PNC Financial Services Group Inc. Grows Holdings in Eversource Energy (ES)
PNC Financial Services Group Inc. grew its position in shares of Eversource Energy (NYSE:ES) by 1.0% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 508,114 shares of the utilities provider’s stock after purchasing an additional 5,203 shares during the period. PNC Financial Services Group Inc. owned approximately 0.16% of Eversource Energy worth $30,848,000 as of its most recent SEC filing.
A number of other large investors have also recently added to or reduced their stakes in ES. Advisors Asset Management Inc. lifted its stake in Eversource Energy by 44.4% during the first quarter. Advisors Asset Management Inc. now owns 9,716 shares of the utilities provider’s stock worth $571,000 after purchasing an additional 2,989 shares in the last quarter. UBS Asset Management Americas Inc. lifted its stake in Eversource Energy by 17.1% during the first quarter. UBS Asset Management Americas Inc. now owns 1,127,906 shares of the utilities provider’s stock worth $66,298,000 after purchasing an additional 165,069 shares in the last quarter. Engineers Gate Manager LP acquired a new position in Eversource Energy during the first quarter worth $222,000. Marble Harbor Investment Counsel LLC lifted its stake in Eversource Energy by 6.9% during the first quarter. Marble Harbor Investment Counsel LLC now owns 8,126 shares of the utilities provider’s stock worth $478,000 after purchasing an additional 524 shares in the last quarter. Finally, State of Wisconsin Investment Board lifted its stake in Eversource Energy by 12.1% during the first quarter. State of Wisconsin Investment Board now owns 354,457 shares of the utilities provider’s stock worth $20,835,000 after purchasing an additional 38,396 shares in the last quarter. Institutional investors own 71.88% of the company’s stock.
A number of research analysts have commented on the company. Morgan Stanley upped their price target on Eversource Energy from $64.00 to $66.00 and gave the stock an “equal weight” rating in a research note on Thursday, August 10th. BidaskClub cut Eversource Energy from a “hold” rating to a “sell” rating in a research note on Wednesday, July 12th. Zacks Investment Research cut Eversource Energy from a “buy” rating to a “hold” rating in a research note on Tuesday, June 20th. Deutsche Bank AG cut Eversource Energy from a “buy” rating to a “hold” rating and increased their price objective for the company from $61.00 to $61.50 in a research note on Monday, July 31st. Finally, Barclays PLC reiterated an “equal weight” rating and issued a $66.00 price objective (up from $62.00) on shares of Eversource Energy in a research note on Thursday, June 1st. Eight analysts have rated the stock with a hold rating and three have assigned a buy rating to the stock. The stock has an average rating of “Hold” and a consensus price target of $62.95.
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Shares of Eversource Energy (ES) traded down 0.05% during mid-day trading on Tuesday, hitting $61.66. The stock had a trading volume of 42,924 shares. The company’s 50 day moving average price is $62.54 and its 200 day moving average price is $60.84. Eversource Energy has a 12-month low of $50.56 and a 12-month high of $64.19. The stock has a market cap of $19.54 billion, a P/E ratio of 19.95 and a beta of 0.29.
Eversource Energy (NYSE:ES) last posted its earnings results on Thursday, July 27th. The utilities provider reported $0.72 earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of $0.68 by $0.04. The business had revenue of $1.76 billion for the quarter, compared to analyst estimates of $1.91 billion. Eversource Energy had a net margin of 12.81% and a return on equity of 9.15%. The business’s quarterly revenue was down .2% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.64 EPS. Equities research analysts predict that Eversource Energy will post $3.15 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, September 29th. Investors of record on Tuesday, September 19th will be issued a dividend of $0.475 per share. The ex-dividend date is Monday, September 18th. This represents a $1.90 annualized dividend and a dividend yield of 3.08%. Eversource Energy’s payout ratio is 61.49%.
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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