Edison International (NYSE:EIX) Issues FY24 Earnings Guidance

Edison International (NYSE:EIX) issued an update on its FY24 earnings guidance on Thursday morning. The company provided EPS guidance of $4.75-5.05 for the period, compared to the consensus EPS estimate of $4.92.

Edison International Stock Performance

Shares of EIX traded up $0.39 during trading hours on Thursday, reaching $76.43. 1,930,330 shares of the company’s stock traded hands, compared to its average volume of 2,010,076. Edison International has a twelve month low of $58.82 and a twelve month high of $77.59. The business’s fifty day simple moving average is $73.76 and its two-hundred day simple moving average is $70.80. The company has a debt-to-equity ratio of 2.04, a current ratio of 1.00 and a quick ratio of 0.93. The firm has a market capitalization of $29.41 billion, a price-to-earnings ratio of 33.68 and a beta of 0.91.

Edison International (NYSE:EIX) last released its earnings results on Tuesday, April 30th. The utilities provider reported $1.13 EPS for the quarter, beating the consensus estimate of $1.12 by $0.01. The firm had revenue of $4.08 billion for the quarter, compared to analysts’ expectations of $4.16 billion. Edison International had a net margin of 6.14% and a return on equity of 12.48%. Edison International’s quarterly revenue was up 2.8% on a year-over-year basis. During the same quarter last year, the company earned $1.09 EPS. Analysts predict that Edison International will post 4.92 earnings per share for the current year.

Edison International Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, July 31st. Shareholders of record on Monday, July 8th will be paid a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a yield of 4.08%. The ex-dividend date of this dividend is Monday, July 8th. Edison International’s payout ratio is currently 136.84%.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on the company. The Goldman Sachs Group assumed coverage on Edison International in a research note on Wednesday, April 10th. They set a neutral rating and a $78.00 target price for the company. Mizuho boosted their target price on shares of Edison International from $75.00 to $85.00 and gave the stock a buy rating in a report on Friday, May 17th. Barclays raised their target price on shares of Edison International from $72.00 to $75.00 and gave the stock an equal weight rating in a report on Thursday, May 2nd. Argus increased their price objective on Edison International from $78.00 to $82.00 and gave the company a buy rating in a research report on Wednesday, June 12th. Finally, UBS Group cut Edison International from a buy rating to a neutral rating and decreased their target price for the stock from $83.00 to $82.00 in a report on Friday, July 19th. One research analyst has rated the stock with a sell rating, six have given a hold rating and six have issued a buy rating to the stock. According to MarketBeat.com, the stock presently has an average rating of Hold and an average target price of $77.82.

Insider Activity

In other Edison International news, CEO J Andrew Murphy sold 58,099 shares of the stock in a transaction on Friday, May 10th. The shares were sold at an average price of $75.01, for a total value of $4,358,005.99. Following the sale, the chief executive officer now directly owns 19,660 shares in the company, valued at $1,474,696.60. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. In other Edison International news, CEO J Andrew Murphy sold 58,099 shares of Edison International stock in a transaction on Friday, May 10th. The shares were sold at an average price of $75.01, for a total transaction of $4,358,005.99. Following the completion of the transaction, the chief executive officer now directly owns 19,660 shares of the company’s stock, valued at $1,474,696.60. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, SVP Caroline Choi sold 10,004 shares of the stock in a transaction dated Wednesday, June 5th. The shares were sold at an average price of $75.77, for a total transaction of $758,003.08. Following the completion of the transaction, the senior vice president now directly owns 26,918 shares in the company, valued at $2,039,576.86. The disclosure for this sale can be found here. Insiders have sold 77,897 shares of company stock valued at $5,851,245 over the last 90 days. 1.03% of the stock is owned by company insiders.

About Edison International

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.