|Bid||57.10 x 800|
|Ask||58.01 x 800|
|Day's Range||57.65 - 58.30|
|52 Week Range||43.63 - 78.93|
|Beta (5Y Monthly)||0.54|
|PE Ratio (TTM)||17.02|
|Earnings Date||Jul 23, 2020 - Jul 27, 2020|
|Forward Dividend & Yield||2.55 (4.47%)|
|Ex-Dividend Date||Mar 30, 2020|
|1y Target Est||70.83|
Edison International (NYSE: EIX) today announced it has completed an $800 million common stock offering in a registered direct placement. This new equity capital is being provided by a number of existing investors. The shares will be sold at a price of $56.41 per share, which was the closing price on May 12, 2020, the last trading day prior to entering into this transaction. The transaction is expected to close on May 15, 2020, subject to customary closing conditions, and is expected to result in net proceeds of $785 million.
As you might know, Edison International (NYSE:EIX) last week released its latest quarterly, and things did not turn...
SCE announced that it has signed seven contracts totaling 770 megawatts of battery-based energy storage resources.
Edison International (EIX) reports an operating income of $302 million in the first quarter compared with $352 million in the year-ago quarter.
Edison International (EIX) delivered earnings and revenue surprises of -18.18% and -6.12%, respectively, for the quarter ended March 2020. Do the numbers hold clues to what lies ahead for the stock?
(Bloomberg) -- A crisis California didn’t foresee -- the Covid-19 pandemic -- is complicating preparations for one that arrives with a vengeance every year.With wildfire season on the horizon, state officials have ordered prevention efforts to proceed after rains have tapered off and before the heat of summer. But work is progressing slower than usual as firefighting agencies and electric utilities institute new practices to keep employees safe.Social-distancing requirements complicates many of the tasks, including trimming trees near power lines, clearing brush around homes, setting small, controlled fires and replacing old utility poles that could snap in strong winds. Plus, crews must contend with virus-anxious residents not wanting them anywhere near their property. The result is California faces more challenges than ever to stave off deadly wildfires that have grown fiercer by the year as climate change and scant rain this season have turned the state yet again into a massive tinderbox.“We’re really facing an experience that’s unprecedented,” said Bill Chiu, managing director of grid modernization and resiliency at Edison International’s Southern California Edison utility. “It’s certainly adding an extra layer of complexity to what we do.”The U.S. Forest Service has suspended controlled burns and in-person training for firefighters, with no firm timetable to resume. Los Angeles County, where millions of residents are working from home, at one point ordered utilities to stop work that could temporarily interrupt power to residences, forcing Edison to rethink some of its fire-season preparations.There’s also the possibility that state officials may need to divert some of the money earmarked for fire prevention and spend it instead on efforts to fight the virus and restart California’s paralyzed economy. The budget Governor Gavin Newsom unveiled in January called for $120 million for 677 new fire-related positions within the state government, as well as $9 million to open a wildfire forecasting center. But an updated budget, reflecting coronavirus realities, is expected by mid-May.Still, the state’s lead fire-fighting agency and the utilities all expect to complete their planned prep work before the worst of fire season, which is typically from August through October.“It may take us a little longer, but we’re getting there,” said Scott McLean, spokesman for the California Department of Forestry and Fire Protection, or Cal Fire. Northern California has been particularly gripped by dry weather. As of April 23, 58% of the state was abnormally dry, compared to 6% a year ago. Nearly 36% is stricken with drought, whereas last year California ended its rain and snow season without a single county in that category, according to the U.S. Drought Monitor.Already this month, a handful of small grass and brush fires have broken out in far northern California and in the San Francisco Bay Area. While relatively easy to contain, they serve as a warning of what could be another busy summer and fall for firefighters.The state’s largest utility owner, PG&E Corp., is trying to emerge from bankruptcy as it makes ready for the 2020 season. State investigators blamed a series of deadly fires in 2017 and 2018 on PG&E power lines snapping, tangling in trees or falling down in strong winds. That included the 2018 Camp Fire, California’s most lethal yet, which killed 85 people and leveled the town of Paradise.The company has budgeted about $2.6 billion this year for fire-season preparation. By the end of March, PG&E had trimmed or chopped down trees along 573 miles of power lines, out of 1,800 miles planned for “enhanced vegetation management.” It also aims to install metal poles and insulate wires along 221 miles of power lines or run some of the lines underground. About 19% of that work had been finished by late March, according to Rob Stillwell, a PG&E spokesman.PG&E also agreed to a 10% pay hike for workers in the field and has staggered shifts so fewer people are on the job at the same time.Edison, which plans to install 700 miles of insulated line this year, now tries to schedule any necessary power interruptions for night time or early morning, to minimize the impact on at-home workers. Each such project also requires some negotiation with local officials.“It’s on us, and rightly so. We need to take a proactive role reaching out to these local jurisdictions,” Chiu said.Facemasks have become standard gear. Equipment and vehicles get wiped down with sanitizer on an obsessive basis. Workers take their own cars or trucks to job sites, rather than packing together into one.ArborWorks Inc., a utility tree-trimming contractor, has added trucks to its fleet to reduce the number of people who have to ride in each vehicle, Vice President Chriso Lee said. The trucks are sanitized multiple times a day and are equipped with hand sanitizer and wipes, he said. Workers are required to wear face masks and are asked to keep their distance from each other whenever possible.“We want to make sure that customers see us respecting social-distancing guidelines,” Lee said. “We have had some run-ins with people in communities who don’t feel like we should be considered essential,” he said. “We’ve had people who show up and start yelling at crews.”The pandemic has slowed the pace at which ArborWorks can hire new employees because of social-distancing limits on the size of mandatory safety-training classes, he said. At the same time, the company expanded policies that allow workers to take a leaves of absence without pay because several said they don’t feel safe going out into the field.Last year’s wildfire season in California, which began in May and ended in November, caused $80 billion in damage and claimed three lives.(Adds details of brush fires in 10th paragraph.)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.
Edison International's (EIX) service territories witness below-normal cold temperatures in March, which is expected to have favorably impacted revenues in first-quarter 2020.
Media Advisory for EIX 2020 Q1 Earnings Conference Call - April 30, 2020
Edison International's Annual Meeting of Shareholders on April 23, 2020, has been changed to a virtual format accessible via the Internet
With COVID-19 wreaking havoc on the economy, are utility safe havens or will their earnings wilt under mounting economic pressure? asks sector expert Roger Conrad, editor of Conrad's Utility Investor.
SCE crews are installing insulated power lines, work by Southern California Edison that is considered critical during the COVID-19 pandemic.
Our latest focus stock is Sempra Energy (SRE), which carries CFRA's highest recommendation of 5-STARS, or Strong Buy. Sempra Energy is a utility holding company with 88% of its 2019 sales in the U.S. and 12% in Mexico, notes analyst Christopher Muir in CFRA Research's The Outlook.
Thirty high school seniors in SCE’s service area have been named 2020 Edison Scholars and will be awarded $1.2 million in STEM scholarships.
Edison International (EIX) reported earnings 30 days ago. What's next for the stock? We take a look at earnings estimates for some clues.
To help Californians who are facing hardships because of COVID-19, EIX pledged $1 million to local nonprofits who provide critical services.
In the coming weeks, utility companies' shares may lose more as the COVID-19 shutdown is likely to result in a slump in energy demand. Yet, contingency plans to fight the outbreak may keep them afloat.