Granite Bay Wealth Management LLC Invests $1.87 Million in Eversource Energy (NYSE:ES)

Granite Bay Wealth Management LLC acquired a new position in shares of Eversource Energy (NYSE:ES) in the second quarter, Holdings Channel reports. The firm acquired 31,500 shares of the utilities provider’s stock, valued at approximately $1,867,000.

Other hedge funds have also recently made changes to their positions in the company. Lynx Investment Advisory purchased a new stake in shares of Eversource Energy during the 2nd quarter worth $25,000. Rise Advisors LLC purchased a new stake in shares of Eversource Energy during the 1st quarter worth $27,000. Versant Capital Management Inc lifted its stake in shares of Eversource Energy by 62.6% during the 1st quarter. Versant Capital Management Inc now owns 522 shares of the utilities provider’s stock worth $31,000 after purchasing an additional 201 shares during the last quarter. Salem Investment Counselors Inc. lifted its stake in shares of Eversource Energy by 49.7% during the 1st quarter. Salem Investment Counselors Inc. now owns 545 shares of the utilities provider’s stock worth $33,000 after purchasing an additional 181 shares during the last quarter. Finally, Manchester Capital Management LLC lifted its stake in shares of Eversource Energy by 83.6% during the 1st quarter. Manchester Capital Management LLC now owns 606 shares of the utilities provider’s stock worth $36,000 after purchasing an additional 276 shares during the last quarter. 79.99% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of equities research analysts recently weighed in on ES shares. Morgan Stanley upped their price objective on Eversource Energy from $69.00 to $75.00 and gave the stock an “equal weight” rating in a research note on Friday, August 23rd. Wells Fargo & Company increased their price target on Eversource Energy from $72.00 to $79.00 and gave the company an “overweight” rating in a research note on Friday, August 2nd. Bank of America increased their price target on Eversource Energy from $67.00 to $68.00 and gave the company a “neutral” rating in a research note on Thursday, August 29th. BMO Capital Markets decreased their price target on Eversource Energy from $73.00 to $70.00 and set a “market perform” rating for the company in a research note on Monday, August 19th. Finally, Barclays increased their price target on Eversource Energy from $65.00 to $69.00 and gave the company an “equal weight” rating in a research note on Monday, July 22nd. One analyst has rated the stock with a sell rating, eight have issued a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Hold” and an average price target of $68.93.

Insider Activity at Eversource Energy

In related news, EVP Penelope M. Conner sold 500 shares of Eversource Energy stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $64.94, for a total transaction of $32,470.00. Following the completion of the transaction, the executive vice president now directly owns 9,847 shares in the company, valued at $639,464.18. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In related news, EVP Penelope M. Conner sold 500 shares of Eversource Energy stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $64.94, for a total transaction of $32,470.00. Following the completion of the transaction, the executive vice president now directly owns 9,847 shares in the company, valued at $639,464.18. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Penelope M. Conner sold 815 shares of Eversource Energy stock in a transaction that occurred on Tuesday, August 13th. The shares were sold at an average price of $65.50, for a total value of $53,382.50. Following the transaction, the executive vice president now owns 9,032 shares of the company’s stock, valued at $591,596. The disclosure for this sale can be found here. 0.41% of the stock is owned by company insiders.

Eversource Energy Trading Up 0.8 %

Shares of NYSE:ES opened at $68.05 on Tuesday. Eversource Energy has a 52-week low of $52.03 and a 52-week high of $69.01. The stock has a market cap of $23.97 billion, a price-to-earnings ratio of -57.67, a PEG ratio of 2.54 and a beta of 0.61. The company has a quick ratio of 0.66, a current ratio of 0.75 and a debt-to-equity ratio of 1.74. The business has a 50-day moving average price of $66.36 and a 200-day moving average price of $61.66.

Eversource Energy (NYSE:ES) last announced its quarterly earnings data on Wednesday, July 31st. The utilities provider reported $0.95 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.95. Eversource Energy had a positive return on equity of 10.34% and a negative net margin of 0.81%. The firm had revenue of $2.53 billion during the quarter, compared to analysts’ expectations of $2.90 billion. During the same period last year, the business posted $1.00 earnings per share. The company’s revenue for the quarter was down 3.7% compared to the same quarter last year. Equities analysts predict that Eversource Energy will post 4.57 EPS for the current year.

Eversource Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 23rd were given a dividend of $0.715 per share. This represents a $2.86 annualized dividend and a yield of 4.20%. The ex-dividend date was Monday, September 23rd. Eversource Energy’s dividend payout ratio is currently -242.37%.

About Eversource Energy

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