Eversource Energy (ES) Downgraded by Zacks Investment Research
According to Zacks, “Eversource Energy’s dependence on its subsidiaries, stringent environmental regulations, unfavorable weather variation in its service territories, and risks related to modification in state and local legislative requirements may adversely impact the company’s results. In addition, the ongoing projects may not be completed on schedule or within budget, thereby hurting the business prospects of the company. Due to these factors, annual estimates have been going down ahead of the company’s Q3 earnings release. However, Eversource’s systematic investments in infrastructure development projects, primarily in transmission and distribution systems, will help it to provide reliable services to its customers. Moreover, if the company continues to reduce operating costs like it did in the first half of 2016, margins are bound to get a boost in the upcoming quarters.”
Several other analysts also recently weighed in on ES. Deutsche Bank AG restated a hold rating and set a $58.00 target price (down previously from $59.00) on shares of Eversource Energy in a research note on Monday, June 27th. Barclays PLC increased their target price on Eversource Energy from $62.00 to $65.00 and gave the company an equal weight rating in a research note on Thursday, July 7th. Citigroup Inc. increased their target price on Eversource Energy from $53.00 to $61.00 and gave the company a neutral rating in a research note on Wednesday, July 20th. Janney Montgomery Scott upgraded Eversource Energy from a neutral rating to a buy rating and set a $67.00 target price for the company in a research note on Monday, August 1st. Finally, Williams Capital restated a buy rating on shares of Eversource Energy in a research note on Friday, September 2nd. One equities research analyst has rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the company. The company currently has an average rating of Hold and an average price target of $61.29.
Eversource Energy (NYSE:ES) opened at 54.59 on Thursday. The company has a market capitalization of $17.32 billion, a P/E ratio of 20.07 and a beta of 0.32. Eversource Energy has a 52 week low of $47.09 and a 52 week high of $60.44. The company’s 50-day moving average price is $55.49 and its 200-day moving average price is $56.68.
Eversource Energy (NYSE:ES) last released its quarterly earnings results on Thursday, July 28th. The company reported $0.64 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.65 by $0.01. The company had revenue of $1.77 billion for the quarter, compared to the consensus estimate of $1.81 billion. Eversource Energy had a return on equity of 8.42% and a net margin of 11.62%. The business’s revenue was down 2.7% compared to the same quarter last year. During the same quarter last year, the company posted $0.65 EPS. On average, equities analysts forecast that Eversource Energy will post $2.97 EPS for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, September 30th. Stockholders of record on Monday, September 19th will be given a $0.445 dividend. The ex-dividend date is Thursday, September 15th. This represents a $1.78 annualized dividend and a dividend yield of 3.26%. Eversource Energy’s dividend payout ratio is currently 65.44%.
In other Eversource Energy news, VP Gregory B. Butler sold 10,000 shares of Eversource Energy stock in a transaction dated Thursday, September 8th. The stock was sold at an average price of $54.77, for a total transaction of $547,700.00. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. 0.89% of the stock is owned by insiders.
A number of hedge funds and other institutional investors have recently bought and sold shares of ES. Mycio Wealth Partners LLC increased its stake in Eversource Energy by 100.0% in the second quarter. Mycio Wealth Partners LLC now owns 1,770 shares of the company’s stock valued at $106,000 after buying an additional 885 shares in the last quarter. Northwestern Mutual Wealth Management Co. increased its stake in Eversource Energy by 167.0% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 1,901 shares of the company’s stock valued at $113,000 after buying an additional 1,189 shares in the last quarter. WFG Advisors LP increased its stake in Eversource Energy by 7.8% in the second quarter. WFG Advisors LP now owns 1,994 shares of the company’s stock valued at $119,000 after buying an additional 145 shares in the last quarter. Bellwether Investment Group LLC purchased a new stake in Eversource Energy during the second quarter valued at about $132,000. Finally, SevenBridge Financial Group LLC purchased a new stake in Eversource Energy during the second quarter valued at about $138,000. Hedge funds and other institutional investors own 69.60% of the company’s stock.
Eversource Energy Company Profile
Eversource Energy, formerly Northeast Utilities, 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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