Magellan Asset Management Ltd Lowers Holdings in Eversource Energy (NYSE:ES)

Magellan Asset Management Ltd reduced its stake in Eversource Energy (NYSE:ES) by 7.0% during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 4,809,057 shares of the utilities provider’s stock after selling 362,873 shares during the period. Eversource Energy makes up 3.0% of Magellan Asset Management Ltd’s portfolio, making the stock its 14th biggest position. Magellan Asset Management Ltd owned approximately 1.38% of Eversource Energy worth $341,058,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Shelton Capital Management bought a new stake in Eversource Energy during the 1st quarter valued at about $587,000. J.W. Cole Advisors Inc. raised its holdings in Eversource Energy by 8.2% in the 2nd quarter. J.W. Cole Advisors Inc. now owns 5,767 shares of the utilities provider’s stock worth $409,000 after acquiring an additional 438 shares during the last quarter. Envestnet Asset Management Inc. lifted its position in Eversource Energy by 6.7% in the 1st quarter. Envestnet Asset Management Inc. now owns 159,872 shares of the utilities provider’s stock valued at $12,512,000 after acquiring an additional 9,986 shares in the last quarter. NewEdge Advisors LLC boosted its stake in Eversource Energy by 8.9% during the 1st quarter. NewEdge Advisors LLC now owns 31,258 shares of the utilities provider’s stock valued at $2,440,000 after purchasing an additional 2,551 shares during the last quarter. Finally, CVA Family Office LLC increased its holdings in shares of Eversource Energy by 629.8% in the 2nd quarter. CVA Family Office LLC now owns 2,080 shares of the utilities provider’s stock worth $148,000 after purchasing an additional 1,795 shares in the last quarter. 80.83% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently commented on the company. BMO Capital Markets dropped their price objective on Eversource Energy from $75.00 to $62.00 and set a “market perform” rating on the stock in a research report on Friday, October 13th. Guggenheim cut shares of Eversource Energy from a “buy” rating to a “neutral” rating and set a $60.00 price objective for the company. in a report on Friday, October 13th. Scotiabank lowered Eversource Energy from a “sector outperform” rating to a “sector perform” rating and set a $60.00 price objective for the company. in a report on Monday, October 16th. StockNews.com assumed coverage on Eversource Energy in a research report on Thursday, October 5th. They issued a “sell” rating on the stock. Finally, Citigroup reduced their price target on shares of Eversource Energy from $80.00 to $58.00 and set a “neutral” rating for the company in a research report on Thursday, October 26th. One investment analyst has rated the stock with a sell rating, ten have assigned a hold rating and one has given a buy rating to the company’s stock. According to MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus price target of $68.75.

Eversource Energy Price Performance

NYSE:ES traded up $0.55 during trading hours on Tuesday, hitting $58.85. 539,767 shares of the stock traded hands, compared to its average volume of 2,144,852. The stock has a 50 day moving average price of $57.22 and a 200 day moving average price of $65.32. The company has a quick ratio of 0.50, a current ratio of 0.56 and a debt-to-equity ratio of 1.41. The company has a market cap of $20.56 billion, a price-to-earnings ratio of 17.54, a price-to-earnings-growth ratio of 2.65 and a beta of 0.54. Eversource Energy has a 1 year low of $52.03 and a 1 year high of $87.71.

Eversource Energy (NYSE:ES) last released its earnings results on Monday, November 6th. The utilities provider reported $0.97 earnings per share for the quarter, missing analysts’ consensus estimates of $0.98 by ($0.01). The firm had revenue of $2.79 billion for the quarter, compared to analysts’ expectations of $3.12 billion. Eversource Energy had a net margin of 9.52% and a return on equity of 9.64%. The firm’s quarterly revenue was down 13.2% compared to the same quarter last year. During the same quarter last year, the firm posted $1.01 EPS. Sell-side analysts forecast that Eversource Energy will post 4.35 EPS for the current fiscal year.

Eversource Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Friday, September 29th. Investors of record on Monday, September 25th were paid a dividend of $0.675 per share. This represents a $2.70 annualized dividend and a yield of 4.59%. The ex-dividend date of this dividend was Friday, September 22nd. Eversource Energy’s dividend payout ratio (DPR) is presently 80.84%.

Eversource Energy Company Profile

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.