) traded down 1.22% during trading on Friday, hitting $78.25. 2,742,884 shares of the stock were exchanged. The stock has a 50-day moving average of $78.96 and a 200 day moving average of $78.18. The stock has a market cap of $25.51 billion, a P/E ratio of 18.51 and a beta of 0.22. Edison International has a 12-month low of $67.44 and a 12-month high of $82.82.

In other Edison International news, Director W Brett White sold 2,500 shares of the business’s stock in a transaction dated Wednesday, June 7th. The stock was sold at an average price of $81.67, for a total transaction of $204,175.00. Following the sale, the director now owns 2,500 shares in the company, valued at approximately $204,175. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, insider Ronald L. Litzinger sold 26,035 shares of the business’s stock in a transaction dated Monday, May 15th. The stock was sold at an average price of $78.85, for a total value of $2,052,859.75. The disclosure for this sale can be found here. Insiders sold 31,035 shares of company stock valued at $2,460,285 in the last ninety days. Corporate insiders own 0.41% of the company’s stock.

A number of hedge funds have recently bought and sold shares of the company. Guardian Life Insurance Co. of America increased its stake in Edison International by 0.6% in the first quarter. Guardian Life Insurance Co. of America now owns 1,256 shares of the utilities provider’s stock valued at $100,000 after buying an additional 8 shares during the last quarter. Jones Collombin Investment Counsel Inc increased its stake in Edison International by 69.4% in the first quarter. Jones Collombin Investment Counsel Inc now owns 1,745 shares of the utilities provider’s stock valued at $139,000 after buying an additional 715 shares during the last quarter. Wayne Hummer Investments L.L.C. bought a new stake in Edison International during the first quarter valued at about $200,000. Parallel Advisors LLC increased its stake in Edison International by 41.7% in the first quarter. Parallel Advisors LLC now owns 2,517 shares of the utilities provider’s stock valued at $198,000 after buying an additional 741 shares during the last quarter. Finally, Gofen & Glossberg LLC IL bought a new stake in Edison International during the first quarter valued at about $201,000. Hedge funds and other institutional investors own 81.64% of the company’s stock.

EIX has been the subject of a number of analyst reports. Zacks Investment Research upgraded shares of Edison International from a “hold” rating to a “buy” rating and set a $86.00 price objective for the company in a research report on Thursday, July 6th. Barclays PLC restated an “equal weight” rating and set a $84.00 price objective (up previously from $78.00) on shares of Edison International in a research report on Sunday, April 23rd. Jefferies Group LLC restated a “hold” rating on shares of Edison International in a research report on Friday, July 14th. Mizuho restated a “buy” rating and set a $91.50 price objective on shares of Edison International in a research report on Wednesday, April 19th. Finally, BidaskClub downgraded shares of Edison International from a “hold” rating to a “sell” rating in a research report on Sunday, June 25th. One research analyst has rated the stock with a sell rating, nine have issued a hold rating and five have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus price target of $83.29.

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Edison International Company Profile

Edison International is the holding company of Southern California Edison Company (SCE). As of December 31, 2016, SCE, a public utility, was primarily engaged in the business of supplying and delivering electricity to an approximately 50,000 square mile area of southern California. The Company is also the parent company of Edison Energy Group, Inc (Edison Energy Group), a holding company for subsidiaries engaged in pursuing competitive business opportunities across energy services and distributed solar to commercial and industrial customers.