MicroVision MOVIA lidar gains support on NVIDIA DRIVE AGX platform
Edison International (NYSE:EIX) stock reached a new 52-week low, touching 47.85 USD, with a P/E ratio of just 6.8x and an attractive dividend yield of 6.85%. According to InvestingPro data, the company has maintained dividend payments for 22 consecutive years. This decline marks a significant downturn for the company, as its stock has experienced a substantial decrease of 32.37% over the past year. The drop to this 52-week low underscores the challenges faced by Edison International in the current market environment, reflecting broader industry trends and specific company dynamics that have influenced investor sentiment. Despite these challenges, InvestingPro analysis indicates the stock is currently undervalued, with analysts maintaining a consensus buy recommendation and projecting profitability for the current fiscal year. For deeper insights into Edison International’s valuation and prospects, check out the comprehensive Pro Research Report, available exclusively on InvestingPro.
In other recent news, PG&E Corporation is facing potential changes due to a proposed California legislation aimed at overhauling utility regulation and financing. The bill, which has already passed the California Senate, could prevent utility shareholders from earning profits on significant capital spending related to fire mitigation and infrastructure. This legislative development is causing concern for PG&E and other utilities, as it may lead to cost shifting and require ongoing contributions to the state’s wildfire insurance fund. Meanwhile, Edison International has been placed on a negative rating watch by Fitch Ratings due to high wildfire risks and potential liabilities related to the Eaton (NYSE:ETN) Fire. Despite these challenges, UBS has maintained a Buy rating on Edison International, with analysts noting the company’s advancements in wildfire mitigation efforts and potential financial recovery from securitization. Additionally, Evercore ISI has raised its price target for Edison International, citing a positive outlook on enhanced wildfire legislation and recent favorable regulatory outcomes. These developments highlight the ongoing regulatory and financial challenges facing utilities in California.
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