HITE Hedge Asset Management LLC Invests $18.88 Million in Eversource Energy $ES

HITE Hedge Asset Management LLC acquired a new position in shares of Eversource Energy (NYSE:ES) in the fourth quarter, Holdings Channel reports. The institutional investor acquired 280,391 shares of the utilities provider’s stock, valued at approximately $18,879,000. Eversource Energy comprises about 1.2% of HITE Hedge Asset Management LLC’s portfolio, making the stock its 23rd biggest position.

A number of other hedge funds also recently made changes to their positions in the stock. Korea Investment CORP raised its position in shares of Eversource Energy by 9.1% during the fourth quarter. Korea Investment CORP now owns 402,462 shares of the utilities provider’s stock worth $27,098,000 after acquiring an additional 33,722 shares during the last quarter. Cohen & Steers Inc. bought a new position in shares of Eversource Energy during the fourth quarter worth about $104,848,000. Wealthspire Advisors LLC raised its position in shares of Eversource Energy by 64.1% during the fourth quarter. Wealthspire Advisors LLC now owns 6,723 shares of the utilities provider’s stock worth $453,000 after acquiring an additional 2,626 shares during the last quarter. Advisors Asset Management Inc. raised its position in shares of Eversource Energy by 6.5% during the fourth quarter. Advisors Asset Management Inc. now owns 46,087 shares of the utilities provider’s stock worth $3,103,000 after acquiring an additional 2,794 shares during the last quarter. Finally, Northwest & Ethical Investments L.P. raised its position in shares of Eversource Energy by 7.2% during the fourth quarter. Northwest & Ethical Investments L.P. now owns 50,715 shares of the utilities provider’s stock worth $3,415,000 after acquiring an additional 3,396 shares during the last quarter. 79.99% of the stock is currently owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities analysts have recently issued reports on ES shares. JPMorgan Chase & Co. raised their price objective on Eversource Energy from $72.00 to $75.00 and gave the stock an “underweight” rating in a research report on Thursday, March 12th. UBS Group lowered their target price on Eversource Energy from $80.00 to $74.00 and set a “neutral” rating for the company in a report on Friday, March 27th. BMO Capital Markets lowered their target price on Eversource Energy from $75.00 to $73.00 and set a “market perform” rating for the company in a report on Monday, May 11th. Wells Fargo & Company lifted their target price on Eversource Energy from $74.00 to $75.00 and gave the stock an “overweight” rating in a report on Friday, May 8th. Finally, Bank of America reiterated a “buy” rating and issued a $72.00 target price on shares of Eversource Energy in a report on Wednesday, April 22nd. Three equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Hold” and an average price target of $71.70.

Insider Activity at Eversource Energy

In other news, VP Gregory B. Butler sold 7,000 shares of the business’s stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $69.88, for a total transaction of $489,160.00. Following the completion of the sale, the vice president owned 56,179 shares in the company, valued at $3,925,788.52. The trade was a 11.08% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.18% of the stock is currently owned by corporate insiders.

Eversource Energy Trading Up 0.4%

Shares of ES stock opened at $68.70 on Friday. The company has a market cap of $25.84 billion, a P/E ratio of 14.68, a PEG ratio of 4.53 and a beta of 0.71. Eversource Energy has a fifty-two week low of $61.53 and a fifty-two week high of $76.41. The stock has a 50 day simple moving average of $68.83 and a two-hundred day simple moving average of $69.30. The company has a debt-to-equity ratio of 1.62, a quick ratio of 0.59 and a current ratio of 0.65.

Eversource Energy (NYSE:ES) last released its quarterly earnings data on Wednesday, May 6th. The utilities provider reported $1.73 EPS for the quarter, beating the consensus estimate of $1.59 by $0.14. The firm had revenue of $4.50 billion during the quarter, compared to the consensus estimate of $4.21 billion. Eversource Energy had a return on equity of 11.59% and a net margin of 12.55%.The company’s quarterly revenue was up 9.4% on a year-over-year basis. During the same quarter in the previous year, the company posted $1.50 earnings per share. Eversource Energy has set its FY 2026 guidance at 4.570-4.720 EPS. Research analysts forecast that Eversource Energy will post 4.65 earnings per share for the current year.

Eversource Energy Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Tuesday, June 30th. Stockholders of record on Monday, May 18th will be issued a dividend of $0.7875 per share. The ex-dividend date is Monday, May 18th. This represents a $3.15 annualized dividend and a dividend yield of 4.6%. Eversource Energy’s payout ratio is currently 67.31%.

About Eversource Energy

Eversource Energy (NYSE: ES) is a publicly traded, regulated energy company headquartered in Hartford, Connecticut. The company’s core business is the delivery and transmission of electricity and natural gas to residential, commercial and industrial customers across parts of New England. Eversource operates transmission and distribution networks, maintains electrical infrastructure, responds to outages and storms, and manages natural gas pipeline and distribution systems in the regions it serves.

Eversource serves customers primarily in Connecticut, Massachusetts and New Hampshire, operating through locally regulated utility subsidiaries that administer customer service, billing, meter reading and localized operations.