Edison International (EIX) Earns “Buy” Rating from Royal Bank of Canada
Royal Bank of Canada reissued their buy rating on shares of Edison International (NYSE:EIX) in a research note issued to investors on Friday morning. The firm currently has a $74.00 price objective on the utilities provider’s stock.
Other equities research analysts also recently issued research reports about the stock. SunTrust Banks reaffirmed a buy rating and set a $85.00 price objective on shares of Edison International in a research report on Thursday, December 7th. Mizuho downgraded shares of Edison International from a buy rating to a neutral rating in a research report on Wednesday, December 6th. Goldman Sachs Group set a $70.00 price objective on shares of Edison International and gave the company a hold rating in a research report on Friday, December 15th. ValuEngine raised shares of Edison International from a hold rating to a buy rating in a research report on Wednesday, November 15th. Finally, Deutsche Bank lowered their price objective on shares of Edison International to $78.00 and set a hold rating for the company in a research report on Wednesday, December 6th. Twelve analysts have rated the stock with a hold rating and five have issued a buy rating to the stock. Edison International has an average rating of Hold and a consensus target price of $82.07.
Shares of Edison International (NYSE:EIX) opened at $65.23 on Friday. The stock has a market cap of $21,900.00, a PE ratio of 14.89, a PEG ratio of 2.30 and a beta of 0.23. The company has a debt-to-equity ratio of 0.80, a current ratio of 0.51 and a quick ratio of 0.47. Edison International has a 12 month low of $62.67 and a 12 month high of $83.38.
Edison International (NYSE:EIX) last announced its quarterly earnings data on Monday, October 30th. The utilities provider reported $1.43 earnings per share for the quarter, beating analysts’ consensus estimates of $1.33 by $0.10. Edison International had a net margin of 13.64% and a return on equity of 15.35%. The business had revenue of $3.67 billion during the quarter, compared to the consensus estimate of $3.53 billion. During the same quarter in the prior year, the firm earned $1.29 EPS. The company’s revenue for the quarter was down 2.5% compared to the same quarter last year. sell-side analysts forecast that Edison International will post 4.33 earnings per share for the current year.
The company also recently announced a quarterly dividend, which will be paid on Wednesday, January 31st. Shareholders of record on Friday, December 29th will be given a $0.605 dividend. This is a boost from Edison International’s previous quarterly dividend of $0.54. The ex-dividend date of this dividend is Thursday, December 28th. This represents a $2.42 annualized dividend and a yield of 3.71%. Edison International’s dividend payout ratio is 49.54%.
In other Edison International news, insider Ronald L. Litzinger sold 224,718 shares of the company’s stock in a transaction dated Wednesday, November 15th. The shares were sold at an average price of $82.00, for a total value of $18,426,876.00. Following the completion of the transaction, the insider now owns 14,121 shares in the company, valued at approximately $1,157,922. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.41% of the stock is currently owned by corporate insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Vanguard Group Inc. grew its position in Edison International by 1.8% in the 2nd quarter. Vanguard Group Inc. now owns 27,363,702 shares of the utilities provider’s stock worth $2,139,568,000 after purchasing an additional 487,713 shares during the last quarter. BlackRock Inc. grew its position in Edison International by 1.1% in the 2nd quarter. BlackRock Inc. now owns 24,659,823 shares of the utilities provider’s stock worth $1,928,152,000 after purchasing an additional 270,625 shares during the last quarter. JPMorgan Chase & Co. grew its position in Edison International by 3.6% in the 2nd quarter. JPMorgan Chase & Co. now owns 15,314,368 shares of the utilities provider’s stock worth $1,197,430,000 after purchasing an additional 526,261 shares during the last quarter. FIL Ltd grew its position in Edison International by 12.1% in the 2nd quarter. FIL Ltd now owns 2,789,016 shares of the utilities provider’s stock worth $218,073,000 after purchasing an additional 301,131 shares during the last quarter. Finally, Legal & General Group Plc grew its position in Edison International by 5.8% in the 3rd quarter. Legal & General Group Plc now owns 2,750,911 shares of the utilities provider’s stock worth $212,288,000 after purchasing an additional 149,780 shares during the last quarter. Hedge funds and other institutional investors own 81.14% of the company’s stock.
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Edison International Company Profile
Edison International is the holding company of Southern California Edison Company (SCE). As of December 31, 2016, SCE, a public utility, was primarily engaged in the business of supplying and delivering electricity to an approximately 50,000 square mile area of southern California. The Company is also the parent company of Edison Energy Group, Inc (Edison Energy Group), a holding company for subsidiaries engaged in pursuing competitive business opportunities across energy services and distributed solar to commercial and industrial customers.
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