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Thu, Aug. 27, 5:50 PM
Tue, Aug. 11, 3:38 PM
- Edison International (EIX -1.2%) is downgraded to Hold from Buy with a $62 price target, down from $68, at Deutsche Bank, which cites increased uncertainty in California's regulatory framework.
- The Office of Ratepayer Advocates, the state's consumer advocate, says it will withdraw from the San Onofre nuclear plant settlement, which the firm thinks materially raises the risk that the Public Utilities Commission will throw out the settlement.
- The group joins the Utility Reform Network, a San Francisco consumer group that reversed its support for settlement and pulled out of the deal in June.
- Even though a litigated outcome may not prove worse for EIX financially, Deutsche Bank is concerned that a potentially protracted uncertainty in the midst of an already tumultuous state regulatory and political backdrop does not bode well for EIX's valuation vs. other regulated electric companies.
Mon, Aug. 10, 7:15 PM
- Macquarie analyst Andrew Weisel makes a bullish case for utilities such as Edison International (NYSE:EIX), American Water Works (NYSE:AWK) and Aqua America (NYSE:WTR), noting that regulated utilities have boosted dividends by a median of 6.4% over the past year despite ambitious capex plans, and valuations look attractive.
- Weisel prefers growth over yield, emphasizing that utilities with a top-quartile long-term growth outlook consistently outperform those with top-quartile dividend yields; he forecasts the fastest growth for EIX, AWK and WTR, and the slowest for Duke Energy (NYSE:DUK), PPL Corp. (NYSE:PPL) and Teco Energy (NYSE:TE).
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Wed, Jun. 24, 7:21 PM
- Edison International (NYSE:EIX) tumbled 2.7% down the stretch in today's trade, apparently in reaction to news that the Utility Reform Network consumer group is recommending the California Public Utilities Commission throw out the already-approved settlement in the San Onofre nuclear plant investigation.
- Deutsche Bank analyst Jonathan Arnold says it would be difficult for the CPUC to ignore the requests if both TURN and the Office of Ratepayer Advocates support reopening the case, and would increase uncertainty around EIX since an investigation likely would take some time to work through the regulatory process.
- Deutsche Bank has a Buy rating on EIX with a $68 price target.
Wed, Jun. 17, 5:11 PM
Mon, May 11, 12:19 PM
- Electric utility stocks look more attractive after a 10%-plus decline since late January, with total annual return potential of 8%-9% in the next few years, according to a Barron's weekend analysis.
- "The relative attraction of utilities has increased in an environment of slower economic growth, when earnings growth is being suppressed by a stronger dollar and energy prices,” Bernstein utilities analyst Hugh Wynne, favoring two California utilities, PG&E (NYSE:PCG) and Edison International (NYSE:EIX), because of above-average growth and a favorable regulatory environment.
- "Utilities and the overall market may provide the same total return, but one offers a lower-risk package,” says Credit Suisse utility analyst Dan Eggers, who is partial to American Electric Power (NYSE:AEP), NextEra Energy (NYSE:NEE) and PG&E.
- Also discussed: SO, ED, DUK, D.
Wed, Apr. 29, 3:59 PM
- Edison International (EIX +0.6%) is upgraded to Buy from Neutral with a $70 price target at UBS, after shares have dropped nearly 5% in recent weeks on "unwarranted concerns" over a requested penalty for an ex-parte discussion held in connection with the global settlement reached last year for the early retirement of the San Onofre nuclear station.
- Meanwhile, Barclays lowers its target price for EIX shares to $66 from $72 but maintains its Overweight rating, believing the company is a premium company for the 7%-9% ratebase growth and above average dividend growth (Briefing.com).
- After the close yesterday, EIX reported better than expected Q1 earnings amid a 14% drop in revenues, and said it was withholding 2015 earnings guidance until after a final decision has been issued by the CPUC on the Southern California Edison 2015 GRC.
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