Edison International (NYSE:EIX) Upgraded to “Buy” by Jefferies Group LLC
Jefferies Group LLC upgraded shares of Edison International (NYSE:EIX) from a hold rating to a buy rating in a research note issued to investors on Friday, MarketBeat reports. They currently have $90.00 price target on the utilities provider’s stock, up from their previous price target of $85.00. Jefferies Group also issued estimates for Edison International’s FY2020 earnings at $5.03 EPS.
A number of other brokerages have also weighed in on EIX. BidaskClub upgraded shares of Edison International from a sell rating to a hold rating in a report on Monday, June 19th. Mizuho reiterated a buy rating and issued a $91.50 price target on shares of Edison International in a report on Wednesday, April 19th. Barclays PLC reiterated an equal weight rating and issued a $84.00 price target (up previously from $78.00) on shares of Edison International in a report on Sunday, April 23rd. Morgan Stanley lifted their price target on shares of Edison International from $86.00 to $90.00 and gave the company an equal weight rating in a report on Thursday. Finally, BMO Capital Markets reiterated an outperform rating and issued a $85.00 price target (up previously from $82.00) on shares of Edison International in a report on Wednesday, May 3rd. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and six have issued a buy rating to the company’s stock. The stock currently has a consensus rating of Hold and a consensus price target of $84.35.
Shares of Edison International (NYSE EIX) traded up 1.07% during mid-day trading on Friday, reaching $80.38. The company’s stock had a trading volume of 1,060,550 shares. Edison International has a 1-year low of $67.44 and a 1-year high of $82.82. The company has a market capitalization of $26.19 billion, a price-to-earnings ratio of 19.01 and a beta of 0.22. The firm’s 50 day moving average price is $78.39 and its 200-day moving average price is $78.66.
Edison International (NYSE:EIX) last announced its quarterly earnings results on Thursday, July 27th. The utilities provider reported $0.85 earnings per share for the quarter, meeting the Zacks’ consensus estimate of $0.85. The company had revenue of $2.97 billion for the quarter, compared to analyst estimates of $2.92 billion. Edison International had a net margin of 12.64% and a return on equity of 10.58%. Edison International’s revenue for the quarter was up 6.8% on a year-over-year basis. During the same quarter last year, the business earned $0.85 EPS. On average, analysts predict that Edison International will post $4.24 EPS for the current year.
In related news, Director W Brett White sold 2,500 shares of Edison International stock in a transaction on Wednesday, June 7th. The shares were 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 of the company’s stock, valued at approximately $204,175. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Insiders own 0.41% of the company’s stock.
Several large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. increased its stake in Edison International by 1.8% in the second quarter. Vanguard Group Inc. now owns 27,363,702 shares of the utilities provider’s stock valued at $2,139,568,000 after buying an additional 487,713 shares during the last quarter. BlackRock Inc. increased its stake in Edison International by 1.1% in the second quarter. BlackRock Inc. now owns 24,659,823 shares of the utilities provider’s stock valued at $1,928,152,000 after buying an additional 270,625 shares during the last quarter. JPMorgan Chase & Co. increased its stake in Edison International by 3.6% in the second quarter. JPMorgan Chase & Co. now owns 15,314,368 shares of the utilities provider’s stock valued at $1,197,430,000 after buying an additional 526,261 shares during the last quarter. Alliancebernstein L.P. increased its stake in Edison International by 6.1% in the first quarter. Alliancebernstein L.P. now owns 5,733,802 shares of the utilities provider’s stock valued at $456,468,000 after buying an additional 330,071 shares during the last quarter. Finally, Boston Partners increased its stake in Edison International by 4.2% in the second quarter. Boston Partners now owns 3,736,312 shares of the utilities provider’s stock valued at $292,142,000 after buying an additional 151,153 shares during the last quarter. 81.73% of the stock is owned by institutional investors.
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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