Eversource Energy (NYSE:ES) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday. The firm currently has a $71.00 price target on the utilities provider’s stock. Zacks Investment Research‘s price objective would indicate a potential upside of 13.44% from the company’s previous close.
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.”
Other equities analysts have also recently issued reports about the stock. Morgan Stanley raised shares of Eversource Energy from an “equal weight” rating to an “overweight” rating and set a $72.00 price objective for the company in a research report on Wednesday, December 13th. Bank of America initiated coverage on shares of Eversource Energy in a research report on Tuesday, October 24th. They issued an “underperform” rating and a $62.00 price objective for the company. Williams Capital increased their price target on shares of Eversource Energy from $64.00 to $66.00 and gave the stock a “buy” rating in a research report on Monday, October 23rd. Finally, Credit Suisse Group increased their price target on shares of Eversource Energy from $60.00 to $63.00 and gave the stock a “neutral” rating in a research report on Monday, October 2nd. One analyst has rated the stock with a sell rating, seven have given a hold rating and three have given a buy rating to the company. Eversource Energy presently has an average rating of “Hold” and a consensus target price of $65.15.
Eversource Energy (NYSE:ES) last announced its quarterly earnings results on Wednesday, November 1st. The utilities provider reported $0.82 earnings per share (EPS) for the quarter, missing the 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 during the quarter, compared to analyst estimates of $2.06 billion. During the same quarter in the prior year, the company posted $0.83 earnings per share. The firm’s revenue for the quarter was down 2.5% on a year-over-year basis. equities analysts predict that Eversource Energy will post 3.14 earnings per share for the current fiscal year.
In other Eversource Energy news, COO Werner J. Schweiger sold 10,098 shares of the firm’s stock in a transaction that occurred on Thursday, November 9th. The shares were sold at an average price of $64.68, for a total value of $653,138.64. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 0.53% of the stock is currently owned by company insiders.
Several hedge funds and other institutional investors have recently bought and sold shares of the stock. Parametric Portfolio Associates LLC grew its position in Eversource Energy by 4.6% in the third quarter. Parametric Portfolio Associates LLC now owns 972,937 shares of the utilities provider’s stock worth $58,804,000 after buying an additional 42,619 shares during the last quarter. Steward Partners Investment Advisory LLC acquired a new position in Eversource Energy in the third quarter worth approximately $716,000. GSA Capital Partners LLP acquired a new position in Eversource Energy in the third quarter worth approximately $239,000. Moors & Cabot Inc. grew its position in Eversource Energy by 98.8% in the third quarter. Moors & Cabot Inc. now owns 38,207 shares of the utilities provider’s stock worth $2,313,000 after buying an additional 18,989 shares during the last quarter. Finally, IFM Investors Pty Ltd acquired a new position in Eversource Energy in the third quarter worth approximately $597,000. Institutional investors and hedge funds own 72.14% of the company’s stock.
Eversource Energy Company Profile
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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