Edison International (EIX) Now Covered by JPMorgan Chase & Co.
JPMorgan Chase & Co. started coverage on shares of Edison International (NYSE:EIX) in a research note issued on Friday, Marketbeat reports. The brokerage set a “neutral” rating and a $67.00 price target on the utilities provider’s stock. JPMorgan Chase & Co.’s target price suggests a potential upside of 9.08% from the company’s previous close.
Several other equities research analysts have also recently weighed in on EIX. SunTrust Banks restated a “buy” rating and set a $89.00 target price on shares of Edison International in a report on Monday, October 2nd. Mizuho restated a “buy” rating and set a $86.00 target price on shares of Edison International in a report on Monday, October 9th. Citigroup increased their target price on Edison International from $84.00 to $87.00 and gave the company a “neutral” rating in a report on Tuesday, October 17th. Royal Bank of Canada restated a “buy” rating and set a $84.00 target price on shares of Edison International in a report on Sunday, September 17th. Finally, Morgan Stanley dropped their target price on Edison International from $96.00 to $82.00 and set an “equal weight” rating for the company in a report on Wednesday, December 13th. Two equities research analysts have rated the stock with a sell rating, twelve have assigned a hold rating and five have assigned a buy rating to the company’s stock. The company has a consensus rating of “Hold” and an average target price of $80.67.
Shares of Edison International (NYSE:EIX) opened at $61.42 on Friday. The firm has a market capitalization of $20,011.31, a PE ratio of 13.86, a P/E/G ratio of 2.26 and a beta of 0.24. Edison International has a fifty-two week low of $61.25 and a fifty-two week high of $83.38. The company has a current ratio of 0.51, a quick ratio of 0.47 and a debt-to-equity ratio of 0.80.
Edison International (NYSE:EIX) last issued its earnings results on Monday, October 30th. The utilities provider reported $1.43 earnings per share for the quarter, beating the consensus estimate of $1.33 by $0.10. The company had revenue of $3.67 billion during the quarter, compared to analysts’ expectations of $3.53 billion. Edison International had a return on equity of 10.84% and a net margin of 13.18%. Edison International’s quarterly revenue was down 2.5% compared to the same quarter last year. During the same period in the prior year, the business posted $1.29 EPS. equities analysts predict that Edison International will post 4.33 earnings per share for the current fiscal year.
In other Edison International news, insider Ronald L. Litzinger sold 224,718 shares of the stock in a transaction that occurred on Wednesday, November 15th. The stock was sold at an average price of $82.00, for a total value of $18,426,876.00. Following the completion of the sale, the insider now owns 14,121 shares in the company, valued at approximately $1,157,922. The transaction was disclosed in a document filed with the SEC, which is available at this link. Company insiders own 0.41% of the company’s stock.
A number of hedge funds and other institutional investors have recently added to or reduced their stakes in EIX. Vanguard Group Inc. raised its position in shares of Edison International by 1.8% in the 2nd quarter. Vanguard Group Inc. now owns 27,363,702 shares of the utilities provider’s stock worth $2,139,568,000 after acquiring an additional 487,713 shares in the last quarter. BlackRock Inc. raised its position in shares of Edison International by 1.1% in the 2nd quarter. BlackRock Inc. now owns 24,659,823 shares of the utilities provider’s stock worth $1,928,152,000 after acquiring an additional 270,625 shares in the last quarter. FIL Ltd raised its position in shares of Edison International by 12.1% in the 2nd quarter. FIL Ltd now owns 2,789,016 shares of the utilities provider’s stock worth $218,073,000 after acquiring an additional 301,131 shares in the last quarter. Legal & General Group Plc raised its position in shares of Edison International by 5.8% in the 3rd quarter. Legal & General Group Plc now owns 2,750,911 shares of the utilities provider’s stock worth $212,288,000 after acquiring an additional 149,780 shares in the last quarter. Finally, Wells Fargo & Company MN raised its position in shares of Edison International by 30.3% in the 3rd quarter. Wells Fargo & Company MN now owns 2,572,937 shares of the utilities provider’s stock worth $198,553,000 after acquiring an additional 598,402 shares in the last quarter. Institutional investors and hedge funds own 81.14% of the company’s stock.
Edison International Company Profile
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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