Eversource Energy (ES) Downgraded by Zacks Investment Research
Eversource Energy (NYSE:ES) was downgraded by Zacks Investment Research from a “buy” rating to a “hold” rating in a report released on Tuesday.
According to Zacks, “Shares of Eversource Energy returned higher than the industry in last six months. Eversource Energy‘s systematic investments in renewable energy generation, primarily in transmission and distribution systems will help it to provide reliable services to its customers. Margins of the company will improve if the company continues to reduce operating costs. Moreover, its regulated investment plans will help it to boost earnings per share by 5–7% over the 2017–2020 time frame from the 2016 level of $2.96. However, the company's decision to withdraw its Access Northeast Pipeline plan due to regulatory uncertainty, will have an adverse impact on its growth prospects. Moreover, it faces challenges due to severe weather conditions.”
Several other equities analysts have also issued reports on the company. Williams Capital boosted their price target on Eversource Energy from $64.00 to $66.00 and gave the company a “buy” rating in a research note on Monday, October 23rd. Morgan Stanley boosted their price target on Eversource Energy from $64.00 to $68.00 and gave the company an “equal weight” rating in a research note on Tuesday, October 24th. Credit Suisse Group boosted their price target on Eversource Energy from $60.00 to $63.00 and gave the company a “neutral” rating in a research note on Monday, October 2nd. Finally, Bank of America began coverage on Eversource Energy in a research note on Tuesday, October 24th. They set an “underperform” rating and a $62.00 price target on the stock. One analyst has rated the stock with a sell rating, seven have given a hold rating and three have issued a buy rating to the company’s stock. The company presently has a consensus rating of “Hold” and an average target price of $64.95.
Eversource Energy (NYSE:ES) last posted its quarterly earnings data on Wednesday, November 1st. The utilities provider reported $0.82 earnings per share for the quarter, missing the consensus estimate of $0.84 by ($0.02). Eversource Energy had a return on equity of 9.03% and a net margin of 12.84%. The business had revenue of $1.99 billion for the quarter, compared to analyst estimates of $2.06 billion. During the same period in the prior year, the firm posted $0.83 EPS. Eversource Energy’s revenue for the quarter was down 2.5% on a year-over-year basis. sell-side analysts predict that Eversource Energy will post 3.14 earnings per share for the current fiscal year.
In related news, COO Werner J. Schweiger sold 10,098 shares of the business’s stock in a transaction dated Thursday, November 9th. The stock was sold at an average price of $64.68, for a total transaction of $653,138.64. The sale was disclosed in a document filed with the SEC, which is available through this link. Insiders own 0.53% of the company’s stock.
Hedge funds have recently added to or reduced their stakes in the company. Advisory Services Network LLC grew its stake in shares of Eversource Energy by 1.7% in the 2nd quarter. Advisory Services Network LLC now owns 1,943 shares of the utilities provider’s stock valued at $118,000 after purchasing an additional 32 shares during the period. Risk Paradigm Group LLC grew its stake in shares of Eversource Energy by 111.7% in the 3rd quarter. Risk Paradigm Group LLC now owns 2,117 shares of the utilities provider’s stock valued at $128,000 after purchasing an additional 1,117 shares during the period. Sun Life Financial INC grew its stake in shares of Eversource Energy by 23,040.0% in the 2nd quarter. Sun Life Financial INC now owns 2,314 shares of the utilities provider’s stock valued at $140,000 after purchasing an additional 2,304 shares during the period. WFG Advisors LP grew its stake in shares of Eversource Energy by 127.8% in the 2nd quarter. WFG Advisors LP now owns 2,460 shares of the utilities provider’s stock valued at $149,000 after purchasing an additional 1,380 shares during the period. Finally, Northwestern Mutual Wealth Management Co. grew its stake in shares of Eversource Energy by 63.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 3,270 shares of the utilities provider’s stock valued at $199,000 after purchasing an additional 1,265 shares during the period. Institutional investors own 72.14% of the company’s stock.
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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.
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