Zacks Investment Research upgraded shares of Eversource Energy (NYSE:ES) from a hold rating to a buy rating in a research note released on Monday, January 8th. The firm currently has $69.00 price target on the utilities provider’s stock.
According to Zacks, “Shares of Eversource Energy returned higher than the industry in last 12 months. Eversource Energy‘s systematic investments in renewable energy generation, primarily in transmission and distribution systems will help it to provide reliable services to its customers. Margins of the company will improve if the company continues to reduce operating costs. Moreover, its regulated investment plans will help it to boost earnings per share by 5–7% over the 2017–2020 time frame from the 2016 level of $2.96. However, the company's decision to withdraw its Access Northeast Pipeline plan due to regulatory uncertainty, will have an adverse impact on its growth prospects. Moreover, it faces challenges due to severe weather conditions.”
Several other analysts have also weighed in on the stock. Williams Capital raised their price objective on shares of Eversource Energy from $64.00 to $66.00 and gave the stock a buy rating in a report on Monday, October 23rd. Credit Suisse Group raised their price objective on shares of Eversource Energy from $60.00 to $63.00 and gave the stock a neutral rating in a report on Monday, October 2nd. Bank of America started coverage on shares of Eversource Energy in a report on Tuesday, October 24th. They set an underperform rating and a $62.00 price objective for the company. Finally, Morgan Stanley raised their price objective on shares of Eversource Energy from $64.00 to $68.00 and gave the stock an equal weight rating in a report on Tuesday, October 24th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating to the stock. The company currently has an average rating of Hold and a consensus price target of $64.95.
Eversource Energy (NYSE:ES) last announced its quarterly earnings data on Wednesday, November 1st. The utilities provider reported $0.82 EPS for the quarter, missing the Zacks’ consensus estimate of $0.84 by ($0.02). Eversource Energy had a net margin of 12.84% and a return on equity of 9.03%. The company had revenue of $1.99 billion for the quarter, compared to analyst estimates of $2.06 billion. During the same period in the prior year, the company posted $0.83 EPS. The firm’s quarterly revenue was down 2.5% on a year-over-year basis. equities research analysts predict that Eversource Energy will post 3.14 earnings per share for the current year.
The business also recently disclosed a quarterly dividend, which was paid on Friday, December 29th. Investors of record on Monday, December 18th were issued a dividend of $0.475 per share. The ex-dividend date of this dividend was Friday, December 15th. This represents a $1.90 dividend on an annualized basis and a dividend yield of 3.10%. Eversource Energy’s payout ratio is 61.69%.
In related news, COO Werner J. Schweiger sold 10,098 shares of the firm’s stock in a transaction on Thursday, November 9th. The shares were sold at an average price of $64.68, for a total transaction of $653,138.64. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Company insiders own 0.53% of the company’s stock.
Institutional investors and hedge funds have recently made changes to their positions in the company. Vanguard Group Inc. boosted its holdings in shares of Eversource Energy by 2.4% during the 2nd quarter. Vanguard Group Inc. now owns 33,055,292 shares of the utilities provider’s stock worth $2,006,787,000 after buying an additional 781,327 shares during the period. BlackRock Inc. boosted its holdings in shares of Eversource Energy by 1.6% during the 2nd quarter. BlackRock Inc. now owns 24,355,049 shares of the utilities provider’s stock worth $1,478,596,000 after buying an additional 374,229 shares during the period. Bank of New York Mellon Corp boosted its holdings in shares of Eversource Energy by 3.4% during the 3rd quarter. Bank of New York Mellon Corp now owns 15,936,793 shares of the utilities provider’s stock worth $963,220,000 after buying an additional 516,965 shares during the period. Legal & General Group Plc boosted its holdings in shares of Eversource Energy by 5.4% during the 3rd quarter. Legal & General Group Plc now owns 2,801,473 shares of the utilities provider’s stock worth $169,322,000 after buying an additional 144,185 shares during the period. Finally, American Century Companies Inc. boosted its holdings in shares of Eversource Energy by 14.4% during the 3rd quarter. American Century Companies Inc. now owns 2,653,302 shares of the utilities provider’s stock worth $160,366,000 after buying an additional 333,139 shares during the period. 72.14% of the stock is owned by institutional investors.
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About Eversource Energy
Eversource Energy is a utility holding company engaged in the energy delivery business. The Company operates through three segments: electric distribution, electric transmission and natural gas distribution. The Company’s electric distribution segment consists of the distribution businesses, which are engaged in the distribution of electricity to retail customers in Connecticut, Massachusetts, and New Hampshire and the regulated electric generation businesses.
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