Seaport Res Ptn Has Bearish Outlook for EIX FY2024 Earnings

Edison International (NYSE:EIX - Free Report) - Seaport Res Ptn dropped their FY2024 EPS estimates for Edison International in a report released on Thursday, October 31st. Seaport Res Ptn analyst A. Storozynski now forecasts that the utilities provider will post earnings of $4.89 per share for the year, down from their previous forecast of $4.90. The consensus estimate for Edison International's current full-year earnings is $4.94 per share. Seaport Res Ptn also issued estimates for Edison International's FY2025 earnings at $6.02 EPS, FY2026 earnings at $6.34 EPS and FY2027 earnings at $6.40 EPS.

A number of other equities research analysts also recently issued reports on EIX. Bank of America started coverage on shares of Edison International in a research report on Thursday, September 12th. They issued a "buy" rating and a $95.00 price objective for the company. Argus boosted their target price on shares of Edison International from $82.00 to $97.00 and gave the company a "buy" rating in a research note on Wednesday, September 11th. Wells Fargo & Company boosted their target price on shares of Edison International from $87.00 to $94.00 and gave the company an "overweight" rating in a research note on Wednesday. UBS Group boosted their target price on shares of Edison International from $86.00 to $89.00 and gave the company a "neutral" rating in a research note on Wednesday, September 4th. Finally, Evercore ISI boosted their target price on shares of Edison International from $82.00 to $88.00 and gave the company an "outperform" rating in a research note on Wednesday, August 14th. One equities research analyst has rated the stock with a sell rating, four have issued a hold rating and seven have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $88.36.

Edison International Stock Down 1.5 %

EIX stock traded down $1.27 during trading on Friday, reaching $81.13. The stock had a trading volume of 2,104,209 shares, compared to its average volume of 1,999,780. Edison International has a one year low of $62.21 and a one year high of $88.77. The company has a quick ratio of 0.96, a current ratio of 0.88 and a debt-to-equity ratio of 1.96. The company's 50 day moving average is $85.47 and its two-hundred day moving average is $78.64. The company has a market capitalization of $31.41 billion, a price-to-earnings ratio of 23.84, a P/E/G ratio of 1.94 and a beta of 0.91.

Edison International (NYSE:EIX - Get Free Report) last issued its quarterly earnings data on Tuesday, October 29th. The utilities provider reported $1.51 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $1.38 by $0.13. Edison International had a net margin of 8.52% and a return on equity of 13.17%. The business had revenue of $5.20 billion during the quarter, compared to the consensus estimate of $5.01 billion. During the same period in the prior year, the firm posted $1.38 EPS. The firm's quarterly revenue was up 10.6% compared to the same quarter last year.

Hedge Funds Weigh In On Edison International

A number of institutional investors have recently made changes to their positions in the stock. Wealth Enhancement Advisory Services LLC grew its holdings in shares of Edison International by 12.1% during the 1st quarter. Wealth Enhancement Advisory Services LLC now owns 22,508 shares of the utilities provider's stock valued at $1,592,000 after purchasing an additional 2,431 shares during the last quarter. Norden Group LLC purchased a new stake in Edison International during the 1st quarter valued at $369,000. First Trust Direct Indexing L.P. lifted its position in shares of Edison International by 15.1% in the 1st quarter. First Trust Direct Indexing L.P. now owns 8,248 shares of the utilities provider's stock worth $583,000 after purchasing an additional 1,084 shares during the period. Van ECK Associates Corp lifted its position in shares of Edison International by 42.3% in the 1st quarter. Van ECK Associates Corp now owns 121,939 shares of the utilities provider's stock worth $8,625,000 after purchasing an additional 36,227 shares during the period. Finally, Mission Wealth Management LP lifted its position in shares of Edison International by 10.0% in the 1st quarter. Mission Wealth Management LP now owns 9,345 shares of the utilities provider's stock worth $661,000 after purchasing an additional 853 shares during the period. Institutional investors own 88.95% of the company's stock.

Insiders Place Their Bets

In other news, CEO J Andrew Murphy sold 23,896 shares of the stock in a transaction on Monday, August 26th. The shares were sold at an average price of $85.45, for a total value of $2,041,913.20. Following the transaction, the chief executive officer now owns 19,850 shares of the company's stock, valued at $1,696,182.50. This represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Corporate insiders own 1.03% of the company's stock.

Edison International Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Thursday, October 31st. Shareholders of record on Monday, October 7th were paid a $0.78 dividend. This represents a $3.12 annualized dividend and a yield of 3.85%. The ex-dividend date was Monday, October 7th. Edison International's dividend payout ratio is presently 91.50%.

Edison International Company Profile

Edison International, through its subsidiaries, engages in the generation and distribution of electric power. The company supplies and delivers electricity to approximately 50,000 square mile area of southern California to residential, commercial, industrial, public authorities, agricultural, and other sectors.