Edison International (EIX) Shares Gap Up After Better-Than-Expected Earnings

Shares of Edison International (NYSE:EIX) gapped up before the market opened on Friday following a stronger than expected earnings report. The stock had previously closed at $62.34, but opened at $62.17. Edison International shares last traded at $62.17, with a volume of 3880000 shares.

The utilities provider reported $1.10 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.93 by $0.17. Edison International had a return on equity of 10.84% and a net margin of 13.18%. The firm had revenue of $3.22 billion for the quarter, compared to analysts’ expectations of $2.98 billion. During the same period last year, the business posted $1.02 earnings per share. The firm’s revenue for the quarter was up 11.7% on a year-over-year basis.

The company also recently disclosed a quarterly dividend, which will be paid on Monday, April 30th. Investors of record on Thursday, March 29th will be paid a dividend of $0.605 per share. This represents a $2.42 annualized dividend and a yield of 3.89%. The ex-dividend date is Wednesday, March 28th. Edison International’s dividend payout ratio (DPR) is presently 55.25%.

EIX has been the topic of several research analyst reports. SunTrust Banks restated a “buy” rating and set a $89.00 price objective on shares of Edison International in a research note on Monday, October 30th. ValuEngine upgraded Edison International from a “hold” rating to a “buy” rating in a research note on Wednesday, November 15th. Mizuho cut Edison International from a “buy” rating to a “neutral” rating in a research note on Wednesday, December 6th. Deutsche Bank cut their target price on Edison International to $78.00 and set a “hold” rating on the stock in a research note on Wednesday, December 6th. Finally, Citigroup set a $87.00 target price on Edison International and gave the company a “hold” rating in a research note on Tuesday, December 12th. One analyst has rated the stock with a sell rating, twelve have assigned a hold rating and six have given a buy rating to the company. Edison International presently has an average rating of “Hold” and an average target price of $77.21.

Institutional investors and hedge funds have recently modified their holdings of the company. Amica Retiree Medical Trust acquired a new position in shares of Edison International during the third quarter valued at $138,000. Cerebellum GP LLC acquired a new position in shares of Edison International during the fourth quarter valued at $116,000. Captrust Financial Advisors acquired a new position in shares of Edison International during the fourth quarter valued at $126,000. First Command Financial Services Inc. acquired a new position in shares of Edison International during the fourth quarter valued at $154,000. Finally, TCI Wealth Advisors Inc. increased its holdings in shares of Edison International by 139.7% during the third quarter. TCI Wealth Advisors Inc. now owns 2,630 shares of the utilities provider’s stock valued at $203,000 after purchasing an additional 1,533 shares during the period. 80.57% of the stock is currently owned by institutional investors.

The stock has a market capitalization of $20,260.00, a price-to-earnings ratio of 14.19, a P/E/G ratio of 2.18 and a beta of 0.17. The company has a current ratio of 0.51, a quick ratio of 0.47 and a debt-to-equity ratio of 0.80.

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About Edison International

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.

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