Eversource Energy (NYSE:ES) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Wednesday.

According to Zacks, “Shares of Eversource Energy have returned lower than the industry it belongs to in the last 12 months. Eversource Energy’s decision to withdrew its Access Northeast Pipeline plan due to regulatory uncertainty, will have an adverse impact on its growth prospects. Moreover, dependence on its subsidiaries, stringent environmental regulations, and risks related to modification in state and local legislative requirements may adversely impact its results.  Eversource Energy’s systematic investments in infrastructure development projects, renewable energy generation, primarily in transmission and distribution systems will help it to provide reliable services to its customers. If the company continues to reduce operating costs at the same levels of 2016, margins are bound to get a boost in the upcoming quarters.”

A number of other research firms have also recently weighed in on ES. Janney Montgomery Scott set a $71.00 price objective on shares of Eversource Energy and gave the stock a “buy” rating in a research report on Monday, July 31st. Deutsche Bank AG cut shares of Eversource Energy from a “buy” rating to a “hold” rating and increased their price objective for the stock from $61.00 to $61.50 in a research report on Monday, July 31st. Morgan Stanley increased their price objective on shares of Eversource Energy from $64.00 to $68.00 and gave the stock an “equal weight” rating in a research report on Tuesday. Bank of America Corporation started coverage on shares of Eversource Energy in a research report on Tuesday. They set an “underperform” rating and a $62.00 price objective for the company. Finally, Credit Suisse Group increased their price objective 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. Two equities research analysts have rated the stock with a sell rating, seven have issued a hold rating and two have issued a buy rating to the company. The stock has an average rating of “Hold” and a consensus price target of $64.06.

Shares of Eversource Energy (NYSE:ES) opened at 62.42 on Wednesday. Eversource Energy has a one year low of $50.56 and a one year high of $64.19. The company has a 50 day moving average price of $61.67 and a 200-day moving average price of $61.29. The stock has a market cap of $19.78 billion, a price-to-earnings ratio of 20.20 and a beta of 0.28.

Eversource Energy (NYSE:ES) last posted its quarterly earnings data on Thursday, July 27th. The utilities provider reported $0.72 earnings per share for the quarter, topping the Zacks’ consensus estimate of $0.68 by $0.04. The firm had revenue of $1.76 billion during the quarter, compared to analysts’ expectations of $1.91 billion. Eversource Energy had a net margin of 12.81% and a return on equity of 9.15%. The firm’s quarterly revenue was down .2% on a year-over-year basis. During the same quarter last year, the company posted $0.64 EPS. Equities analysts predict that Eversource Energy will post $3.16 earnings per share for the current fiscal year.

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A number of hedge funds have recently modified their holdings of the business. Vanguard Group Inc. boosted its position in Eversource Energy by 2.4% in the 2nd quarter. Vanguard Group Inc. now owns 33,055,292 shares of the utilities provider’s stock valued at $2,006,787,000 after buying an additional 781,327 shares during the period. BlackRock Inc. boosted its position in Eversource Energy by 1.6% in the 2nd quarter. BlackRock Inc. now owns 24,355,049 shares of the utilities provider’s stock valued at $1,478,596,000 after buying an additional 374,229 shares during the period. Legal & General Group Plc boosted its position in Eversource Energy by 7.5% in the 2nd quarter. Legal & General Group Plc now owns 2,657,288 shares of the utilities provider’s stock valued at $161,331,000 after buying an additional 186,030 shares during the period. APG Asset Management N.V. boosted its position in Eversource Energy by 72.3% in the 3rd quarter. APG Asset Management N.V. now owns 2,556,503 shares of the utilities provider’s stock valued at $154,515,000 after buying an additional 1,072,700 shares during the period. Finally, Principal Financial Group Inc. boosted its position in Eversource Energy by 382.4% in the 2nd quarter. Principal Financial Group Inc. now owns 2,326,749 shares of the utilities provider’s stock valued at $141,257,000 after buying an additional 1,844,447 shares during the period. 71.94% of the stock is owned by institutional investors.

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, eastern Massachusetts, New Hampshire and western Massachusetts, and the regulated electric generation businesses.

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