Penobscot Investment Management Company Inc. Trims Stock Position in Eversource Energy (NYSE:ES)

Penobscot Investment Management Company Inc. lowered its stake in shares of Eversource Energy (NYSE:ES) by 21.7% in the first quarter, according to its most recent 13F filing with the SEC. The fund owned 22,069 shares of the utilities provider’s stock after selling 6,103 shares during the period. Penobscot Investment Management Company Inc.’s holdings in Eversource Energy were worth $1,319,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of ES. Exchange Traded Concepts LLC acquired a new stake in Eversource Energy in the 4th quarter worth about $26,000. BKM Wealth Management LLC acquired a new stake in Eversource Energy in the 4th quarter worth about $654,000. Brookstone Capital Management boosted its holdings in Eversource Energy by 50.5% in the 4th quarter. Brookstone Capital Management now owns 25,204 shares of the utilities provider’s stock worth $1,556,000 after buying an additional 8,457 shares during the last quarter. Redhawk Wealth Advisors Inc. acquired a new stake in Eversource Energy in the 4th quarter worth about $211,000. Finally, HB Wealth Management LLC boosted its holdings in Eversource Energy by 38.7% in the 4th quarter. HB Wealth Management LLC now owns 6,027 shares of the utilities provider’s stock worth $372,000 after buying an additional 1,682 shares during the last quarter. Hedge funds and other institutional investors own 79.99% of the company’s stock.

Eversource Energy Stock Down 1.4 %

Shares of Eversource Energy stock traded down $0.85 during trading hours on Tuesday, reaching $60.91. 696,550 shares of the company were exchanged, compared to its average volume of 2,515,171. The company has a debt-to-equity ratio of 1.71, a quick ratio of 0.68 and a current ratio of 0.77. The stock’s fifty day moving average is $58.77 and its 200 day moving average is $58.35. The firm has a market cap of $21.46 billion, a PE ratio of -52.34, a PEG ratio of 2.35 and a beta of 0.60. Eversource Energy has a 1 year low of $52.03 and a 1 year high of $74.75.

Eversource Energy (NYSE:ES) last issued its earnings results on Wednesday, May 1st. The utilities provider reported $1.49 EPS for the quarter, topping analysts’ consensus estimates of $1.45 by $0.04. The firm had revenue of $3.33 billion during the quarter, compared to the consensus estimate of $3.69 billion. Eversource Energy had a negative net margin of 3.60% and a positive return on equity of 10.32%. The company’s revenue was down 12.2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $1.41 earnings per share. As a group, equities research analysts forecast that Eversource Energy will post 4.55 earnings per share for the current year.

Eversource Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Thursday, May 16th were paid a dividend of $0.715 per share. The ex-dividend date of this dividend was Wednesday, May 15th. This represents a $2.86 dividend on an annualized basis and a dividend yield of 4.70%. Eversource Energy’s payout ratio is currently -242.37%.

Insider Buying and Selling

In related news, VP Gregory B. Butler sold 10,000 shares of the business’s stock in a transaction on Wednesday, May 29th. The shares were sold at an average price of $56.20, for a total transaction of $562,000.00. Following the completion of the transaction, the vice president now owns 63,808 shares in the company, valued at $3,586,009.60. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In other Eversource Energy news, VP Gregory B. Butler sold 10,000 shares of the company’s stock in a transaction on 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 owns 63,808 shares in the company, valued at $3,586,009.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Penelope M. Conner sold 2,700 shares of the company’s stock in a transaction on Friday, May 31st. The shares were sold at an average price of $58.75, for a total transaction of $158,625.00. Following the completion of the transaction, the executive vice president now owns 10,272 shares of the company’s stock, valued at approximately $603,480. The disclosure for this sale can be found here. Insiders own 0.41% of the company’s stock.

Analysts Set New Price Targets

Several equities research analysts recently issued reports on ES shares. Bank of America upgraded Eversource Energy from an “underperform” rating to a “neutral” rating and set a $61.00 price objective on the stock in a report on Tuesday, June 25th. StockNews.com upgraded Eversource Energy from a “sell” rating to a “hold” rating in a report on Friday. BMO Capital Markets boosted their target price on Eversource Energy from $65.00 to $66.00 and gave the stock a “market perform” rating in a report on Friday, May 3rd. The Goldman Sachs Group initiated coverage on Eversource Energy in a report on Wednesday, April 10th. They set a “buy” rating and a $73.00 target price on the stock. Finally, Barclays boosted their target price on Eversource Energy from $65.00 to $69.00 and gave the stock an “equal weight” rating in a report on Monday. Nine research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, Eversource Energy has a consensus rating of “Hold” and a consensus target price of $66.43.

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.