Research Analysts Issue Forecasts for Edison International’s Q3 2023 Earnings (NYSE:EIX)

Posted by Defense World Staff on Sep 11th, 2023

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Edison International (NYSE:EIX – Free Report) – Equities researchers at Zacks Research reduced their Q3 2023 earnings estimates for shares of Edison International in a research note issued on Wednesday, September 6th. Zacks Research analyst A. Dutta now expects that the utilities provider will post earnings of $1.53 per share for the quarter, down from their previous estimate of $1.55. The consensus estimate for Edison International’s current full-year earnings is $4.73 per share. Zacks Research also issued estimates for Edison International’s FY2023 earnings at $4.75 EPS, Q3 2024 earnings at $1.56 EPS, Q4 2024 earnings at $1.10 EPS, FY2024 earnings at $4.82 EPS, Q1 2025 earnings at $1.06 EPS, Q2 2025 earnings at $1.11 EPS and FY2025 earnings at $4.83 EPS.

Edison International (NYSE:EIX – Get Free Report) last posted its earnings results on Thursday, July 27th. The utilities provider reported $1.01 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.95 by $0.06. The company had revenue of $3.96 billion during the quarter, compared to the consensus estimate of $4.28 billion. Edison International had a net margin of 6.81% and a return on equity of 12.69%. The firm’s quarterly revenue was down 1.1% on a year-over-year basis. During the same period in the previous year, the firm posted $0.94 earnings per share.

Several other equities research analysts have also commented on EIX. LADENBURG THALM/SH SH upgraded Edison International from a “sell” rating to a “neutral” rating in a research report on Tuesday, August 15th. Guggenheim cut shares of Edison International from a “buy” rating to a “neutral” rating in a report on Friday, July 7th. Barclays assumed coverage on shares of Edison International in a research note on Wednesday, August 23rd. They set an “equal weight” rating and a $68.00 target price on the stock. Royal Bank of Canada cut their price target on Edison International from $82.00 to $81.00 and set an “outperform” rating for the company in a research note on Wednesday, September 6th. Finally, Mizuho upgraded Edison International from a “neutral” rating to a “buy” rating and increased their price target for the stock from $73.00 to $75.00 in a research report on Tuesday, August 22nd. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the company’s stock. According to data from MarketBeat, Edison International currently has an average rating of “Hold” and a consensus target price of $72.91.

Read Our Latest Analysis on EIX

Edison International Stock Up 1.6 %

Shares of EIX opened at $69.80 on Monday. The stock’s 50-day moving average price is $69.98 and its 200-day moving average price is $69.71. The company has a quick ratio of 0.78, a current ratio of 0.84 and a debt-to-equity ratio of 1.87. The company has a market capitalization of $26.75 billion, a price-to-earnings ratio of 28.15, a PEG ratio of 3.94 and a beta of 0.81. Edison International has a 52 week low of $54.45 and a 52 week high of $74.92.

Edison International Cuts Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, October 31st. Investors of record on Friday, September 29th will be paid a $0.7375 dividend. This represents a $2.95 annualized dividend and a yield of 4.23%. The ex-dividend date is Thursday, September 28th. Edison International’s dividend payout ratio is currently 118.95%.

Institutional Investors Weigh In On Edison International

A number of hedge funds have recently modified their holdings of EIX. ProVise Management Group LLC boosted its holdings in shares of Edison International by 1.9% during the 2nd quarter. ProVise Management Group LLC now owns 68,391 shares of the utilities provider’s stock worth $4,750,000 after purchasing an additional 1,267 shares during the last quarter. Alberta Investment Management Corp raised its stake in shares of Edison International by 93.2% in the second quarter. Alberta Investment Management Corp now owns 16,971 shares of the utilities provider’s stock valued at $1,179,000 after acquiring an additional 8,187 shares in the last quarter. Virginia Retirement Systems ET AL purchased a new position in Edison International in the second quarter valued at $3,848,000. Comerica Bank purchased a new stake in Edison International during the 2nd quarter worth about $220,910,000. Finally, BOKF NA boosted its stake in shares of Edison International by 64.8% in the 2nd quarter. BOKF NA now owns 8,129 shares of the utilities provider’s stock valued at $565,000 after buying an additional 3,196 shares during the period. 88.17% of the stock is currently owned by institutional investors and hedge funds.

About Edison International

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Edison International, through its subsidiaries, generates and distributes electric power. The company supplies electricity to approximately 50,000 square mile area of southern California to residential, commercial, industrial, public authorities, agricultural, and other sectors. It also provides decarbonization and energy solutions to commercial, institutional, and industrial customers in North America and Europe.