Edison International’s (EIX) “Buy” Rating Reaffirmed at Royal Bank of Canada

Royal Bank of Canada reaffirmed their buy rating on shares of Edison International (NYSE:EIX) in a research note published on Friday. The firm currently has a $74.00 price objective on the utilities provider’s stock.

EIX has been the subject of several other reports. Morgan Stanley upped their price target on shares of Edison International from $90.00 to $92.00 and gave the company an equal weight rating in a research report on Friday, September 8th. Mizuho restated a buy rating and issued a $86.00 price target on shares of Edison International in a research report on Monday, October 9th. Bank of America restated a buy rating and issued a $86.00 price target on shares of Edison International in a research report on Tuesday, October 24th. Citigroup upped their price objective on shares of Edison International from $84.00 to $87.00 and gave the company a neutral rating in a research note on Tuesday, October 17th. Finally, SunTrust Banks reaffirmed a buy rating and issued a $89.00 price objective on shares of Edison International in a research note on Monday, October 30th. Twelve investment analysts have rated the stock with a hold rating and five have assigned a buy rating to the company. The stock has an average rating of Hold and an average price target of $82.07.

Edison International (NYSE:EIX) traded up $1.92 during mid-day trading on Friday, reaching $65.23. 4,806,681 shares of the company were exchanged, compared to its average volume of 5,097,227. The firm has a market cap of $20,627.11, a PE ratio of 14.72, a price-to-earnings-growth ratio of 2.30 and a beta of 0.23. Edison International has a twelve month low of $62.67 and a twelve month high of $83.38. The company has a debt-to-equity ratio of 0.80, a quick ratio of 0.47 and a current ratio of 0.51.

Edison International (NYSE:EIX) last announced its quarterly earnings results on Monday, October 30th. The utilities provider reported $1.43 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate 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 during the quarter, compared to analysts’ expectations of $3.53 billion. During the same period in the prior year, the company posted $1.29 EPS. The company’s revenue was down 2.5% on a year-over-year basis. analysts predict that Edison International will post 4.33 EPS for the current fiscal year.

The company also recently disclosed a quarterly dividend, which will be paid on Wednesday, January 31st. Stockholders of record on Friday, December 29th will be paid a $0.605 dividend. This is a positive change from Edison International’s previous quarterly dividend of $0.54. This represents a $2.42 dividend on an annualized basis and a dividend yield of 3.71%. The ex-dividend date is Thursday, December 28th. Edison International’s dividend payout ratio is currently 48.98%.

In other news, insider Ronald L. Litzinger sold 224,718 shares of the company’s stock in a transaction on 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 sale, the insider now directly owns 14,121 shares of the company’s stock, valued at approximately $1,157,922. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. Corporate insiders own 0.41% of the company’s stock.

A number of hedge funds and other institutional investors have recently modified their holdings of EIX. Amica Retiree Medical Trust bought a new position in shares of Edison International in the third quarter valued at $138,000. Sun Life Financial INC lifted its stake in shares of Edison International by 16,935.7% in the second quarter. Sun Life Financial INC now owns 2,385 shares of the utilities provider’s stock valued at $186,000 after buying an additional 2,371 shares in the last quarter. TCI Wealth Advisors Inc. lifted its stake in shares of Edison International by 139.7% in the third quarter. TCI Wealth Advisors Inc. now owns 2,630 shares of the utilities provider’s stock valued at $203,000 after buying an additional 1,533 shares in the last quarter. OxFORD Asset Management LLP bought a new position in shares of Edison International in the second quarter valued at $204,000. Finally, Shelton Capital Management bought a new position in shares of Edison International in the second quarter valued at $206,000. 81.14% of the stock is currently owned by institutional investors and hedge funds.

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About Edison International

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.

Analyst Recommendations for Edison International (NYSE:EIX)

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