Edison International (NYSE:EIX) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a research note issued on Friday.
According to Zacks, “Edison International enjoys a strong portfolio of regulated utility assets and well-managed merchant energy operations, presents a lower risk profile than its utility-only peers. A stable financial position enables Edison International to maximize shareholder value through the payment of regular dividends. However, the company's performance are subject to approvals from regulatory bodies like California Public Utilities Commission (CPUC) and Federal Energy Regulatory Commission (FERC). Moreover adverse decision taken by ORA in April, on SCE’s 2018 General Rate Case will affect the utility's earnings growth. Further, the company's share price has underperformed the broader industry’s price over a year. “
A number of other equities research analysts have also commented on EIX. SunTrust Banks reissued a “buy” rating and set a $89.00 price objective on shares of Edison International in a report on Monday, October 2nd. Mizuho reissued a “buy” rating and set a $86.00 price objective on shares of Edison International in a report on Monday, October 9th. JPMorgan Chase & Co. began coverage on shares of Edison International in a report on Friday, January 12th. They set a “neutral” rating and a $67.00 price objective on the stock. Citigroup increased their price objective on shares of Edison International from $84.00 to $87.00 and gave the stock a “neutral” rating in a report on Tuesday, October 17th. Finally, Morgan Stanley decreased their price objective on shares of Edison International from $96.00 to $82.00 and set an “equal weight” rating on the stock in a report on Wednesday, December 13th. One investment analyst has rated the stock with a sell rating, thirteen have given a hold rating and five have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and an average price target of $80.67.
Edison International (NYSE:EIX) last issued its quarterly earnings data on Monday, October 30th. The utilities provider reported $1.43 EPS for the quarter, topping analysts’ consensus estimates of $1.33 by $0.10. Edison International had a net margin of 13.18% and a return on equity of 10.84%. The firm had revenue of $3.67 billion for the quarter, compared to analyst estimates of $3.53 billion. During the same quarter in the prior year, the firm earned $1.29 EPS. The company’s revenue was down 2.5% on a year-over-year basis. equities analysts predict that Edison International will post 4.32 EPS for the current year.
In other news, insider Ronald L. Litzinger sold 224,718 shares of the firm’s stock in a transaction dated Wednesday, November 15th. The shares were sold at an average price of $82.00, for a total value of $18,426,876.00. Following the transaction, the insider now owns 14,121 shares of the company’s stock, valued at approximately $1,157,922. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 0.41% of the stock is currently owned by company insiders.
Large investors have recently made changes to their positions in the stock. Amica Retiree Medical Trust acquired a new stake in shares of Edison International in the 3rd quarter valued at approximately $138,000. Sun Life Financial INC raised its position in shares of Edison International by 16,935.7% in the 2nd quarter. Sun Life Financial INC now owns 2,385 shares of the utilities provider’s stock valued at $186,000 after acquiring an additional 2,371 shares during the period. First Command Financial Services Inc. acquired a new stake in shares of Edison International in the 4th quarter valued at approximately $154,000. OxFORD Asset Management LLP acquired a new stake in shares of Edison International in the 2nd quarter valued at approximately $204,000. Finally, TCI Wealth Advisors Inc. raised its position in shares of Edison International by 139.7% in the 3rd quarter. TCI Wealth Advisors Inc. now owns 2,630 shares of the utilities provider’s stock valued at $203,000 after acquiring an additional 1,533 shares during the period. Institutional investors and hedge funds own 81.15% of the company’s stock.
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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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