EIX: Edison International Instablogs

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Wednesday, May 15, 12:44 PM Edison International (EIX +0.4%) has its price target slightly cut at both ISI Group ($52 from $54) and Jefferies ($43 from $43.50). More interesting than the actual targets is the rationale. Jefferies says an ambiguous ASLB ruling (I, II) regarding the nature of the approval process for EIX's proposal to restart the San Onofre plant (it will require a public hearing) "raises serious safety concerns regarding the current restart plan," and ISI's Greg Gordon — who previously said a "no restart" scenario was "unlikely" — now says delays, adequate SoCal power, and a reluctant senator (Barbara Boxer) make "the odds modestly higher." Comment! [Energy]
Tuesday, May 14, 10:53 AM Environmentalists celebrate yesterday's federal order they say opens the way for a more detailed review of a plan to restart the shuttered San Onofre nuclear power plant in California, but there are conflicting assessments on the meaning of the ruling. Edison (EIX -0.3%) wants to run the Unit 2 reactor at reduced power for five months, which it thinks will stop damage to tubing in its steam generators. Comment! [Energy]
Wednesday, May 1, 11:34 AM More Edison International (EIX -1.7%) San Onofre talk: After trying to get a handle on time frames for a potential Unit 2 restart via two questions on the call (transcript), ISI analyst Greg Gordon downgrades the stock to Neutral from Buy even though he still believes the worst case scenario (no restart at San Onofre) is "unlikely." Gordon ups his price target to $54 citing an increase in his 2015 P/E multiple, but notes that "our twelve month target price … assumes that SONGS Unit 2 restarts." (previous) Comment!
Wednesday, May 1, 9:02 AM Heard on the Edison International (EIX) Q1 call regarding the San Onofre shut down: 1) Safety of the public and employees is "paramount goal"; 2) NRC continues to evaluate 70% restart proposal (license amendment); 3) EIX believes "all material costs related to San Onofre are recoverable"; 4) Without a restart, a "decision to retire one or both units would likely be made by year end," and "there's a general limit of how much" the company can rack up in terms of cost "without certainty of recovery" but options to limit costs are limited due to logistics of restarting the facility if a favorable decision is reached. (transcript, Q1 earnings PR) Comment!
Tuesday, April 30, 4:32 PM Edison (EIX): Q1 EPS of $0.77 beats by $0.11. Revenue of $2.63B beats by $0.27B. (PR) Comment! [Earnings, Breaking News]
Tuesday, April 30, 12:10 AM Notable earnings after Tuesday’s close: ACAS, AFFX, AJG, AMRS, APU, ATLS, AUY, AVB, BCOV, BGC, BLMN, BXP, CAVM, CLD, CRAY, DDR, DENN, DGI, DWA, EEP, EIX, ELGX, ELLI, ENTR, EQR, EZPW, FEIC, FIRE, FISV, FLEX, FMC, FTNT, GDOT, GEVO, GNW, HCBK, HT, HTCH, IACI, INT, JIVE, JLL, JMBA, LEAP, MDU, MERU, MRGE, MSPD, MTW, MWA, MX, NANO, NCR, NUVA, OKE, OKS, PRAA, PRXL, QCOR, QEP, REXX, RGC, RPXC, SGI, SHOR, SIMG, SKT, SM, SONS, STR, SWI, TE, TRMB, TRN, UGI, ULTI, UNTD, UNXL, VNR, VRSK, VRTX, WNC, WRI, WU, XCO Comment! [Earnings]
Monday, April 29, 5:35 PM Notable earnings after Tuesday’s close: ACAS, AFFX, AJG, AMRS, APU, ATLS, AUY, AVB, BCOV, BGC, BLMN, BXP, CAVM, CLD, CRAY, DDR, DENN, DGI, DWA, EEP, EIX, ELGX, ELLI, ENTR, EQR, EZPW, FEIC, FIRE, FISV, FLEX, FMC, FTNT, GDOT, GEVO, GNW, HCBK, HT, HTCH, IACI, INT, JIVE, JLL, JMBA, LEAP, MDU, MERU, MRGE, MSPD, MTW, MWA, MX, NANO, NCR, NUVA, OKE, OKS, PRAA, PRXL, QCOR, QEP, REXX, RGC, RPXC, SGI, SHOR, SIMG, SKT, SM, SONS, STR, SWI, TE, TRMB, TRN, UGI, ULTI, UNTD, UNXL, VNR, VRSK, VRTX, WNC, WRI, WU, XCO 2 Comments [Earnings]
