Janney Montgomery Scott Downgrades Eversource Energy (ES) to Neutral

Eversource Energy (NYSE:ES) was downgraded by research analysts at Janney Montgomery Scott from a “buy” rating to a “neutral” rating in a research note issued to investors on Friday, MarketBeat reports.

A number of other equities analysts also recently commented on the stock. UBS Group assumed coverage on shares of Eversource Energy in a report on Friday. They set a “neutral” rating and a $66.00 price objective for the company. Guggenheim reaffirmed a “buy” rating and set a $64.00 price objective on shares of Eversource Energy in a report on Friday. Credit Suisse Group downgraded shares of Eversource Energy from a “neutral” rating to an “underperform” rating and reduced their price objective 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. Zacks Investment Research downgraded shares of Eversource Energy from a “buy” rating to a “hold” rating in a report on Thursday, January 18th. Finally, Morgan Stanley raised shares of Eversource Energy from an “equal weight” rating to an “overweight” rating and set a $72.00 price target for the company in a report on Wednesday, December 13th. Three analysts have rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the company’s stock. The stock currently has an average rating of “Hold” and an average price target of $63.63.

Eversource Energy (NYSE ES) traded down $0.81 during trading hours on Friday, hitting $59.35. 6,519,772 shares of the stock were exchanged, compared to its average volume of 2,878,732. The company has a market cap of $19,063.85, a P/E ratio of 19.27, a price-to-earnings-growth ratio of 3.02 and a beta of 0.27. Eversource Energy has a one year low of $54.55 and a one year high of $66.15. The company has a quick ratio of 0.80, a current ratio of 0.92 and a debt-to-equity ratio of 0.95.

Eversource Energy (NYSE:ES) last released its quarterly earnings data on Wednesday, November 1st. The utilities provider reported $0.82 EPS for the quarter, missing analysts’ consensus estimates of $0.84 by ($0.02). The business had revenue of $1.99 billion for the quarter, compared to the consensus estimate of $2.06 billion. Eversource Energy had a return on equity of 9.03% and a net margin of 12.84%. Eversource Energy’s revenue was down 2.5% on a year-over-year basis. During the same period in the previous year, the business posted $0.83 earnings per share. equities research analysts predict that Eversource Energy will post 3.13 earnings per share for the current fiscal year.

In related news, COO Werner J. Schweiger sold 10,098 shares of Eversource Energy stock in a transaction dated Thursday, November 9th. The shares were 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 Securities & Exchange Commission, which can be accessed through this link. Company insiders own 0.53% of the company’s stock.

Hedge funds have recently made changes to their positions in the stock. Sumitomo Mitsui Trust Holdings Inc. lifted its holdings in Eversource Energy by 1.2% during the 3rd quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 911,755 shares of the utilities provider’s stock valued at $55,106,000 after purchasing an additional 10,934 shares during the last quarter. Troy Asset Management Ltd increased its position in Eversource Energy by 14.4% in the 3rd quarter. Troy Asset Management Ltd now owns 55,500 shares of the utilities provider’s stock valued at $3,354,000 after acquiring an additional 7,000 shares in the last quarter. Toronto Dominion Bank increased its position in Eversource Energy by 25.5% in the 2nd quarter. Toronto Dominion Bank now owns 107,349 shares of the utilities provider’s stock valued at $6,516,000 after acquiring an additional 21,833 shares in the last quarter. California State Teachers Retirement System increased its position in Eversource Energy by 1.1% in the 2nd quarter. California State Teachers Retirement System now owns 658,814 shares of the utilities provider’s stock valued at $39,997,000 after acquiring an additional 6,929 shares in the last quarter. Finally, Commerce Bank increased its position in Eversource Energy by 1.2% in the 3rd quarter. Commerce Bank now owns 346,419 shares of the utilities provider’s stock valued at $20,938,000 after acquiring an additional 4,160 shares in the last quarter. 72.11% of the stock is owned by hedge funds and other institutional investors.

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

Analyst Recommendations for Eversource Energy (NYSE:ES)