Eversource Energy (NYSE:ES) Raised to Hold at Zacks Investment Research

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Zacks Investment Research upgraded shares of Eversource Energy (NYSE:ES) from a sell rating to a hold rating in a research report sent to investors on Monday morning, Zacks.com reports. They currently have $82.00 target price on the utilities provider’s stock.

According to Zacks, “Shares of Eversource Energy have outperformed its industry in the past 12 months. Eversource’s investments in renewable energy generation and expansion of transmission and distribution systems will enable it to provide reliable services to customers. The commencement of the new water segment will diversify the source of its revenues. The company’s regulated investment plans will help boost earnings per share by 5-7% over the 2019-2023 time frame from the 2018 level. Eversource is rewarding its shareholders through payment of regular quarterly dividend. However, Eversource’s prospects might be hurt by the ongoing delay in the approval of the Northern Pass project. Dependence on third party and stringent regulation are concerns. Refusal by Connecticut Water will hurt its plans to expand the water business through acquisitions.”

ES has been the topic of several other research reports. Williams Capital reissued a buy rating on shares of Eversource Energy in a research note on Monday, March 18th. Bank of America downgraded shares of Eversource Energy from a neutral rating to an underperform rating and set a $68.00 target price on the stock. in a research note on Monday, February 25th. Macquarie upgraded shares of Eversource Energy from a neutral rating to an outperform rating and set a $73.00 target price on the stock in a research note on Monday, March 4th. Guggenheim downgraded shares of Eversource Energy from a buy rating to a neutral rating in a research note on Friday, February 22nd. Finally, Scotiabank reiterated a sell rating and issued a $63.00 target price on shares of Eversource Energy in a research note on Thursday, February 21st. Two analysts have rated the stock with a sell rating, five have issued a hold rating and ten have given a buy rating to the company. The company has an average rating of Hold and a consensus target price of $74.17.

Shares of ES opened at $77.17 on Monday. The stock has a market cap of $24.27 billion, a PE ratio of 23.53, a P/E/G ratio of 3.96 and a beta of 0.26. The company has a debt-to-equity ratio of 1.06, a quick ratio of 0.44 and a current ratio of 0.50. Eversource Energy has a 1-year low of $55.44 and a 1-year high of $77.73.

Eversource Energy (NYSE:ES) last announced its earnings results on Wednesday, May 1st. The utilities provider reported $0.97 earnings per share for the quarter, beating analysts’ consensus estimates of $0.91 by $0.06. Eversource Energy had a net margin of 12.50% and a return on equity of 9.43%. The firm had revenue of $2.42 billion for the quarter, compared to analyst estimates of $2.26 billion. During the same quarter in the previous year, the firm posted $0.85 EPS. The company’s revenue for the quarter was up 5.6% compared to the same quarter last year. Research analysts expect that Eversource Energy will post 3.45 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Thursday, May 23rd will be paid a $0.535 dividend. The ex-dividend date is Wednesday, May 22nd. This represents a $2.14 annualized dividend and a dividend yield of 2.77%. Eversource Energy’s dividend payout ratio is presently 65.24%.

In other news, EVP Leon J. Olivier sold 7,000 shares of the company’s stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $72.95, for a total value of $510,650.00. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.37% of the company’s stock.

Institutional investors and hedge funds have recently added to or reduced their stakes in the company. Bremer Trust National Association purchased a new position in shares of Eversource Energy during the fourth quarter valued at approximately $26,000. Covington Capital Management purchased a new position in shares of Eversource Energy during the fourth quarter valued at approximately $26,000. Bremer Bank National Association purchased a new position in shares of Eversource Energy during the first quarter valued at approximately $28,000. Capital Financial Planning LLC purchased a new position in shares of Eversource Energy during the fourth quarter valued at approximately $27,000. Finally, Next Capital Management LLC purchased a new position in shares of Eversource Energy during the first quarter valued at approximately $40,000. 73.73% of the stock is owned by hedge funds and other institutional investors.

About Eversource Energy

Eversource Energy, a public utility holding company, engages in the energy delivery business. The company operates in four segments: Electric Distribution, Electric Transmission, Natural Gas Distribution, and Water Distribution. It is involved in the transmission and distribution of electricity; and distribution of natural gas.

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