BlueMountain Capital Management LLC Acquires New Stake in Eversource Energy (ES)
BlueMountain Capital Management LLC acquired a new position in Eversource Energy (NYSE:ES) in the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 7,999 shares of the utilities provider’s stock, valued at approximately $486,000.
Other institutional investors have also added to or reduced their stakes in the company. Brookfield Asset Management Inc. acquired a new stake in shares of Eversource Energy in the first quarter worth $106,000. Northwestern Mutual Wealth Management Co. boosted its stake in shares of Eversource Energy by 24.9% in the first quarter. Northwestern Mutual Wealth Management Co. now owns 2,005 shares of the utilities provider’s stock valued at $119,000 after purchasing an additional 400 shares during the period. NEXT Financial Group Inc boosted its stake in shares of Eversource Energy by 168.9% in the second quarter. NEXT Financial Group Inc now owns 2,420 shares of the utilities provider’s stock valued at $147,000 after purchasing an additional 1,520 shares during the period. Van ECK Associates Corp boosted its stake in shares of Eversource Energy by 18.0% in the first quarter. Van ECK Associates Corp now owns 2,736 shares of the utilities provider’s stock valued at $161,000 after purchasing an additional 418 shares during the period. Finally, Teacher Retirement System of Texas purchased a new position in shares of Eversource Energy in the second quarter valued at $200,000. 71.88% of the stock is owned by institutional investors.
Eversource Energy (ES) opened at 60.71 on Friday. Eversource Energy has a 1-year low of $50.56 and a 1-year high of $64.19. The company has a market capitalization of $19.24 billion, a P/E ratio of 19.65 and a beta of 0.29. The firm’s 50-day moving average is $62.57 and its 200-day moving average is $60.87.
Eversource Energy (NYSE:ES) last released its quarterly earnings results on Thursday, July 27th. The utilities provider reported $0.72 EPS for the quarter, beating the Zacks’ consensus estimate of $0.68 by $0.04. Eversource Energy had a net margin of 12.81% and a return on equity of 9.15%. The company had revenue of $1.76 billion for the quarter, compared to analyst estimates of $1.91 billion. During the same quarter last year, the firm posted $0.64 earnings per share. The company’s quarterly revenue was down .2% compared to the same quarter last year. Equities research analysts predict that Eversource Energy will post $3.15 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, September 29th. Stockholders of record on Tuesday, September 19th will be paid a $0.475 dividend. The ex-dividend date of this dividend is Monday, September 18th. This represents a $1.90 annualized dividend and a dividend yield of 3.13%. Eversource Energy’s payout ratio is 61.49%.
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Several brokerages have recently weighed in on ES. BidaskClub upgraded shares of Eversource Energy from a “sell” rating to a “hold” rating in a research note on Friday, August 18th. Morgan Stanley upped their target price on shares of Eversource Energy from $64.00 to $66.00 and gave the company an “equal weight” rating in a research note on Thursday, August 10th. Janney Montgomery Scott set a $71.00 target price on shares of Eversource Energy and gave the company a “buy” rating in a research note on Monday, July 31st. Deutsche Bank AG downgraded shares of Eversource Energy from a “buy” rating to a “hold” rating and upped their target price for the company from $61.00 to $61.50 in a research note on Monday, July 31st. Finally, Zacks Investment Research upgraded shares of Eversource Energy from a “hold” rating to a “buy” rating and set a $70.00 target price for the company in a research note on Wednesday, June 21st. Seven research analysts have rated the stock with a hold rating and three have assigned a buy rating to the company. The company has an average rating of “Hold” and a consensus target price of $63.50.
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.
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