Eversource Energy (NYSE:ES) Upgraded to “Neutral” at Bank of America

Bank of America upgraded shares of Eversource Energy (NYSE:ES) from an underperform rating to a neutral rating in a research report released on Tuesday, MarketBeat.com reports. They currently have $61.00 price objective on the utilities provider’s stock.

A number of other research analysts also recently issued reports on ES. 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 price objective for the company. Argus lowered their price objective on shares of Eversource Energy from $85.00 to $68.00 and set a buy rating on the stock in a report on Monday, March 25th. Wells Fargo & Company increased their target price on shares of Eversource Energy from $69.00 to $72.00 and gave the stock an overweight rating in a report on Friday, May 3rd. UBS Group upgraded shares of Eversource Energy from a neutral rating to a buy rating and lifted their price target for the company from $62.00 to $67.00 in a research note on Thursday, April 4th. Finally, BMO Capital Markets increased their price objective 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. One research analyst has rated the stock with a sell rating, eight have assigned a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of Hold and a consensus price target of $65.86.

Eversource Energy Stock Performance

Shares of ES opened at $57.10 on Tuesday. The firm has a market cap of $20.11 billion, a P/E ratio of -48.39, a PEG ratio of 2.33 and a beta of 0.60. Eversource Energy has a twelve month low of $52.03 and a twelve month high of $74.81. 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 firm’s 50 day moving average price is $59.48 and its two-hundred day moving average price is $58.78.

Eversource Energy (NYSE:ES) last issued its quarterly earnings data 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 business had revenue of $3.33 billion for the quarter, compared to analyst estimates of $3.69 billion. Eversource Energy had a negative net margin of 3.60% and a positive return on equity of 10.32%. The firm’s quarterly revenue was down 12.2% on a year-over-year basis. During the same period last year, the business posted $1.41 earnings per share. On average, analysts forecast that Eversource Energy will post 4.53 EPS for the current fiscal year.

Eversource Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Thursday, May 16th will be paid a dividend of $0.715 per share. The ex-dividend date is Wednesday, May 15th. This represents a $2.86 annualized dividend and a dividend yield of 5.01%. Eversource Energy’s dividend payout ratio is currently -242.37%.

Insider Buying and Selling

In other Eversource Energy news, EVP Penelope M. Conner sold 2,700 shares of the firm’s stock in a transaction on Friday, May 31st. The stock was sold at an average price of $58.75, for a total transaction of $158,625.00. Following the completion of the sale, the executive vice president now owns 10,272 shares of the company’s stock, valued at approximately $603,480. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, VP Gregory B. Butler sold 10,000 shares of the company’s stock in a transaction dated Wednesday, May 29th. The shares were sold at an average price of $56.20, for a total value of $562,000.00. Following the transaction, the vice president now owns 63,808 shares in the company, valued at approximately $3,586,009.60. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Penelope M. Conner sold 2,700 shares of the firm’s stock in a transaction that occurred on Friday, May 31st. The stock was sold at an average price of $58.75, for a total transaction of $158,625.00. Following the sale, the executive vice president now owns 10,272 shares of the company’s stock, valued at $603,480. The disclosure for this sale can be found here. 0.29% of the stock is owned by insiders.

Hedge Funds Weigh In On Eversource Energy

A number of large investors have recently made changes to their positions in ES. Charles Schwab Investment Management Inc. boosted its stake in Eversource Energy by 4.8% in the 4th quarter. Charles Schwab Investment Management Inc. now owns 7,650,143 shares of the utilities provider’s stock valued at $448,567,000 after purchasing an additional 353,171 shares during the period. Legal & General Group Plc boosted its position in shares of Eversource Energy by 2.5% in the third quarter. Legal & General Group Plc now owns 6,628,663 shares of the utilities provider’s stock valued at $385,457,000 after acquiring an additional 163,053 shares during the period. Nordea Investment Management AB grew its stake in shares of Eversource Energy by 8.2% in the fourth quarter. Nordea Investment Management AB now owns 6,299,800 shares of the utilities provider’s stock valued at $388,509,000 after acquiring an additional 475,341 shares in the last quarter. Morgan Stanley increased its position in Eversource Energy by 19.3% during the third quarter. Morgan Stanley now owns 4,464,230 shares of the utilities provider’s stock worth $259,595,000 after acquiring an additional 723,318 shares during the period. Finally, Mitsubishi UFJ Trust & Banking Corp raised its stake in Eversource Energy by 65.0% in 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 purchasing an additional 1,524,341 shares in the last quarter. Institutional investors own 79.99% of the company’s stock.

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.