Edison International (NYSE:EIX) Stock Price Up 9% – Here’s Why

Edison International (NYSE:EIX) shot up 9% during mid-day trading on Wednesday . The stock traded as high as $63.85 and last traded at $63.71. 2,483,349 shares were traded during trading, a decline of 64% from the average session volume of 6,880,090 shares. The stock had previously closed at $58.43.

Analyst Ratings Changes

Several brokerages have issued reports on EIX. Morgan Stanley cut their price target on Edison International from $74.00 to $72.00 and set an “underweight” rating on the stock in a report on Friday, November 22nd. UBS Group dropped their target price on shares of Edison International from $96.00 to $87.00 and set a “neutral” rating on the stock in a research report on Thursday, December 19th. Jefferies Financial Group started coverage on Edison International in a report on Thursday, November 7th. They set a “buy” rating and a $93.00 price target on the stock. Royal Bank of Canada raised their target price on Edison International from $94.00 to $100.00 and gave the company an “outperform” rating in a research report on Friday, October 4th. Finally, Wells Fargo & Company boosted their price target on shares of Edison International from $87.00 to $94.00 and gave the stock an “overweight” rating in a report on Wednesday, October 30th. One equities research analyst has rated the stock with a sell rating, four have given a hold rating and nine have given a buy rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $84.96.

Edison International Trading Up 5.6 %

The stock’s 50 day moving average is $80.71 and its 200-day moving average is $81.62. The company has a market cap of $23.89 billion, a P/E ratio of 18.09, a PEG ratio of 1.96 and a beta of 0.93. The company has a current ratio of 0.88, a quick ratio of 0.81 and a debt-to-equity ratio of 1.96.

Edison International (NYSE:EIX) last posted its quarterly earnings results on Tuesday, October 29th. The utilities provider reported $1.51 EPS for the quarter, beating analysts’ consensus estimates of $1.38 by $0.13. Edison International had a net margin of 8.52% and a return on equity of 13.17%. The firm had revenue of $5.20 billion for the quarter, compared to analysts’ expectations of $5.01 billion. During the same quarter in the prior year, the company posted $1.38 earnings per share. The business’s revenue for the quarter was up 10.6% on a year-over-year basis. Research analysts anticipate that Edison International will post 4.94 earnings per share for the current fiscal year.

Edison International Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Friday, January 31st. Shareholders of record on Tuesday, January 7th will be given a $0.8275 dividend. This represents a $3.31 dividend on an annualized basis and a yield of 5.36%. The ex-dividend date is Tuesday, January 7th. This is an increase from Edison International’s previous quarterly dividend of $0.78. Edison International’s payout ratio is 97.07%.

Insider Transactions at Edison International

In other Edison International news, VP Adam S. Umanoff sold 25,619 shares of the stock in a transaction that occurred on Thursday, October 31st. The shares were sold at an average price of $83.05, for a total value of $2,127,657.95. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Company insiders own 1.03% of the company’s stock.

Institutional Inflows and Outflows

Several institutional investors have recently made changes to their positions in EIX. FMR LLC increased its holdings in Edison International by 8.7% in the 3rd quarter. FMR LLC now owns 21,800,874 shares of the utilities provider’s stock worth $1,898,638,000 after acquiring an additional 1,741,835 shares in the last quarter. abrdn plc lifted its stake in shares of Edison International by 166.4% during the 3rd quarter. abrdn plc now owns 1,418,526 shares of the utilities provider’s stock valued at $123,149,000 after buying an additional 885,955 shares in the last quarter. Robeco Institutional Asset Management B.V. boosted its holdings in Edison International by 117.8% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 781,736 shares of the utilities provider’s stock worth $68,081,000 after buying an additional 422,752 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp increased its stake in Edison International by 595.9% in the 2nd quarter. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp now owns 318,672 shares of the utilities provider’s stock worth $22,884,000 after buying an additional 272,876 shares in the last quarter. Finally, Renaissance Technologies LLC bought a new stake in Edison International during the second quarter valued at about $18,484,000. Institutional investors own 88.95% 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.