Wells Fargo took its Edison Intl [EIX] rating to the equivalent of Overweight from Equal Weight, and the price target to $71, in a research note dated 2021-01-06. That figure represents around a 16.74% premium from where the company’s shares closed on Tuesday. Some new analysts also started their coverage, with KeyBanc Capital Markets’s analysts assigning the shares to “an Overweight” rating in a research note to investors issued in mid May. Meanwhile, BofA/Merrill had raised its rating on EIX to “Buy” from the earlier “Neutral”, in a research note produced for clients May 04, 2020. In addition, Vertical Research launched coverage on February 25, 2020. The research firm rated EIX “a Buy”.
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Is Edison International [NYSE:EIX] a Good Buy Right Now?
It should be noted that EIX technical indicators for short, intermediate as well as long term progress have placed an overall average of 56% as Buy. The average signal changed from 96% Buy in the last week and compares with 64% Buy in the past month. Data from Edison International’s Trend Spotter indicated that the signals were Weakest. The stock current average is 1.44 million shares in the past 20 days and the short term average signal indicates a 50% Buy. In the last 50 days, the average trading volume was 1.77 million shares while the medium term average advocated for 50% Buy. The average long-term signal stands at 100% Buy and the 100-day average volume stands at 2.02 million shares.
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EIX Price Performance
On Wall Street, Edison International [NYSE:EIX] finished Tuesday’s session up 0.53% at $60.81. The stock went up to $60.94 at the same session while its lowest single day price was $59.91. In the last five days, it saw a fall of about -2.63%, Edison International shares dropped by almost -3.20% since the beginning of the year. However, the share price has dropped to as low as -22.96% below its one year high. On 01/04/21, the company shares recorded $62.94, the highest single-day price it has got to in the last 52-weeks and a 52-week low was seen on 01/05/21, the same year at $59.91. The company’s shares have declined by -19.06% in the past year. The 50-day SMA achieved is $61.61 while the 200-day SMA is $56.90. Volume dropped to 1.22 million from 1.63 million in the previous session.
Edison International [EIX] Valuation Measures
Notably, Edison International [EIX] stock cannot be classified as a good candidate in the listing of underestimated low-priced Utilities – Regulated Electric companies to purchase soonest possible with the prevailing 12-month PE ratio of 61.92. The measure means the stock is exchanging at a premium as compared to the 16.91x trailing earnings of the industry. It can be helpful for investors to consider historical price-sales ratio, more specifically, a 1.69 PS value ratio is reported for the last one year of reported earnings. That is higher than the industry average of 1.50 which means EIX serve an unattractive investment opportunity compared to its competitors.
EIX Stock Support And Resistance Levels
On the 24-hour scale, the immediate backing is perceived around 60.17 level, and in case of violation of this particular level, it will cause more drop to 59.52 level. On the upper level, 61.58 is still the key resistance. The stock may increase to the subsequent resistance at 61.20. The Relative Strength Index (RSI) pinned on the 14-day chart is 44.34, implying a neutral technical stance while the MACD stands at -0.70, meaning price will decrease in the next trading period. Percent R indicator moved to 77.04%, implying bearish price movement. Stochastic %K at 34.91% suggest selling the stock.
What is the short interest in Edison International?
Short interest in the Edison International stock has surged, increasing by 1.38 million shares to total 5.63 million shares on Dec 14, 2020. The interest had seen shares on Nov 12, 2020 stand at 7.01 million, data from Yahoo Finance shows. The decrease of -24.51% suggests the stock saw some decreased bullish sentiment. The stock’s days to cover (short ratio) moved to while the shorted shares account for just 1.60% of the overall float for the stock.
Edison International’s Biggest Shareholders: Who Owns Edison International [EIX]?
Filings by The Vanguard Group, Inc. showed that the firm now holds a total of 41,341,639 shares or roughly 10.92% of the outstanding EIX shares. This means their shares have increased by 5,232,510 from the 41,341,639 the investor reportedly held in its prior 13-F filing. With the conclusion of the purchase, SSgA Funds Management, Inc. updated stake is worth $1,688,865,522. Details in the latest 13F filings reveal that BlackRock Fund Advisors disposed off their -0.68% stake valued at $1,284,552,824 while Capital Research & Management Co cut theirs at $944,975,048. During the last quarter, BlackRock Fund Advisors liquidated -142,587 of its shares in Edison International while Capital Research & Management Co sold -195,735 shares. The Franklin Advisers, Inc.’s holdings currently number 11,761,000 shares at $715186410.0. According to the firm’s last 13F report, Macquarie Investment Management B shares in the company at filing stood at 11,714,169 shares, roughly $718,781,410.
EIX Earnings Forecast For The Current Quarter
Edison International [EIX] is expected to report strong earnings results for the quarter ending on Dec 2020. Consensus estimates give the company expected revenues of $3.07B and an earnings per share of $1.2 for Dec 2020. Looking further ahead, the company is expected to report revenue of $3.29B at an EPS of $0.94 for Mar 2021. The estimates represent upside of 2.70% and 0.84% in the company’s revenue and earnings per share, respectively, on a year-on-year basis.
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EIX Earnings Estimates For The Current Year
For the financial year, Edison International [NYSE:EIX] is expected to bring in revenue of $13.41B. The returns are nearly $1.06 billion higher than the company’s actual revenue recorded in the fiscal year 2019. In terms of EPS for the 2020, estimate put it at 4.53, lower than that of FY19 by -$0.17. Estimates put this year’s earnings growth at -3.60%, 0.70% for the next, and at an annual -0.50% over the next 5-year period. As for sales, forecasts are for an increase of 8.60% in the current fiscal year and a further 2.70% over the following year.
