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 research note released on Thursday morning. They currently have $78.00 target price 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 recently weighed in on the company. Citigroup Inc. lowered their price target on Edison International from $79.00 to $76.00 and set a neutral rating on the stock in a report on Tuesday, October 4th. Argus reduced their price objective on Edison International from $86.00 to $81.00 and set a buy rating for the company in a research note on Tuesday, October 4th. SunTrust Banks Inc. upped their price objective on Edison International from $82.00 to $84.00 and gave the stock a buy rating in a research note on Monday, September 26th. Deutsche Bank AG set a $78.00 price objective on Edison International and gave the stock a hold rating in a research note 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 research note on Friday, September 2nd. Ten investment analysts have rated the stock with a hold rating and six have issued a buy rating to the company’s stock. The stock has an average rating of Hold and an average target price of $76.79.
Shares of Edison International (NYSE:EIX) traded up 0.13% during midday trading on Thursday, reaching $71.10. The company’s stock had a trading volume of 472,934 shares. Edison International has a 12 month low of $57.51 and a 12 month high of $78.72. The company has a market cap of $23.17 billion, a PE ratio of 26.36 and a beta of 0.23. The company’s 50-day moving average price is $72.48 and its 200-day moving average price is $73.15.
Edison International (NYSE:EIX) last released its quarterly 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 had revenue of $2.78 billion for the quarter, compared to the consensus estimate of $3.18 billion. Edison International had a net margin of 8.56% and a return on equity of 9.13%. Edison International’s quarterly revenue was down 4.5% compared to the same quarter last year. During the same period in the previous year, the company earned $1.16 earnings per share. On average, equities analysts anticipate that Edison International will post $3.91 EPS for the current fiscal year.
The firm also recently disclosed a quarterly dividend, which will be paid on Monday, October 31st. Investors of record on Friday, September 30th will be issued a dividend of $0.48 per share. This represents a $1.92 annualized dividend and a yield of 2.70%. The ex-dividend date is Wednesday, September 28th. Edison International’s payout ratio is 71.11%.
In related news, Director Jagjeet S. Bindra sold 3,995 shares of Edison International stock in a transaction that occurred on Wednesday, September 7th. The shares were sold at an average price of $73.80, for a total transaction of $294,831.00. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Ronald L. Litzinger sold 38,084 shares of Edison International stock in a transaction that occurred on Monday, September 12th. The shares were sold at an average price of $72.10, for a total transaction of $2,745,856.40. Following the transaction, the insider now directly owns 12,053 shares in the company, valued at $869,021.30. The disclosure for this sale can be found here. Corporate insiders own 1.51% of the company’s stock.
A number of institutional investors have recently modified their holdings of EIX. Renaissance Technologies LLC raised its position in shares of Edison International by 309.5% in the first quarter. Renaissance Technologies LLC now owns 769,800 shares of the company’s stock valued at $55,341,000 after buying an additional 581,800 shares during the last quarter. RS Investment Management Co. LLC raised its position in shares of Edison International by 0.8% in the second quarter. RS Investment Management Co. LLC now owns 337,250 shares of the company’s stock valued at $26,194,000 after buying an additional 2,730 shares during the last quarter. Strs Ohio raised its position in shares of Edison International by 7.7% in the second quarter. Strs Ohio now owns 144,833 shares of the company’s stock valued at $11,249,000 after buying an additional 10,369 shares during the last quarter. Panagora Asset Management Inc. raised its position in shares of Edison International by 145.3% in the first quarter. Panagora Asset Management Inc. now owns 220,063 shares of the company’s stock valued at $15,820,000 after buying an additional 130,351 shares during the last quarter. Finally, Adams Diversified Equity Fund Inc. raised its position in shares of Edison International by 52.9% in the second quarter. Adams Diversified Equity Fund Inc. now owns 149,800 shares of the company’s stock valued at $11,635,000 after buying an additional 51,800 shares during the last quarter. 81.95% of the stock is currently owned by institutional investors.
About Edison International
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.
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