Friday, April 26, 9:18 AM Edison International (EIX) declares $0.3375/share quarterly dividend, in line with previous. Forward yield 2.54%. For shareholders of record June 28. Payable July 31. Ex-div date June 26. (PR) Comment! [Dividends]
Saturday, April 20, 9:45 AM California may face its biggest regional power shortages since the days of Enron this summer, as the state grid will be operating without Edison's (EIX) San Onofre nuclear power plant and two natural gas-fired units, while hydroelectric output will be at a three-year low. Even bigger shortages may await in the next decade as state environmental regulations force more plants to shut down. 33 Comments [Energy]
Thursday, April 18, 2:59 PM Even with less valuation upside, Credit Suisse still thinks the basic investment thesis for regulated utilities holds up: 4%-5% EPS growth, 4% dividend yields, and 0.5x-0.7x beta create a high-single-digit annual return in a low-risk package. The firm's top six picks: Dominion (D), CMS Energy (CMS), American Electric Power (AEP), Duke Energy (DUK), DTE Energy (DTE), Edison (EIX). 1 Comment [Energy, Quick Ideas]
Monday, April 8, 3:48 PM Edison International (EIX +0.1%) followed through with its promise to file a license amendment to restart the Unit 2 reactor at San Onofre at 70% capacity for five months. Having submitted the formal request, the company must now wait to see if regulatory approval comes quick enough to make extra capacity available to Southern California residents during the summer months. Comment! [Energy]
Wednesday, April 3, 4:57 PM Edison International (EIX) says it wants to restart the Unit 2 reactor at San Onofre by June 1 in order to avoid a "tight supply" of electricity in Southern California over the summer. Meeting the June 1 target will be "a challenge" according to the Nuclear Regulatory Commission. Edison, which filed a draft license amendment on Monday, will decide by next week whether to file a formal request to restart the unit at 70% capacity. Comment! [Energy]
Monday, April 1, 3:31 PM Edison International's (EIX +0.2%) Southern California subsidiary files draft license amendment to regulators as it seeks approval to restart an idled nuclear reactor before summer. The proposal calls for the Unit 2 reactor at the San Onofre station to be run for five months at 70% capacity. (Previously: Edison says reactor can run safely at 100%) 1 Comment [Energy]
Friday, March 22, 2:46 PM Edison International (EIX) says it may turn to a license amendment in order to restart one of two reactors at an idled San Diego county nuclear power plant shut down last year after a leak was discovered during routine maintenance. Edison wants to restart the Unit 2 reactor at 70% of capacity although it claims the reactor could safely run at 100% for a year. "We want to do every responsible thing we can do to get Unit 2 up and running safely before the summer heat hits," Edison says. Comment! [Energy]
Thursday, February 28, 7:12 PM Edison International (EIX) declares $0.3375/share quarterly dividend, in line with previous. Forward yield 2.81%. For shareholders of record Mar. 29. Payable Apr. 30. Ex-div date Mar. 27. (PR) Comment! [Dividends]
Tuesday, February 26, 5:19 PM More on Edison International (EIX): Q4 beats across the board on narrower losses as the company's Southern California Edison utility posted stronger results. Total operating revenue grew by 22% Y/Y, while perating costs rose 11%. For FY13, the company forecast core earnings of $3.45 to $3.65 per share, compared with Street expectations of $3.28. Shares +3.5% AH. Comment! [Earnings, On the Move]

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