Eversource Energy (ES) Upgraded to Hold at Zacks Investment Research
Eversource Energy (NYSE:ES) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Tuesday.
According to Zacks, “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. 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. 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. Also, shares of the company have returned higher than the industry it belongs to in the last 12 months. 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.”
ES has been the topic of a number of other research reports. Morgan Stanley lifted their price target on Eversource Energy from $64.00 to $68.00 and gave the company an “equal weight” rating in a report on Tuesday, October 24th. Credit Suisse Group lifted their price target on Eversource Energy from $60.00 to $63.00 and gave the company a “neutral” rating in a report on Monday, October 2nd. Williams Capital lifted their price target on Eversource Energy from $64.00 to $66.00 and gave the company a “buy” rating in a report on Monday, October 23rd. Bank of America initiated coverage on Eversource Energy in a report on Tuesday, October 24th. They set an “underperform” rating and a $62.00 price target on the stock. Finally, BidaskClub upgraded Eversource Energy from a “sell” rating to a “hold” rating in a report on Friday, August 18th. One analyst has rated the stock with a sell rating, eight have given a hold rating and two have assigned a buy rating to the stock. Eversource Energy presently has an average rating of “Hold” and a consensus price target of $64.06.
Eversource Energy (NYSE:ES) last issued its earnings results on Wednesday, November 1st. The utilities provider reported $0.82 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.84 by ($0.02). The company had revenue of $1.99 billion during the quarter, compared to analyst estimates of $2.06 billion. Eversource Energy had a return on equity of 9.03% and a net margin of 12.84%. The business’s revenue was down 2.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.83 earnings per share. sell-side analysts expect that Eversource Energy will post 3.15 EPS for the current year.
In other news, COO Werner J. Schweiger sold 10,098 shares of Eversource Energy stock in a transaction on Thursday, November 9th. The stock was sold at an average price of $64.68, for a total transaction of $653,138.64. The sale was disclosed in a filing with the SEC, which is available at this link. Insiders own 0.53% of the company’s stock.
A number of hedge funds and other institutional investors have recently modified their holdings of ES. Rothschild Asset Management Inc. grew its stake in Eversource Energy by 2.5% in the second quarter. Rothschild Asset Management Inc. now owns 11,543 shares of the utilities provider’s stock valued at $701,000 after purchasing an additional 285 shares in the last quarter. CIBC Asset Management Inc lifted its position in shares of Eversource Energy by 0.3% in the second quarter. CIBC Asset Management Inc now owns 31,917 shares of the utilities provider’s stock worth $1,938,000 after buying an additional 96 shares during the last quarter. Bessemer Group Inc. lifted its position in shares of Eversource Energy by 125.3% in the second quarter. Bessemer Group Inc. now owns 3,596 shares of the utilities provider’s stock worth $218,000 after buying an additional 2,000 shares during the last quarter. Daiwa Securities Group Inc. lifted its position in shares of Eversource Energy by 0.6% in the second quarter. Daiwa Securities Group Inc. now owns 8,980 shares of the utilities provider’s stock worth $545,000 after buying an additional 50 shares during the last quarter. Finally, Ingalls & Snyder LLC acquired a new stake in shares of Eversource Energy in the second quarter worth about $309,000. Hedge funds and other institutional investors own 72.21% 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, eastern Massachusetts, New Hampshire and western Massachusetts, and the regulated electric generation businesses.
For more information about research offerings from Zacks Investment Research, visit Zacks.com
Receive News & Ratings for Eversource Energy Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Eversource Energy and related companies with MarketBeat.com's FREE daily email newsletter.