Eversource Energy (NYSE:ES) Issues FY 2024 Earnings Guidance

Eversource Energy (NYSE:ES) issued an update on its FY 2024 earnings guidance on Wednesday morning. The company provided EPS guidance of 4.500-4.670 for the period, compared to the consensus EPS estimate of 4.560. The company issued revenue guidance of -. Eversource Energy also updated its FY24 guidance to $4.50-$4.67 EPS.

Eversource Energy Price Performance

Shares of ES traded down $1.07 during mid-day trading on Wednesday, reaching $64.89. 4,958,481 shares of the stock traded hands, compared to its average volume of 2,539,871. The firm has a fifty day moving average price of $59.21 and a 200 day moving average price of $58.58. The company has a market cap of $22.86 billion, a price-to-earnings ratio of -54.99, a price-to-earnings-growth ratio of 2.48 and a beta of 0.59. The company has a current ratio of 0.77, a quick ratio of 0.68 and a debt-to-equity ratio of 1.71. Eversource Energy has a 1 year low of $52.03 and a 1 year high of $72.93.

Eversource Energy (NYSE:ES) last announced its earnings results on Wednesday, May 1st. The utilities provider reported $1.49 earnings per share (EPS) for the quarter, topping 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 company had revenue of $3.33 billion during the quarter, compared to analyst estimates of $3.69 billion. During the same period in the previous year, the business earned $1.41 earnings per share. The firm’s quarterly revenue was down 12.2% compared to the same quarter last year. As a group, equities research analysts predict that Eversource Energy will post 4.57 earnings per share for the current year.

Analysts Set New Price Targets

Several research analysts recently issued reports on the stock. Morgan Stanley cut their target price on shares of Eversource Energy from $70.00 to $67.00 and set an equal weight rating for the company in a research report on Monday, June 24th. BMO Capital Markets boosted their price target on shares of Eversource Energy from $65.00 to $66.00 and gave the stock a market perform rating in a research note on Friday, May 3rd. Wells Fargo & Company boosted their price target on shares of Eversource Energy from $69.00 to $72.00 and gave the stock an overweight rating in a research note on Friday, May 3rd. Scotiabank lowered their price target on shares of Eversource Energy from $61.00 to $57.00 and set a sector perform rating for the company in a research note on Monday, April 22nd. Finally, UBS Group raised shares of Eversource Energy from a neutral rating to a buy rating and boosted their price target for the stock from $62.00 to $67.00 in a research note on Thursday, April 4th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and six have given a buy rating to the stock. According to MarketBeat, the company has a consensus rating of Hold and an average price target of $66.43.

Insider Buying and Selling

In related news, EVP Penelope M. Conner sold 2,700 shares of the stock in a transaction dated 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 transaction, the executive vice president now directly 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 available through this link. In related news, EVP Penelope M. Conner sold 2,700 shares of the stock in a transaction dated 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 transaction, the executive vice president now directly 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 available through this link. Also, VP Gregory B. Butler sold 10,000 shares of the stock in a transaction dated Wednesday, May 29th. The stock was 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 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 insiders.

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.