Cullen Frost Bankers Inc. Buys New Position in Eversource Energy (NYSE:ES)
Cullen Frost Bankers Inc. bought a new stake in shares of Eversource Energy (NYSE:ES) during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 3,400 shares of the utilities provider’s stock, valued at approximately $206,000.
A number of other hedge funds also recently made changes to their positions in the stock. Retirement Systems of Alabama boosted its stake in shares of Eversource Energy by 0.3% in the second quarter. Retirement Systems of Alabama now owns 153,644 shares of the utilities provider’s stock valued at $9,328,000 after buying an additional 467 shares during the period. IFP Advisors Inc boosted its stake in shares of Eversource Energy by 7.9% in the second quarter. IFP Advisors Inc now owns 23,109 shares of the utilities provider’s stock valued at $1,403,000 after buying an additional 1,686 shares during the period. Korea Investment CORP boosted its stake in shares of Eversource Energy by 122.8% in the second quarter. Korea Investment CORP now owns 38,144 shares of the utilities provider’s stock valued at $2,316,000 after buying an additional 21,027 shares during the period. Candriam Luxembourg S.C.A. boosted its stake in shares of Eversource Energy by 40.8% in the second quarter. Candriam Luxembourg S.C.A. now owns 32,833 shares of the utilities provider’s stock valued at $1,993,000 after buying an additional 9,514 shares during the period. Finally, Stratos Wealth Partners LTD. boosted its stake in shares of Eversource Energy by 2.0% in the second quarter. Stratos Wealth Partners LTD. now owns 9,990 shares of the utilities provider’s stock valued at $606,000 after buying an additional 195 shares during the period. 71.03% of the stock is currently owned by institutional investors and hedge funds.
Shares of Eversource Energy (ES) opened at 61.73 on Thursday. The stock has a 50 day moving average price of $60.99 and a 200-day moving average price of $59.53. The firm has a market cap of $19.57 billion, a PE ratio of 19.98 and a beta of 0.28. Eversource Energy has a 52-week low of $50.56 and a 52-week high of $63.34.
Eversource Energy (NYSE:ES) last issued its earnings results on Thursday, July 27th. The utilities provider reported $0.72 EPS for the quarter, topping analysts’ consensus estimates of $0.68 by $0.04. The firm had revenue of $1.76 billion during the quarter, compared to the consensus estimate of $1.91 billion. Eversource Energy had a net margin of 12.81% and a return on equity of 9.15%. The company’s revenue was down .2% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.64 earnings per share. On average, equities analysts anticipate that Eversource Energy will post $3.15 EPS for the current fiscal year.
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Several analysts have issued reports on the company. Janney Montgomery Scott set a $71.00 target price on Eversource Energy and gave the company a “buy” rating in a research report on Monday, July 31st. Deutsche Bank AG cut Eversource Energy from a “buy” rating to a “hold” rating and increased their target price for the company from $61.00 to $61.50 in a research report on Monday, July 31st. BidaskClub cut Eversource Energy from a “hold” rating to a “sell” rating in a research report on Wednesday, July 12th. Morgan Stanley reaffirmed an “equal weight” rating on shares of Eversource Energy in a research report on Tuesday, July 11th. Finally, Zacks Investment Research raised Eversource Energy from a “hold” rating to a “buy” rating and set a $70.00 target price on the stock in a research report on Wednesday, June 21st. One analyst has rated the stock with a sell rating, seven have issued a hold rating and four have assigned a buy rating to the stock. The stock currently has an average rating of “Hold” and a consensus target price of $62.75.
In related news, VP Werner J. Schweiger sold 48,544 shares of the business’s stock in a transaction on Tuesday, May 23rd. The shares were sold at an average price of $61.01, for a total transaction of $2,961,669.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.53% of the company’s stock.
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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