Edison International (NYSE:EIX) stock has soared to a 52-week high, reaching a price level of $83.06. This peak reflects a significant uptrend for the utility company, which has seen its shares climb by an impressive 20.5% over the past year. Investors have been energized by the company's strong performance and strategic initiatives, propelling the stock to new heights. The 52-week high milestone underscores the positive sentiment surrounding Edison International as it continues to navigate the dynamic energy market.
In other recent news, Edison International has been making significant strides. The company's Q2 2024 core EPS of $1.23 met expectations, maintaining its guidance for the year in the range of $4.75 to $5.05. This steady financial performance was highlighted during its recent earnings call, with the company's President and CEO, Pedro Pizarro, emphasizing anticipated load growth trends and the need for grid upgrades.
Investment firm Evercore ISI recently upgraded its price target for Edison International to $88.00, up from $82.00, while maintaining an Outperform rating. This decision was influenced by several factors, including a favorable General Rate Case (GRC) outcome, potential for a settlement in the ongoing TKM case, and faster-than-expected load growth within the company's service area.
Additionally, Edison International has been exploring incremental capital opportunities, with the forthcoming NextGen ERP filing and the Advanced Metering Infrastructure (AMI) 2.0 application projected for 2025. The company's effective wildfire mitigation strategies were also noted, showcasing resilience in the face of natural disasters. These recent developments indicate a positive outlook for Edison International's future operations.
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