Cornerstone Capital Management Holdings LLC. Raises Holdings in Eversource Energy (ES)
Cornerstone Capital Management Holdings LLC. raised its stake in Eversource Energy (NYSE:ES) by 178.0% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 196,713 shares of the utilities provider’s stock after acquiring an additional 125,950 shares during the period. Cornerstone Capital Management Holdings LLC. owned 0.06% of Eversource Energy worth $11,941,000 as of its most recent SEC filing.
A number of other hedge funds also recently modified their holdings of ES. Brookfield Asset Management Inc. acquired a new position in Eversource Energy in the first quarter valued at approximately $106,000. Sun Life Financial INC boosted its stake in Eversource Energy by 23,040.0% in the second quarter. Sun Life Financial INC now owns 2,314 shares of the utilities provider’s stock valued at $140,000 after acquiring an additional 2,304 shares during the period. NEXT Financial Group Inc boosted its stake in 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 acquiring an additional 1,520 shares during the period. Van ECK Associates Corp boosted its stake in 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 acquiring an additional 418 shares during the period. Finally, Northwestern Mutual Wealth Management Co. boosted its stake in Eversource Energy by 63.1% in the second quarter. Northwestern Mutual Wealth Management Co. now owns 3,270 shares of the utilities provider’s stock valued at $199,000 after acquiring an additional 1,265 shares during the period. Institutional investors own 71.88% of the company’s stock.
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ES has been the subject of a number of research reports. Morgan Stanley restated an “equal weight” rating on shares of Eversource Energy in a research note on Tuesday, July 11th. BidaskClub downgraded Eversource Energy from a “hold” rating to a “sell” rating in a research note on Wednesday, July 12th. Janney Montgomery Scott set a $71.00 target price on Eversource Energy and gave the company a “buy” rating in a research note on Monday, July 31st. Deutsche Bank AG downgraded Eversource Energy from a “buy” rating to a “hold” rating and lifted their target price for the company from $61.00 to $61.50 in a research note on Monday, July 31st. Finally, Credit Suisse Group lifted their target price on Eversource Energy from $60.00 to $63.00 and gave the company a “neutral” rating in a research note on Monday, October 2nd. Seven analysts have rated the stock with a hold rating and two have issued a buy rating to the company’s stock. The stock has an average rating of “Hold” and a consensus target price of $63.19.
Eversource Energy (NYSE:ES) traded down 0.41% during midday trading on Friday, hitting $60.38. The stock had a trading volume of 1,593,617 shares. Eversource Energy has a 52 week low of $50.56 and a 52 week high of $64.19. The company has a market cap of $19.13 billion, a PE ratio of 19.54 and a beta of 0.28. The stock’s 50 day moving average price is $62.13 and its 200-day moving average price is $61.07.
Eversource Energy (NYSE:ES) last issued its quarterly earnings data on Thursday, July 27th. The utilities provider reported $0.72 earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of $0.68 by $0.04. The firm had revenue of $1.76 billion for the quarter, compared to analysts’ expectations of $1.91 billion. Eversource Energy had a net margin of 12.81% and a return on equity of 9.15%. The company’s quarterly revenue was down .2% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.64 earnings per share. Equities research analysts predict that Eversource Energy will post $3.15 earnings per share for the current year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, September 29th. Shareholders of record on Tuesday, September 19th were paid a dividend of $0.475 per share. The ex-dividend date of this dividend was Monday, September 18th. This represents a $1.90 annualized dividend and a yield of 3.15%. Eversource Energy’s dividend payout ratio is 61.49%.
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, eastern Massachusetts, New Hampshire and western Massachusetts, and the regulated electric generation businesses.
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