Short Interest in Eversource Energy (NYSE:ES) Rises By 23.6%

Eversource Energy (NYSE:ES) was the recipient of a significant growth in short interest in the month of June. As of June 15th, there was short interest totalling 5,710,000 shares, a growth of 23.6% from the May 31st total of 4,620,000 shares. Based on an average daily trading volume, of 1,990,000 shares, the days-to-cover ratio is presently 2.9 days.

Analysts Set New Price Targets

Several equities analysts recently weighed in on the stock. The Goldman Sachs Group initiated coverage on shares of Eversource Energy in a report on Wednesday, April 10th. They set a “buy” rating and a $73.00 target price on the stock. StockNews.com raised Eversource Energy to a “sell” rating in a research report on Thursday, March 28th. BMO Capital Markets lifted their price objective on shares of Eversource Energy from $65.00 to $66.00 and gave the company a “market perform” rating in a research note on Friday, May 3rd. Morgan Stanley lowered their price target on shares of Eversource Energy from $70.00 to $67.00 and set an “equal weight” rating for the company in a report on Monday, June 24th. Finally, Scotiabank dropped their price target on shares of Eversource Energy from $61.00 to $57.00 and set a “sector perform” rating on the stock in a research note on Monday, April 22nd. One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus price target of $65.86.

Insider Buying and Selling

In related news, EVP Penelope M. Conner sold 2,700 shares of the business’s stock in a transaction that occurred on Friday, May 31st. The shares were sold at an average price of $58.75, for a total value of $158,625.00. Following the completion of the sale, the executive vice president now directly owns 10,272 shares in the company, valued at $603,480. The transaction was disclosed in a legal filing with the SEC, which is available through the SEC website. In other Eversource Energy news, EVP Penelope M. Conner sold 2,700 shares of the company’s stock in a transaction dated Friday, May 31st. The stock was sold at an average price of $58.75, for a total transaction of $158,625.00. Following the completion of the sale, the executive vice president now directly owns 10,272 shares in the company, valued at $603,480. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Gregory B. Butler sold 10,000 shares of Eversource Energy stock in a transaction dated Wednesday, May 29th. The shares were sold at an average price of $56.20, for a total value of $562,000.00. Following the completion of the transaction, the vice president now directly owns 63,808 shares in the company, valued at $3,586,009.60. The disclosure for this sale can be found here. 0.29% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On Eversource Energy

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Charles Schwab Investment Management Inc. grew its position in Eversource Energy by 4.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 7,650,143 shares of the utilities provider’s stock worth $448,567,000 after buying an additional 353,171 shares during the last quarter. Legal & General Group Plc raised its position in shares of Eversource Energy by 2.5% during the third quarter. Legal & General Group Plc now owns 6,628,663 shares of the utilities provider’s stock worth $385,457,000 after purchasing an additional 163,053 shares during the period. Nordea Investment Management AB lifted its holdings in shares of Eversource Energy by 8.2% during the fourth quarter. Nordea Investment Management AB now owns 6,299,800 shares of the utilities provider’s stock valued at $388,509,000 after purchasing an additional 475,341 shares during the last quarter. Morgan Stanley raised its holdings in Eversource Energy by 19.3% during the 3rd quarter. Morgan Stanley now owns 4,464,230 shares of the utilities provider’s stock worth $259,595,000 after buying an additional 723,318 shares during the period. Finally, Mitsubishi UFJ Trust & Banking Corp lifted its stake in Eversource Energy by 65.0% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 3,868,360 shares of the utilities provider’s stock valued at $227,929,000 after buying an additional 1,524,341 shares in the last quarter. 79.99% of the stock is currently owned by institutional investors.

Eversource Energy Stock Performance

Shares of NYSE:ES traded down $0.04 during trading on Tuesday, hitting $56.52. 1,987,138 shares of the company traded hands, compared to its average volume of 2,601,376. The stock has a market capitalization of $19.91 billion, a price-to-earnings ratio of -47.90, a PEG ratio of 2.19 and a beta of 0.60. Eversource Energy has a one year low of $52.03 and a one year high of $74.81. The company has a quick ratio of 0.68, a current ratio of 0.77 and a debt-to-equity ratio of 1.71. The business’s fifty day moving average is $59.27 and its 200-day moving average is $58.64.

Eversource Energy (NYSE:ES) last issued its quarterly earnings data on Wednesday, May 1st. The utilities provider reported $1.49 earnings per share for the quarter, beating the consensus estimate of $1.45 by $0.04. Eversource Energy had a negative net margin of 3.60% and a positive return on equity of 10.32%. The firm had revenue of $3.33 billion for the quarter, compared to the consensus estimate of $3.69 billion. During the same period last year, the firm posted $1.41 EPS. Eversource Energy’s quarterly revenue was down 12.2% compared to the same quarter last year. As a group, equities analysts predict that Eversource Energy will post 4.53 earnings per share for the current fiscal year.

Eversource Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Thursday, May 16th were issued a dividend of $0.715 per share. This represents a $2.86 dividend on an annualized basis and a dividend yield of 5.06%. The ex-dividend date was Wednesday, May 15th. Eversource Energy’s dividend payout ratio (DPR) is -242.37%.

Eversource Energy Company Profile

Eversource Energy, a public utility holding company, engages in the energy delivery business. The company operates through Electric Distribution, Electric Transmission, Natural Gas Distribution, and Water Distribution segments. It is involved in the transmission and distribution of electricity; solar power facilities; and distribution of natural gas.