Argus Reiterates Buy Rating for Eversource Energy (ES)
Eversource Energy (NYSE:ES)‘s stock had its “buy” rating reiterated by stock analysts at Argus in a note issued to investors on Wednesday. They presently have a $59.00 target price on the stock, down from their prior target price of $64.00. Argus’ price objective indicates a potential upside of 10.69% from the stock’s previous close.
A number of other analysts have also recently issued reports on ES. Zacks Investment Research cut Eversource Energy from a “hold” rating to a “sell” rating in a research report on Friday, July 8th. Barclays PLC lowered their price objective on Eversource Energy from $65.00 to $61.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 4th. Deutsche Bank AG restated a “hold” rating and set a $58.00 price objective (down from $59.00) on shares of Eversource Energy in a research report on Monday, June 27th. Citigroup Inc. boosted their price objective on Eversource Energy from $53.00 to $61.00 and gave the company a “neutral” rating in a research report on Wednesday, July 20th. Finally, Williams Capital restated a “buy” rating on shares of Eversource Energy in a research report on Friday, September 2nd. One research analyst has rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the stock. The company currently has a consensus rating of “Hold” and a consensus price target of $59.29.
Shares of Eversource Energy (NYSE:ES) traded up 1.37% during midday trading on Wednesday, hitting $53.30. 1,850,793 shares of the company were exchanged. The company’s 50 day moving average price is $54.11 and its 200 day moving average price is $56.31. The firm has a market cap of $16.91 billion, a P/E ratio of 19.60 and a beta of 0.29. Eversource Energy has a one year low of $48.18 and a one year high of $60.44.
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Eversource Energy (NYSE:ES) last issued its quarterly earnings results on Thursday, July 28th. The company reported $0.64 EPS for the quarter, missing analysts’ consensus estimates of $0.65 by $0.01. Eversource Energy had a return on equity of 8.42% and a net margin of 11.62%. The business had revenue of $1.77 billion for the quarter, compared to analyst estimates of $1.81 billion. During the same quarter last year, the firm earned $0.65 earnings per share. The firm’s quarterly revenue was down 2.7% compared to the same quarter last year. Equities analysts expect that Eversource Energy will post $2.97 EPS for the current year.
The business also recently declared a quarterly dividend, which was paid on Friday, September 30th. Shareholders of record on Monday, September 19th were given a $0.445 dividend. This represents a $1.78 dividend on an annualized basis and a yield of 3.34%. The ex-dividend date was Thursday, September 15th. Eversource Energy’s dividend payout ratio (DPR) is 65.44%.
In other Eversource Energy news, VP Gregory B. Butler sold 10,000 shares of the company’s stock in a transaction on Thursday, September 8th. The stock was sold at an average price of $54.77, for a total value of $547,700.00. The sale was disclosed in a legal filing with the SEC, which is available through the SEC website. 0.89% of the stock is owned by company insiders.
Several hedge funds have recently made changes to their positions in the company. Virginia Retirement System acquired a new stake in shares of Eversource Energy during the first quarter valued at approximately $300,000. Prudential Financial Inc. boosted its stake in shares of Eversource Energy by 0.7% in the first quarter. Prudential Financial Inc. now owns 410,113 shares of the company’s stock valued at $23,926,000 after buying an additional 2,700 shares during the last quarter. M&T Bank Corp boosted its stake in shares of Eversource Energy by 33.7% in the first quarter. M&T Bank Corp now owns 36,438 shares of the company’s stock valued at $2,126,000 after buying an additional 9,184 shares during the last quarter. Aviva PLC boosted its stake in shares of Eversource Energy by 1.4% in the first quarter. Aviva PLC now owns 161,328 shares of the company’s stock valued at $9,412,000 after buying an additional 2,212 shares during the last quarter. Finally, Canada Pension Plan Investment Board boosted its stake in shares of Eversource Energy by 67.6% in the first quarter. Canada Pension Plan Investment Board now owns 18,789 shares of the company’s stock valued at $1,096,000 after buying an additional 7,579 shares during the last quarter. Institutional investors own 69.38% of the company’s stock.
About Eversource Energy
Eversource Energy, formerly Northeast Utilities, 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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