Edison International (NYSE:EIX) Releases FY 2024 Earnings Guidance

Edison International (NYSE:EIX) updated its FY 2024 earnings guidance on Thursday. The company provided earnings per share guidance of 4.750-5.050 for the period, compared to the consensus earnings per share estimate of 4.970. The company issued revenue guidance of -. Edison International also updated its FY24 guidance to $4.75-5.05 EPS.

Edison International Stock Performance

Shares of NYSE EIX traded up $2.08 during trading hours 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 firm has a 50-day moving average of $73.81 and a 200-day moving average of $70.86. 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 current ratio of 1.00, a quick ratio of 0.93 and a debt-to-equity ratio of 2.04. Edison International has a fifty-two week low of $58.82 and a fifty-two week high of $79.50.

Edison International (NYSE:EIX) last posted its earnings results on Thursday, July 25th. The utilities provider reported $1.23 EPS for the quarter, topping analysts’ consensus estimates of $1.05 by $0.18. Edison International had a return on equity of 13.07% and a net margin of 6.60%. The company had revenue of $4.34 billion for the quarter, compared to the consensus estimate of $4.12 billion. During the same period in the previous year, the business earned $1.01 earnings per share. Edison International’s quarterly revenue was up 9.4% compared to the same quarter last year. Equities research analysts predict that Edison International will post 4.92 earnings per share for the current year.

Edison International Announces Dividend

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

Analysts Set New Price Targets

Several research firms have recently commented on EIX. Wells Fargo & Company increased their price target on shares of Edison International from $86.00 to $87.00 and gave the company an overweight rating in a research report on Friday. UBS Group cut Edison International from a buy rating to a neutral rating and lowered their target price for the company from $83.00 to $82.00 in a report on Friday, July 19th. Morgan Stanley cut their price target on Edison International from $64.00 to $61.00 and set an underweight rating for the company in a report on Monday, June 24th. Argus increased their price objective on Edison International from $78.00 to $82.00 and gave the company a buy rating in a research note on Wednesday, June 12th. Finally, The Goldman Sachs Group started coverage on Edison International in a research report on Wednesday, April 10th. They set a neutral rating and a $78.00 price objective for the company. One analyst has rated the stock with a sell rating, six have assigned a hold rating and six have assigned a buy rating to the company’s stock. According to data from MarketBeat, Edison International currently has an average rating of Hold and a consensus price target of $77.82.

Insider Transactions at Edison International

In other 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 transaction of $4,358,005.99. Following the completion of the sale, the chief executive officer now owns 19,660 shares of the company’s stock, valued at $1,474,696.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In other news, CEO J Andrew Murphy sold 58,099 shares of the stock in a transaction dated 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 transaction, the chief executive officer now owns 19,660 shares of the company’s stock, valued at $1,474,696.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, SVP Caroline Choi sold 10,004 shares of the business’s stock in a transaction dated 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 sale, the senior vice president now directly owns 26,918 shares of the company’s stock, valued at $2,039,576.86. The disclosure for this sale can be found here. Insiders sold 77,897 shares of company stock valued at $5,851,245 over the last 90 days. 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.