Investors Buy Eversource Energy (ES) on Weakness
Traders purchased shares of Eversource Energy (NYSE:ES) on weakness during trading hours on Thursday. $29.56 million flowed into the stock on the tick-up and $15.18 million flowed out of the stock on the tick-down, for a money net flow of $14.38 million into the stock. Of all stocks tracked, Eversource Energy had the 31st highest net in-flow for the day. Eversource Energy traded down ($0.20) for the day and closed at $64.91
Several equities analysts have recently issued reports on ES shares. BidaskClub raised Eversource Energy from a “sell” rating to a “hold” rating in a research report on Friday, August 18th. Credit Suisse Group lifted their price target on Eversource Energy from $60.00 to $63.00 and gave the stock a “neutral” rating in a research report on Monday, October 2nd. Williams Capital lifted their price target on Eversource Energy from $64.00 to $66.00 and gave the stock a “buy” rating in a research report on Monday, October 23rd. Bank of America started coverage on Eversource Energy in a research report on Tuesday, October 24th. They issued an “underperform” rating and a $62.00 price target for the company. Finally, Morgan Stanley lifted their price target on Eversource Energy from $64.00 to $68.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 24th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and two have issued a buy rating to the company. The stock currently has an average rating of “Hold” and an average target price of $64.06.
The firm has a market cap of $20,569.06, a price-to-earnings ratio of 21.08, a P/E/G ratio of 3.48 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.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, December 29th. Investors of record on Monday, December 18th will be issued a $0.475 dividend. The ex-dividend date is Friday, December 15th. This represents a $1.90 annualized dividend and a yield of 2.91%. Eversource Energy’s payout ratio is 61.69%.
In related news, COO Werner J. Schweiger sold 10,098 shares of Eversource Energy stock in a transaction dated Thursday, November 9th. The stock was sold at an average price of $64.68, for a total value of $653,138.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.53% of the stock is currently owned by company insiders.
Several institutional investors have recently added to or reduced their stakes in ES. Rothschild Asset Management Inc. grew its stake in shares of Eversource Energy by 2.5% during the 2nd quarter. Rothschild Asset Management Inc. now owns 11,543 shares of the utilities provider’s stock valued at $701,000 after purchasing an additional 285 shares during the period. Bessemer Group Inc. grew its stake in shares of Eversource Energy by 125.3% during the 2nd quarter. Bessemer Group Inc. now owns 3,596 shares of the utilities provider’s stock valued at $218,000 after purchasing an additional 2,000 shares during the period. Daiwa Securities Group Inc. grew its stake in shares of Eversource Energy by 0.6% during the 2nd quarter. Daiwa Securities Group Inc. now owns 8,980 shares of the utilities provider’s stock valued at $545,000 after purchasing an additional 50 shares during the period. Candriam Luxembourg S.C.A. grew its stake in shares of Eversource Energy by 40.8% during the 2nd quarter. Candriam Luxembourg S.C.A. now owns 32,833 shares of the utilities provider’s stock valued at $1,993,000 after purchasing an additional 9,514 shares during the period. Finally, Korea Investment CORP grew its stake in shares of Eversource Energy by 122.8% during the 2nd quarter. Korea Investment CORP now owns 38,144 shares of the utilities provider’s stock valued at $2,316,000 after purchasing an additional 21,027 shares during the period. Institutional investors and hedge funds own 72.21% of the company’s stock.
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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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