Edison International (EIX) Shares Gap Up After Strong Earnings

Edison International (NYSE:EIX) shares gapped up before the market opened on Friday following a better than expected earnings announcement. The stock had previously closed at $62.34, but opened at $62.17. Edison International shares last traded at $62.17, with a volume of 3880000 shares.

The utilities provider reported $1.10 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.93 by $0.17. The firm had revenue of $3.22 billion for the quarter, compared to analyst estimates of $2.98 billion. Edison International had a return on equity of 10.84% and a net margin of 13.18%. Edison International’s revenue was up 11.7% compared to the same quarter last year. During the same period in the previous year, the company earned $1.02 earnings per share.

The company also recently announced a quarterly dividend, which will be paid on Monday, April 30th. Investors of record on Thursday, March 29th will be issued a dividend of $0.605 per share. This represents a $2.42 dividend on an annualized basis and a yield of 3.89%. The ex-dividend date is Wednesday, March 28th. Edison International’s payout ratio is currently 55.25%.

A number of research analysts recently issued reports on EIX shares. SunTrust Banks reaffirmed a “buy” rating and set a $79.00 target price on shares of Edison International in a report on Tuesday, December 26th. Zacks Investment Research lowered Edison International from a “hold” rating to a “sell” rating in a report on Tuesday, January 2nd. Edward Jones lowered Edison International from a “hold” rating to a “sell” rating in a report on Wednesday, December 27th. JPMorgan Chase & Co. initiated coverage on Edison International in a report on Friday, January 12th. They set a “neutral” rating and a $67.00 target price on the stock. Finally, Goldman Sachs Group set a $70.00 price target on Edison International and gave the stock a “hold” rating in a research note on Friday, December 15th. One research analyst has rated the stock with a sell rating, twelve have issued a hold rating and six have given a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus price target of $77.21.

A number of institutional investors and hedge funds have recently modified their holdings of EIX. Cerebellum GP LLC purchased a new position in Edison International in the 4th quarter worth about $116,000. Captrust Financial Advisors acquired a new stake in Edison International during the 4th quarter worth about $126,000. Amica Retiree Medical Trust acquired a new stake in Edison International during the 3rd quarter worth about $138,000. First Command Financial Services Inc. acquired a new stake in Edison International during the 4th quarter worth about $154,000. Finally, Advisory Services Network LLC boosted its position in Edison International by 1,842.3% during the 4th quarter. Advisory Services Network LLC now owns 2,661 shares of the utilities provider’s stock worth $168,000 after acquiring an additional 2,524 shares during the period. 80.57% of the stock is currently owned by hedge funds and other institutional investors.

The firm has a market capitalization of $20,260.00, a PE ratio of 14.19, a P/E/G ratio of 2.18 and a beta of 0.17. The company has a debt-to-equity ratio of 0.80, a current ratio of 0.51 and a quick ratio of 0.47.

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About Edison International

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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