W.H. Cornerstone Investments Inc. Reduces Position in Eversource Energy (NYSE:ES)

W.H. Cornerstone Investments Inc. decreased its position in Eversource Energy (NYSE:ES) by 26.9% in the fourth quarter, HoldingsChannel.com reports. The fund owned 10,539 shares of the utilities provider’s stock after selling 3,879 shares during the period. W.H. Cornerstone Investments Inc.’s holdings in Eversource Energy were worth $650,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Victory Capital Management Inc. boosted its holdings in shares of Eversource Energy by 10.8% in the 3rd quarter. Victory Capital Management Inc. now owns 450,007 shares of the utilities provider’s stock valued at $26,168,000 after acquiring an additional 43,720 shares during the last quarter. OLD Republic International Corp acquired a new stake in Eversource Energy during the 3rd quarter worth about $27,283,000. Cerity Partners LLC raised its stake in shares of Eversource Energy by 536.0% during the 4th quarter. Cerity Partners LLC now owns 118,243 shares of the utilities provider’s stock valued at $7,298,000 after buying an additional 99,652 shares during the last quarter. abrdn plc lifted its holdings in shares of Eversource Energy by 21.3% in the 4th quarter. abrdn plc now owns 488,683 shares of the utilities provider’s stock valued at $30,162,000 after buying an additional 85,756 shares during the period. Finally, Russell Investments Group Ltd. lifted its holdings in shares of Eversource Energy by 94.6% in the 4th quarter. Russell Investments Group Ltd. now owns 570,190 shares of the utilities provider’s stock valued at $35,196,000 after buying an additional 277,132 shares during the period. Institutional investors and hedge funds own 79.99% of the company’s stock.

Eversource Energy Trading Down 1.2 %

Eversource Energy stock traded down $0.74 during midday trading on Friday, hitting $60.01. 3,447,870 shares of the stock were exchanged, compared to its average volume of 2,016,408. The company has a current ratio of 0.67, a quick ratio of 0.59 and a debt-to-equity ratio of 1.66. The stock has a market capitalization of $21.05 billion, a price-to-earnings ratio of -50.86, a PEG ratio of 3.21 and a beta of 0.57. The stock’s 50-day simple moving average is $59.17 and its 200 day simple moving average is $58.14. Eversource Energy has a fifty-two week low of $52.03 and a fifty-two week high of $77.97.

Eversource Energy (NYSE:ES) last released its quarterly earnings results on Wednesday, May 1st. The utilities provider reported $1.49 EPS for the quarter, beating the consensus estimate of $1.45 by $0.04. The firm had revenue of $3.33 billion for the quarter, compared to analyst estimates of $3.69 billion. Eversource Energy had a negative net margin of 3.60% and a positive return on equity of 10.22%. The business’s revenue for the quarter was down 12.2% compared to the same quarter last year. During the same quarter in the previous year, the company earned $1.41 EPS. On average, equities analysts anticipate that Eversource Energy will post 4.49 EPS for the current year.

Eversource Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Thursday, May 16th will be issued a dividend of $0.715 per share. This represents a $2.86 dividend on an annualized basis and a dividend yield of 4.77%. The ex-dividend date is Wednesday, May 15th. Eversource Energy’s dividend payout ratio is presently -242.37%.

Analyst Ratings Changes

Several brokerages recently weighed in on ES. Guggenheim upgraded Eversource Energy from a “neutral” rating to a “buy” rating and lifted their price target for the company from $60.00 to $72.00 in a research report on Monday, January 22nd. The Goldman Sachs Group started coverage on Eversource Energy in a research note on Wednesday, April 10th. They set a “buy” rating and a $73.00 price objective for the company. UBS Group upgraded Eversource Energy from a “neutral” rating to a “buy” rating and raised their target price for the company from $62.00 to $67.00 in a research report on Thursday, April 4th. Barclays reduced their price objective on Eversource Energy from $66.00 to $61.00 and set an “equal weight” rating for the company in a research note on Monday, January 22nd. Finally, Wells Fargo & Company lifted their target price on shares of Eversource Energy from $69.00 to $72.00 and gave the stock an “overweight” rating in a research note on Friday. One analyst has rated the stock with a sell rating, seven have given a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Hold” and a consensus price target of $66.23.

Insider Buying and Selling

In related news, insider Linda Dorcena Forry sold 822 shares of the stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $58.12, for a total transaction of $47,774.64. Following the completion of the transaction, the insider now owns 10,485 shares of the company’s stock, valued at approximately $609,388.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other news, insider Frederica M. Williams sold 2,714 shares of the stock in a transaction on Monday, February 26th. The stock was sold at an average price of $57.60, for a total value of $156,326.40. Following the sale, the insider now directly owns 21,621 shares in the company, valued at $1,245,369.60. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, insider Linda Dorcena Forry sold 822 shares of Eversource Energy stock in a transaction on Friday, March 1st. The shares were sold at an average price of $58.12, for a total value of $47,774.64. Following the completion of the transaction, the insider now owns 10,485 shares of the company’s stock, valued at $609,388.20. The disclosure for this sale can be found here. Corporate insiders own 0.41% of the company’s stock.

Eversource Energy Profile

Eversource Energy, a public utility holding company, engages in the energy delivery business. The company operates through Electric Distribution, Electric Transmission, Natural Gas Distribution, and Water Distribution segments. It is involved in the transmission and distribution of electricity; solar power facilities; and distribution of natural gas.