Seven Eight Capital LP Reduces Holdings in Eversource Energy (NYSE:ES)

Seven Eight Capital LP cut its holdings in Eversource Energy (NYSE:ES) by 58.3% during the first quarter, according to its most recent Form 13F filing with the SEC. The fund owned 3,834 shares of the utilities provider’s stock after selling 5,352 shares during the period. Seven Eight Capital LP’s holdings in Eversource Energy were worth $229,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. O Shaughnessy Asset Management LLC increased its holdings in Eversource Energy by 74.0% in the 1st quarter. O Shaughnessy Asset Management LLC now owns 32,181 shares of the utilities provider’s stock valued at $1,923,000 after purchasing an additional 13,685 shares during the last quarter. Ameritas Investment Partners Inc. boosted its position in shares of Eversource Energy by 45.0% during the first quarter. Ameritas Investment Partners Inc. now owns 20,905 shares of the utilities provider’s stock worth $1,249,000 after buying an additional 6,490 shares during the period. Strait & Sound Wealth Management LLC acquired a new stake in shares of Eversource Energy in the first quarter valued at $213,000. Intech Investment Management LLC purchased a new stake in shares of Eversource Energy in the 1st quarter valued at $2,191,000. Finally, Mitsubishi UFJ Trust & Banking Corp lifted its stake in Eversource Energy by 65.0% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 3,868,360 shares of the utilities provider’s stock worth $227,929,000 after acquiring an additional 1,524,341 shares in the last quarter. Institutional investors and hedge funds own 79.99% of the company’s stock.

Eversource Energy Price Performance

ES stock opened at $63.03 on Thursday. The stock’s 50 day moving average price is $58.82 and its 200 day moving average price is $58.37. The firm has a market cap of $22.20 billion, a P/E ratio of -53.41, a PEG ratio of 2.32 and a beta of 0.59. The company has a debt-to-equity ratio of 1.71, a quick ratio of 0.68 and a current ratio of 0.77. Eversource Energy has a 1 year low of $52.03 and a 1 year high of $74.75.

Eversource Energy (NYSE:ES) last posted its quarterly earnings data on Wednesday, May 1st. The utilities provider reported $1.49 EPS for the quarter, beating analysts’ consensus estimates of $1.45 by $0.04. The business had revenue of $3.33 billion for the quarter, compared to analyst estimates of $3.69 billion. Eversource Energy had a positive return on equity of 10.32% and a negative net margin of 3.60%. The business’s revenue for the quarter was down 12.2% compared to the same quarter last year. During the same quarter last year, the company earned $1.41 earnings per share. On average, sell-side analysts expect that Eversource Energy will post 4.57 earnings per share for the current fiscal year.

Eversource Energy Announces Dividend

The company also recently disclosed 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. This represents a $2.86 annualized dividend and a dividend yield of 4.54%. The ex-dividend date was Wednesday, May 15th. Eversource Energy’s payout ratio is -242.37%.

Insider Buying and Selling

In other Eversource Energy news, VP Gregory B. Butler sold 10,000 shares of the stock in a transaction on Wednesday, May 29th. The stock was sold at an average price of $56.20, for a total transaction of $562,000.00. Following the transaction, the vice president now owns 63,808 shares of the company’s stock, valued at approximately $3,586,009.60. The sale was disclosed in a filing with the SEC, which is available at the SEC website. In other Eversource Energy news, EVP Penelope M. Conner sold 2,700 shares of the stock in a transaction that occurred 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 transaction, the executive vice president now owns 10,272 shares of the company’s stock, valued at $603,480. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, 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 sale, the vice president now directly owns 63,808 shares of the company’s stock, valued at $3,586,009.60. The disclosure for this sale can be found here. 0.41% of the stock is owned by company insiders.

Wall Street Analysts Forecast Growth

A number of analysts have issued reports on the stock. Morgan Stanley cut their price target on shares of Eversource Energy from $70.00 to $67.00 and set an “equal weight” rating on the stock in a research note on Monday, June 24th. Wells Fargo & Company upped their target price on Eversource Energy from $69.00 to $72.00 and gave the company an “overweight” rating in a research report on Friday, May 3rd. Scotiabank decreased their price objective on Eversource Energy from $61.00 to $57.00 and set a “sector perform” rating for the company in a report on Monday, April 22nd. Barclays lifted their target price on Eversource Energy from $65.00 to $69.00 and gave the company an “equal weight” rating in a research note on Monday. Finally, Bank of America raised 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. Nine equities research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat.com, Eversource Energy presently has a consensus rating of “Hold” and a consensus price target of $66.43.

About Eversource Energy

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.