Eversource Energy (ES) Upgraded to “Hold” by Zacks Investment Research
Eversource Energy (NYSE:ES) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a note issued to investors on Tuesday.
According to Zacks, “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. If the company continues to reduce operating costs at the same levels of 2016, margins are bound to get a boost in the upcoming quarters. 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. Also, shares of the company have returned higher than the industry it belongs to in the last 12 months. 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 research analysts have also recently issued reports on ES. Morgan Stanley raised their target price on shares of Eversource Energy from $64.00 to $68.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 24th. Bank of America began coverage on shares of Eversource Energy in a report on Tuesday, October 24th. They issued an “underperform” rating and a $62.00 target price on the stock. Williams Capital raised their target price on shares of Eversource Energy from $64.00 to $66.00 and gave the stock a “buy” rating in a report on Monday, October 23rd. Credit Suisse Group raised their target price on shares of Eversource Energy from $60.00 to $63.00 and gave the stock a “neutral” rating in a report on Monday, October 2nd. Finally, BidaskClub upgraded shares of Eversource Energy from a “sell” rating to a “hold” rating in a report on Friday, August 18th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company. The stock has a consensus rating of “Hold” and a consensus target price of $64.06.
Shares of Eversource Energy (NYSE ES) traded up $0.05 on Tuesday, hitting $65.48. 2,108,800 shares of the company traded hands, compared to its average volume of 1,430,027. The company has a market capitalization of $20,570.00, a P/E ratio of 21.24, a P/E/G ratio of 3.51 and a beta of 0.31. The company has a quick ratio of 0.80, a current ratio of 0.92 and a debt-to-equity ratio of 0.95. Eversource Energy has a 12 month low of $51.04 and a 12 month high of $66.15.
Eversource Energy (NYSE:ES) last announced its quarterly earnings results on Wednesday, November 1st. The utilities provider reported $0.82 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.84 by ($0.02). The firm had revenue of $1.99 billion for the quarter, compared to the consensus estimate of $2.06 billion. Eversource Energy had a net margin of 12.84% and a return on equity of 9.03%. Eversource Energy’s revenue was down 2.5% on a year-over-year basis. During the same period last year, the business earned $0.83 EPS. equities analysts predict that Eversource Energy will post 3.15 earnings per share for the current fiscal year.
In other news, COO Werner J. Schweiger sold 10,098 shares of Eversource Energy stock in a transaction on Thursday, November 9th. The shares were sold at an average price of $64.68, for a total transaction of $653,138.64. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Company insiders own 0.53% of the company’s stock.
Several institutional investors have recently modified their holdings of ES. Steward Partners Investment Advisory LLC bought a new stake in shares of Eversource Energy during the 3rd quarter valued at $716,000. GSA Capital Partners LLP bought a new stake in shares of Eversource Energy during the 3rd quarter valued at $239,000. Moors & Cabot Inc. raised its position in shares of Eversource Energy by 98.8% during the 3rd quarter. Moors & Cabot Inc. now owns 38,207 shares of the utilities provider’s stock valued at $2,313,000 after purchasing an additional 18,989 shares during the period. IFM Investors Pty Ltd bought a new stake in shares of Eversource Energy during the 3rd quarter valued at $597,000. Finally, California Public Employees Retirement System raised its position in shares of Eversource Energy by 5.3% during the 3rd quarter. California Public Employees Retirement System now owns 790,729 shares of the utilities provider’s stock valued at $47,792,000 after purchasing an additional 39,529 shares during the period. Institutional investors and hedge funds own 72.21% of the company’s stock.
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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