Edison International (NYSE:EIX) Price Target Raised to $66.00

Edison International (NYSE:EIX) had its price target increased by analysts at JPMorgan Chase & Co. from $65.00 to $66.00 in a note issued to investors on Wednesday,Benzinga reports. The firm presently has a “neutral” rating on the utilities provider’s stock. JPMorgan Chase & Co.‘s target price would suggest a potential upside of 6.14% from the company’s previous close.

Several other brokerages have also recently commented on EIX. Jefferies Financial Group lifted their price objective on shares of Edison International from $57.00 to $59.00 and gave the company a “hold” rating in a research note on Wednesday, October 22nd. Barclays decreased their target price on shares of Edison International from $68.00 to $67.00 and set an “overweight” rating for the company in a research report on Thursday, January 22nd. Zacks Research lowered Edison International from a “strong-buy” rating to a “hold” rating in a research note on Monday, December 15th. Wall Street Zen upgraded Edison International from a “hold” rating to a “buy” rating in a research note on Thursday, January 15th. Finally, Morgan Stanley reiterated an “underweight” rating on shares of Edison International in a research report on Wednesday, January 21st. Five analysts have rated the stock with a Buy rating, seven have given a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus target price of $63.30.

Edison International Stock Down 0.7%

Shares of EIX traded down $0.45 during midday trading on Wednesday, hitting $62.18. 859,254 shares of the company’s stock traded hands, compared to its average volume of 2,944,173. The company has a current ratio of 0.82, a quick ratio of 0.76 and a debt-to-equity ratio of 1.95. The stock has a market capitalization of $23.93 billion, a price-to-earnings ratio of 8.13, a price-to-earnings-growth ratio of 0.90 and a beta of 0.83. Edison International has a 1 year low of $47.73 and a 1 year high of $63.19. The firm’s fifty day moving average is $59.55 and its 200-day moving average is $56.65.

Edison International (NYSE:EIX) last posted its quarterly earnings results on Tuesday, October 28th. The utilities provider reported $2.34 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $2.16 by $0.18. The business had revenue of $5.75 billion during the quarter, compared to analysts’ expectations of $5.31 billion. Edison International had a net margin of 17.24% and a return on equity of 13.62%. The business’s quarterly revenue was up 10.6% on a year-over-year basis. During the same quarter last year, the company posted $1.51 earnings per share. As a group, sell-side analysts anticipate that Edison International will post 4.95 earnings per share for the current year.

Insider Activity at Edison International

In other Edison International news, Director Peter J. Taylor sold 1,800 shares of Edison International stock in a transaction dated Thursday, October 30th. The shares were sold at an average price of $55.27, for a total transaction of $99,486.00. Following the completion of the sale, the director directly owned 35,212 shares in the company, valued at $1,946,167.24. This trade represents a 4.86% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 1.20% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Edison International

Hedge funds have recently added to or reduced their stakes in the business. Norges Bank acquired a new position in Edison International during the 2nd quarter worth $268,801,000. AQR Capital Management LLC grew its position in shares of Edison International by 83.5% during the second quarter. AQR Capital Management LLC now owns 9,962,902 shares of the utilities provider’s stock worth $510,649,000 after buying an additional 4,534,864 shares in the last quarter. Vanguard Group Inc. increased its stake in shares of Edison International by 4.9% during the second quarter. Vanguard Group Inc. now owns 51,470,117 shares of the utilities provider’s stock worth $2,655,858,000 after buying an additional 2,386,562 shares during the period. Los Angeles Capital Management LLC increased its stake in shares of Edison International by 237.2% during the second quarter. Los Angeles Capital Management LLC now owns 1,904,568 shares of the utilities provider’s stock worth $98,276,000 after buying an additional 1,339,806 shares during the period. Finally, SG Americas Securities LLC raised its holdings in Edison International by 2,970.8% in the fourth quarter. SG Americas Securities LLC now owns 1,297,280 shares of the utilities provider’s stock valued at $77,863,000 after acquiring an additional 1,255,034 shares in the last quarter. 88.95% of the stock is currently owned by institutional investors and hedge funds.

About Edison International

Edison International is a publicly traded utility holding company based in Rosemead, California, whose principal subsidiary is Southern California Edison (SCE). As an electric utility holding company, Edison International oversees the delivery of electricity through SCE’s integrated network of generation procurement, transmission and distribution infrastructure, serving millions of customers across central, coastal and southern California. The company’s operations focus on reliable energy delivery, customer service, regulatory compliance and long-term infrastructure planning for a complex and high-demand service territory.

The company’s activities include procuring and managing a diverse resource mix, maintaining and upgrading transmission and distribution systems, and implementing grid modernization projects.