Edison International (NYSE:EIX) Stock Price Up 9% – Here’s Why

Edison International (NYSE:EIX)’s share price was up 9% on Wednesday . The stock traded as high as $63.85 and last traded at $63.71. Approximately 2,483,349 shares were traded during mid-day trading, a decline of 64% from the average daily volume of 6,880,090 shares. The stock had previously closed at $58.43.

Analysts Set New Price Targets

EIX has been the subject of a number of analyst reports. UBS Group cut their price target on Edison International from $87.00 to $69.00 and set a “neutral” rating for the company in a research note on Thursday. Morgan Stanley decreased their target price on Edison International from $74.00 to $72.00 and set an “underweight” rating on the stock in a research note on Friday, November 22nd. LADENBURG THALM/SH SH upgraded Edison International from a “sell” rating to a “neutral” rating and set a $56.50 price target for the company in a research note on Wednesday. Barclays dropped their price target on Edison International from $84.00 to $76.00 and set an “overweight” rating for the company in a research note on Monday. Finally, Wells Fargo & Company upped their price target on Edison International from $87.00 to $94.00 and gave the stock an “overweight” rating in a research note on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and nine have given a buy rating to the company’s stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $83.58.

Edison International Stock Down 0.2 %

The company has a current ratio of 0.88, a quick ratio of 0.81 and a debt-to-equity ratio of 1.96. The stock has a market capitalization of $23.68 billion, a P/E ratio of 17.94, a P/E/G ratio of 1.34 and a beta of 0.93. The business has a 50-day moving average price of $80.31 and a 200 day moving average price of $81.48.

Edison International (NYSE:EIX) last posted its earnings results on Tuesday, October 29th. The utilities provider reported $1.51 EPS for the quarter, beating analysts’ consensus estimates of $1.38 by $0.13. The firm had revenue of $5.20 billion during the quarter, compared to the consensus estimate of $5.01 billion. Edison International had a return on equity of 13.17% and a net margin of 8.52%. The company’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same period in the prior year, the company earned $1.38 EPS. On average, equities analysts expect that Edison International will post 4.94 EPS for the current fiscal year.

Edison International Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Friday, January 31st. Investors of record on Tuesday, January 7th will be issued a dividend of $0.8275 per share. This represents a $3.31 annualized dividend and a yield of 5.41%. The ex-dividend date is Tuesday, January 7th. This is a positive change from Edison International’s previous quarterly dividend of $0.78. Edison International’s dividend payout ratio is presently 97.07%.

Insider Activity at Edison International

In related news, VP Adam S. Umanoff sold 25,619 shares of the stock in a transaction on Thursday, October 31st. The stock was sold at an average price of $83.05, for a total transaction of $2,127,657.95. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 1.20% of the stock is currently owned by insiders.

Institutional Trading of Edison International

Several hedge funds and other institutional investors have recently bought and sold shares of EIX. Federated Hermes Inc. raised its holdings in Edison International by 87.9% during the 2nd quarter. Federated Hermes Inc. now owns 3,326 shares of the utilities provider’s stock valued at $239,000 after buying an additional 1,556 shares during the period. Oppenheimer Asset Management Inc. raised its holdings in Edison International by 15.3% during the 2nd quarter. Oppenheimer Asset Management Inc. now owns 10,485 shares of the utilities provider’s stock valued at $753,000 after buying an additional 1,388 shares during the period. Envestnet Asset Management Inc. raised its holdings in Edison International by 1.0% during the 2nd quarter. Envestnet Asset Management Inc. now owns 486,400 shares of the utilities provider’s stock valued at $34,928,000 after buying an additional 4,726 shares during the period. Dimensional Fund Advisors LP increased its stake in Edison International by 15.4% in the second quarter. Dimensional Fund Advisors LP now owns 1,635,880 shares of the utilities provider’s stock worth $117,476,000 after purchasing an additional 218,762 shares during the period. Finally, Renaissance Technologies LLC purchased a new stake in Edison International in the second quarter worth $18,484,000. Hedge funds and other institutional investors own 88.95% of the company’s stock.

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.