Edison International (NYSE:EIX) Updates FY24 Earnings Guidance

Edison International (NYSE:EIX) updated its FY24 earnings guidance on Tuesday. The company provided EPS guidance of $4.80-5.00 for the period, compared to the consensus EPS estimate of $4.94. Edison International also updated its FY 2024 guidance to 4.800-5.000 EPS.

Edison International Price Performance

EIX traded up $0.10 during midday trading on Wednesday, hitting $83.24. The company had a trading volume of 2,449,660 shares, compared to its average volume of 1,993,498. Edison International has a twelve month low of $62.21 and a twelve month high of $88.77. The firm’s 50-day simple moving average is $85.52 and its 200-day simple moving average is $78.58. The company has a market capitalization of $32.15 billion, a PE ratio of 33.37, a P/E/G ratio of 1.94 and a beta of 0.91. The company has a debt-to-equity ratio of 2.04, a quick ratio of 0.96 and a current ratio of 1.03.

Edison International (NYSE:EIX) last announced its quarterly earnings data on Tuesday, October 29th. The utilities provider reported $1.51 EPS for the quarter, beating analysts’ consensus estimates of $1.39 by $0.12. The firm had revenue of $5.20 billion for the quarter, compared to analyst estimates of $5.01 billion. Edison International had a return on equity of 13.01% and a net margin of 6.60%. The business’s quarterly revenue was up 10.6% compared to the same quarter last year. During the same period last year, the company earned $1.38 EPS. Equities research analysts predict that Edison International will post 4.95 EPS for the current fiscal year.

Edison International Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 31st. Shareholders of record on Monday, October 7th will be paid a $0.78 dividend. The ex-dividend date of this dividend is Monday, October 7th. This represents a $3.12 dividend on an annualized basis and a yield of 3.75%. Edison International’s payout ratio is presently 125.30%.

Analyst Ratings Changes

Several equities analysts recently issued reports on EIX shares. Barclays boosted their price objective on Edison International from $89.00 to $91.00 and gave the company an “equal weight” rating in a research report on Wednesday. Argus raised their price target on shares of Edison International from $82.00 to $97.00 and gave the stock a “buy” rating in a research note on Wednesday, September 11th. Evercore ISI raised their target price on shares of Edison International from $82.00 to $88.00 and gave the company an “outperform” rating in a research report on Wednesday, August 14th. UBS Group increased their price target on shares of Edison International from $86.00 to $89.00 and gave the company a “neutral” rating in a research note on Wednesday, September 4th. Finally, Bank of America started coverage on shares of Edison International in a research report on Thursday, September 12th. They issued a “buy” rating and a $95.00 price objective on the stock. One investment analyst has rated the stock with a sell rating, four have given a hold rating and seven have issued a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $88.36.

Insiders Place Their Bets

In other news, CEO J Andrew Murphy sold 23,896 shares of the stock in a transaction dated Monday, August 26th. The shares were sold at an average price of $85.45, for a total value of $2,041,913.20. Following the completion of the sale, the chief executive officer now owns 19,850 shares in the company, valued at $1,696,182.50. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Corporate insiders own 1.20% 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.