Eversource Energy (NYSE:ES) had its price objective cut by analysts at Bank of America from $64.00 to $59.00 in a research report issued on Friday. The firm presently has an “underperform” rating on the utilities provider’s stock. Bank of America’s price objective would indicate a potential downside of 0.59% from the company’s current price.
A number of other research firms have also recently commented on ES. Zacks Investment Research cut Eversource Energy from a “hold” rating to a “sell” rating in a report on Wednesday, October 25th. Citigroup cut Eversource Energy from a “neutral” rating to a “sell” rating in a report on Friday. Morgan Stanley lowered their price target on Eversource Energy from $67.00 to $63.00 and set an “overweight” rating for the company in a report on Friday. Credit Suisse Group cut Eversource Energy from a “neutral” rating to an “underperform” rating and lowered their price target for the stock from $63.00 to $59.00 in a report on Tuesday, January 23rd. They noted that the move was a valuation call. Finally, UBS Group started coverage on Eversource Energy in a report on Friday. They set a “neutral” rating and a $66.00 price target for the company. Three research analysts have 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 currently has an average rating of “Hold” and an average price target of $63.63.
Shares of Eversource Energy (ES) traded down $0.81 during midday trading on Friday, reaching $59.35. The company’s stock had a trading volume of 6,519,772 shares, compared to its average volume of 3,171,720. The firm has a market cap of $19,992.33 and a PE ratio of 19.27. The company has a debt-to-equity ratio of 0.95, a current ratio of 0.92 and a quick ratio of 0.80. Eversource Energy has a 52-week low of $55.20 and a 52-week high of $66.15.
In related news, COO Werner J. Schweiger sold 10,098 shares of the business’s 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 document filed with the SEC, which is accessible through this link. Insiders own 0.53% of the company’s stock.
A number of hedge funds have recently modified their holdings of ES. Dimensional Fund Advisors LP grew its position in shares of Eversource Energy by 1.7% in the 2nd quarter. Dimensional Fund Advisors LP now owns 751,272 shares of the utilities provider’s stock valued at $45,610,000 after buying an additional 12,230 shares during the last quarter. Voya Investment Management LLC grew its position in shares of Eversource Energy by 11.7% in the 2nd quarter. Voya Investment Management LLC now owns 198,231 shares of the utilities provider’s stock valued at $12,034,000 after buying an additional 20,694 shares during the last quarter. QS Investors LLC grew its position in shares of Eversource Energy by 5.4% in the 2nd quarter. QS Investors LLC now owns 32,592 shares of the utilities provider’s stock valued at $1,979,000 after buying an additional 1,683 shares during the last quarter. People s United Financial Inc. grew its position in shares of Eversource Energy by 7.5% in the 2nd quarter. People s United Financial Inc. now owns 8,082 shares of the utilities provider’s stock valued at $491,000 after buying an additional 562 shares during the last quarter. Finally, Prudential PLC grew its position in shares of Eversource Energy by 1.9% in the 2nd quarter. Prudential PLC now owns 22,000 shares of the utilities provider’s stock valued at $1,335,000 after buying an additional 400 shares during the last quarter. Institutional investors and hedge funds own 72.11% of the company’s stock.
About Eversource Energy
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.
