Eversource Energy (ES) Hits New 1-Year High on Analyst Upgrade

Shares of Eversource Energy (NYSE:ES) reached a new 52-week high during trading on Wednesday after Morgan Stanley raised their price target on the stock from $63.00 to $64.00. Morgan Stanley currently has an equal weight rating on the stock. Eversource Energy traded as high as $62.94 and last traded at $62.86, with a volume of 765,122 shares changing hands. The stock had previously closed at $62.16.

Several other research firms have also commented on ES. Zacks Investment Research upgraded shares of Eversource Energy from a “sell” rating to a “hold” rating in a research report on Monday. Barclays PLC reiterated an “equal weight” rating and issued a $66.00 price target (up from $62.00) on shares of Eversource Energy in a research report on Thursday, June 1st. Credit Suisse Group AG reissued a “hold” rating and set a $59.00 price objective on shares of Eversource Energy in a research note on Tuesday. Citigroup Inc upped their price objective on shares of Eversource Energy from $54.00 to $58.00 and gave the company a “neutral” rating in a research note on Tuesday, April 25th. Finally, BMO Capital Markets upped their price objective on shares of Eversource Energy from $57.00 to $61.00 and gave the company a “market perform” rating in a research note on Monday, May 15th. Six investment analysts have rated the stock with a hold rating and four have given a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $61.89.

In related news, VP Werner J. Schweiger sold 48,544 shares of the company’s stock in a transaction that occurred on Tuesday, May 23rd. The shares were sold at an average price of $61.01, for a total transaction of $2,961,669.44. The sale was disclosed in a filing with the SEC, which is accessible through this hyperlink. Insiders have sold 124,640 shares of company stock worth $7,600,901 in the last three months. Insiders own 0.89% of the company’s stock.

Several institutional investors have recently made changes to their positions in ES. Brookfield Asset Management Inc. bought a new position in Eversource Energy during the first quarter worth $106,000. Advisory Services Network LLC bought a new position in Eversource Energy during the first quarter worth $112,000. Patriot Financial Group Insurance Agency LLC bought a new position in Eversource Energy during the fourth quarter worth $115,000. Northwestern Mutual Wealth Management Co. increased its position in Eversource Energy by 24.9% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 2,005 shares of the utilities provider’s stock worth $119,000 after buying an additional 400 shares in the last quarter. Finally, Van ECK Associates Corp increased its position in Eversource Energy by 24.6% in the fourth quarter. Van ECK Associates Corp now owns 2,318 shares of the utilities provider’s stock worth $128,000 after buying an additional 458 shares in the last quarter. 70.28% of the stock is currently owned by institutional investors and hedge funds.

The firm has a 50-day moving average price of $60.34 and a 200-day moving average price of $57.28. The company has a market cap of $19.92 billion, a P/E ratio of 20.89 and a beta of 0.32.

Eversource Energy (NYSE:ES) last released its earnings results on Thursday, May 4th. The utilities provider reported $0.82 earnings per share for the quarter, missing the consensus estimate of $0.83 by $0.01. The firm had revenue of $2.11 billion during the quarter, compared to analysts’ expectations of $2.12 billion. Eversource Energy had a return on equity of 9.67% and a net margin of 12.41%. The business’s revenue was up 2.4% on a year-over-year basis. During the same period last year, the business earned $0.77 earnings per share. On average, analysts expect that Eversource Energy will post $3.15 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, June 30th. Stockholders of record on Wednesday, May 31st will be given a $0.475 dividend. This represents a $1.90 annualized dividend and a dividend yield of 3.06%. The ex-dividend date is Friday, May 26th. Eversource Energy’s dividend payout ratio (DPR) is currently 63.35%.

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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, eastern Massachusetts, New Hampshire and western Massachusetts, and the regulated electric generation businesses.

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