Edison International (NYSE:EIX) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Wednesday.
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. Apart from traditional projects, SCE has a few growth programs that include storage, electric vehicle charging, and the grid of the future projects. However, shares of the company underperformed its broader industry in last one year, with wildfire-related costs expected to weigh significantly on its operating results. Although the company has an insurance coverage of over $1 billion for wildfires, considering the fact that insurance claims from last year’s California wildfires have reached almost $12 billion, if found liable, this insurance coverage will not be sufficient for the company to remain profitable.”
A number of other research firms have also issued reports on EIX. ValuEngine raised shares of Edison International from a “hold” rating to a “buy” rating in a report on Wednesday, November 15th. Citigroup set a $87.00 target price on shares of Edison International and gave the stock a “hold” rating in a report on Tuesday, December 12th. Mizuho lowered shares of Edison International from a “buy” rating to a “neutral” rating in a report on Wednesday, December 6th. Deutsche Bank dropped their target price on shares of Edison International to $78.00 and set a “hold” rating for the company in a report on Wednesday, December 6th. Finally, Goldman Sachs Group set a $70.00 target price on shares of Edison International and gave the stock a “hold” rating in a report on Friday, December 15th. One research analyst has rated the stock with a sell rating, twelve have given a hold rating and six have issued a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average target price of $76.93.
Edison International (NYSE:EIX) last released its earnings results on Thursday, February 22nd. The utilities provider reported $1.10 earnings per share (EPS) for the quarter, topping the Zacks’ consensus estimate of $0.93 by $0.17. Edison International had a net margin of 5.59% and a return on equity of 10.86%. The business had revenue of $3.22 billion during the quarter, compared to analyst estimates of $2.98 billion. During the same quarter in the prior year, the firm earned $1.02 earnings per share. The company’s revenue for the quarter was up 11.7% compared to the same quarter last year. equities analysts expect that Edison International will post 4.21 EPS for the current fiscal year.
Several hedge funds have recently made changes to their positions in the company. Maple Brown Abbott Ltd acquired a new position in shares of Edison International during the 4th quarter valued at about $1,192,752,000. BlackRock Inc. lifted its position in Edison International by 7.4% in the fourth quarter. BlackRock Inc. now owns 26,746,136 shares of the utilities provider’s stock valued at $1,691,424,000 after buying an additional 1,832,822 shares during the last quarter. Geode Capital Management LLC lifted its position in Edison International by 5.8% in the fourth quarter. Geode Capital Management LLC now owns 3,529,323 shares of the utilities provider’s stock valued at $222,735,000 after buying an additional 193,975 shares during the last quarter. Deutsche Bank AG lifted its position in Edison International by 4.6% in the fourth quarter. Deutsche Bank AG now owns 3,415,561 shares of the utilities provider’s stock valued at $215,994,000 after buying an additional 150,064 shares during the last quarter. Finally, Legal & General Group Plc lifted its position in Edison International by 5.8% in the third quarter. Legal & General Group Plc now owns 2,750,911 shares of the utilities provider’s stock valued at $212,288,000 after buying an additional 149,780 shares during the last quarter. 82.26% of the stock is currently owned by hedge funds and other institutional investors.
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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