Royal Bank of Canada Reaffirms Buy Rating for Edison International (EIX)

Edison International (NYSE:EIX)‘s stock had its “buy” rating restated by analysts at Royal Bank of Canada in a research note issued on Wednesday, March 14th. They currently have a $70.00 target price on the utilities provider’s stock. Royal Bank of Canada’s price target points to a potential upside of 10.44% from the company’s current price.

Several other brokerages have also commented on EIX. ValuEngine raised Edison International from a “hold” rating to a “buy” rating in a report on Wednesday, November 15th. Citigroup set a $87.00 price objective on Edison International and gave the stock a “hold” rating in a report on Tuesday, December 12th. Mizuho lowered Edison International from a “buy” rating to a “neutral” rating in a report on Wednesday, December 6th. Deutsche Bank dropped their target price on Edison International to $78.00 and set a “hold” rating for the company in a research report on Wednesday, December 6th. Finally, Goldman Sachs set a $70.00 target price on Edison International and gave the stock a “hold” rating in a research report on Friday, December 15th. Thirteen research analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. Edison International presently has an average rating of “Hold” and an average price target of $76.86.

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Shares of NYSE EIX traded down $0.28 during midday trading on Wednesday, hitting $63.38. 2,370,014 shares of the company’s stock were exchanged, compared to its average volume of 3,303,272. Edison International has a 12-month low of $57.63 and a 12-month high of $83.38. The company has a current ratio of 0.53, a quick ratio of 0.49 and a debt-to-equity ratio of 0.84. The firm has a market capitalization of $20,741.14, a price-to-earnings ratio of 14.21, a PEG ratio of 2.79 and a beta of 0.13.

Edison International (NYSE:EIX) last issued its quarterly earnings data on Thursday, February 22nd. The utilities provider reported $1.10 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.93 by $0.17. Edison International had a return on equity of 10.86% and a net margin of 5.59%. The company had revenue of $3.22 billion during the quarter, compared to analyst estimates of $2.98 billion. During the same quarter in the previous year, the firm earned $1.02 earnings per share. Edison International’s revenue was up 11.7% on a year-over-year basis. analysts predict that Edison International will post 4.12 earnings per share for the current year.

A number of hedge funds have recently made changes to their positions in EIX. Victory Capital Management Inc. lifted its position in Edison International by 19.3% in the third quarter. Victory Capital Management Inc. now owns 79,629 shares of the utilities provider’s stock valued at $6,145,000 after purchasing an additional 12,888 shares during the last quarter. Global X MANAGEMENT CO LLC lifted its position in Edison International by 16.3% in the third quarter. Global X MANAGEMENT CO LLC now owns 10,835 shares of the utilities provider’s stock valued at $836,000 after purchasing an additional 1,518 shares during the last quarter. FDx Advisors Inc. lifted its position in Edison International by 16.5% in the third quarter. FDx Advisors Inc. now owns 4,602 shares of the utilities provider’s stock valued at $355,000 after purchasing an additional 653 shares during the last quarter. CIBC Asset Management Inc lifted its position in Edison International by 2.4% in the third quarter. CIBC Asset Management Inc now owns 34,062 shares of the utilities provider’s stock valued at $2,629,000 after purchasing an additional 787 shares during the last quarter. Finally, New York State Common Retirement Fund lifted its position in Edison International by 0.4% in the third quarter. New York State Common Retirement Fund now owns 777,878 shares of the utilities provider’s stock valued at $60,029,000 after purchasing an additional 2,855 shares during the last quarter. Hedge funds and other institutional investors own 82.22% of the company’s stock.

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About Edison International

Edison International, through its subsidiaries, engages in the generation, transmission, and distribution of electricity in the United States. It generates electricity through hydroelectric, diesel/liquid petroleum gas, natural gas, nuclear, and photovoltaic sources. The company supplies electricity primarily to residential, commercial, industrial, agricultural, and other customers, as well as public authorities through transmission and distribution networks.

Analyst Recommendations for Edison International (NYSE:EIX)

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