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 also updated its FY 2024 guidance to 4.750-5.050 EPS.

Edison International Trading Up 2.7 %

Edison International stock traded up $2.08 during midday trading on Friday, reaching $78.51. The stock had a trading volume of 2,775,708 shares, compared to its average volume of 1,647,022. The company has a quick ratio of 0.93, a current ratio of 1.00 and a debt-to-equity ratio of 2.04. Edison International has a 52-week low of $58.82 and a 52-week high of $79.50. The firm has a market cap of $30.21 billion, a price-to-earnings ratio of 34.43 and a beta of 0.91. The company has a fifty day moving average of $73.81 and a 200 day moving average of $70.86.

Edison International (NYSE:EIX) last posted its quarterly earnings data on Thursday, July 25th. The utilities provider reported $1.23 earnings per share for the quarter, topping analysts’ consensus estimates of $1.05 by $0.18. Edison International had a net margin of 6.60% and a return on equity of 13.07%. The company had revenue of $4.34 billion for the quarter, compared to analyst estimates of $4.12 billion. During the same period in the prior year, the company posted $1.01 EPS. The firm’s revenue for the quarter was up 9.4% on a year-over-year basis. On average, analysts anticipate that Edison International will post 4.92 earnings per share for the current fiscal year.

Edison International Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Wednesday, July 31st. Stockholders of record on Monday, July 8th will be given a dividend of $0.78 per share. This represents a $3.12 dividend on an annualized basis and a dividend yield of 3.97%. The ex-dividend date of this dividend is Monday, July 8th. Edison International’s dividend payout ratio (DPR) is presently 136.84%.

Analysts Set New Price Targets

A number of brokerages have recently commented on EIX. Morgan Stanley reduced their target price on shares of Edison International from $64.00 to $61.00 and set an underweight rating on the stock in a research report on Monday, June 24th. UBS Group lowered shares of Edison International from a buy rating to a neutral rating and reduced their target price for the stock from $83.00 to $82.00 in a research report on Friday, July 19th. Guggenheim raised their target price on shares of Edison International from $80.00 to $83.00 and gave the stock a buy rating in a research report on Friday. Mizuho raised their target price on shares of Edison International from $75.00 to $85.00 and gave the stock a buy rating in a research report on Friday, May 17th. Finally, Barclays increased their price objective on shares of Edison International from $72.00 to $75.00 and gave the company an equal weight rating in a research note on Thursday, May 2nd. One analyst has rated the stock with a sell rating, six have issued a hold rating and six have issued a buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of Hold and an average target price of $77.82.

Insider Buying and Selling at Edison International

In other Edison International news, CEO J Andrew Murphy sold 58,099 shares of the firm’s stock in a transaction that occurred 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 completion of the sale, the chief executive officer now directly owns 19,660 shares in the company, valued at $1,474,696.60. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In other Edison International news, SVP Caroline Choi sold 10,004 shares of the firm’s stock in a transaction on Wednesday, June 5th. The shares were sold at an average price of $75.77, for a total value of $758,003.08. Following the completion of the transaction, the senior vice president now owns 26,918 shares of the company’s stock, valued at $2,039,576.86. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, CEO J Andrew Murphy sold 58,099 shares of the firm’s stock in a transaction on Friday, May 10th. The stock was 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 approximately $1,474,696.60. The disclosure for this sale can be found here. Insiders sold a total of 77,897 shares of company stock worth $5,851,245 over the last three months. Corporate insiders own 1.03% 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.