Research Analysts Issue Forecasts for Edison International’s Q2 2023 Earnings (NYSE:EIX)

Posted by Defense World Staff on May 19th, 2023

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Edison International (NYSE:EIX – Get Rating) – Equities researchers at KeyCorp upped their Q2 2023 EPS estimates for shares of Edison International in a note issued to investors on Monday, May 15th. KeyCorp analyst S. Karp now expects that the utilities provider will post earnings per share of $0.94 for the quarter, up from their prior forecast of $0.89. The consensus estimate for Edison International’s current full-year earnings is $4.74 per share. KeyCorp also issued estimates for Edison International’s Q3 2023 earnings at $1.60 EPS.

A number of other research analysts have also issued reports on the company. Mizuho increased their target price on Edison International from $67.00 to $73.00 and gave the company a “neutral” rating in a research report on Monday, April 10th. Morgan Stanley raised their price objective on Edison International from $50.00 to $57.00 and gave the company an “underweight” rating in a report on Thursday, April 20th. Wells Fargo & Company raised their price objective on Edison International from $73.00 to $77.00 and gave the company an “equal weight” rating in a report on Monday, April 10th. Credit Suisse Group decreased their price objective on Edison International from $68.00 to $67.00 and set a “neutral” rating on the stock in a report on Friday, February 24th. Finally, Royal Bank of Canada restated an “outperform” rating and issued a $82.00 price objective on shares of Edison International in a report on Monday, March 6th. Three investment analysts have rated the stock with a sell rating, six have issued a hold rating and two have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Edison International currently has an average rating of “Hold” and a consensus target price of $73.08.

Edison International Trading Down 1.3 %

Shares of NYSE:EIX opened at $68.85 on Thursday. Edison International has a 1 year low of $54.45 and a 1 year high of $74.92. The firm has a market capitalization of $26.37 billion, a price-to-earnings ratio of 31.44, a price-to-earnings-growth ratio of 3.80 and a beta of 0.80. The company has a debt-to-equity ratio of 1.89, a current ratio of 0.86 and a quick ratio of 0.80. The business’s 50 day moving average price is $71.16 and its 200-day moving average price is $67.35.

Edison International (NYSE:EIX – Get Rating) last announced its earnings results on Tuesday, May 2nd. The utilities provider reported $1.09 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.04 by $0.05. Edison International had a return on equity of 12.48% and a net margin of 6.12%. The firm had revenue of $3.97 billion for the quarter, compared to analyst estimates of $4 billion. During the same quarter last year, the firm posted $1.07 EPS. The business’s revenue was down .1% on a year-over-year basis.

Edison International Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Sunday, April 30th. Stockholders of record on Friday, March 31st were issued a dividend of $0.7375 per share. The ex-dividend date was Thursday, March 30th. This represents a $2.95 annualized dividend and a dividend yield of 4.28%. Edison International’s dividend payout ratio is presently 134.70%.

Insider Buying and Selling

In related news, SVP J Andrew Murphy sold 22,471 shares of the firm’s stock in a transaction dated Wednesday, April 5th. The stock was sold at an average price of $72.03, for a total transaction of $1,618,586.13. Following the completion of the sale, the senior vice president now directly owns 12,989 shares of the company’s stock, valued at approximately $935,597.67. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Corporate insiders own 1.03% of the company’s stock.

Hedge Funds Weigh In On Edison International

Several institutional investors have recently bought and sold shares of EIX. Nordea Investment Management AB grew its position in Edison International by 480.2% in the 1st quarter. Nordea Investment Management AB now owns 4,697,110 shares of the utilities provider’s stock valued at $330,677,000 after acquiring an additional 3,887,557 shares in the last quarter. Norges Bank purchased a new stake in shares of Edison International during the fourth quarter worth approximately $222,895,000. FMR LLC increased its stake in shares of Edison International by 30.3% during the first quarter. FMR LLC now owns 14,924,771 shares of the utilities provider’s stock worth $1,053,540,000 after buying an additional 3,468,195 shares during the period. Wellington Management Group LLP increased its stake in shares of Edison International by 40.6% during the first quarter. Wellington Management Group LLP now owns 9,575,555 shares of the utilities provider’s stock worth $675,938,000 after buying an additional 2,763,270 shares during the period. Finally, ATLAS Infrastructure Partners UK Ltd. increased its stake in shares of Edison International by 120.2% during the first quarter. ATLAS Infrastructure Partners UK Ltd. now owns 4,944,938 shares of the utilities provider’s stock worth $349,063,000 after buying an additional 2,699,449 shares during the period. 87.19% of the stock is owned by institutional investors and hedge funds.

Edison International Company Profile

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Edison International is a renewable energy company, which through its subsidiaries, generates and distributes electric power, and invests in energy services and technologies. The company was founded on July 4, 1886, and is headquartered in Rosemead, CA.