Eversource Energy (NYSE:ES) Stock Rating Lowered by Wells Fargo & Company

Eversource Energy (NYSE:ES) was downgraded by analysts at Wells Fargo & Company from an “overweight” rating to an “equal weight” rating in a research note issued on Wednesday, Marketbeat Ratings reports. They presently have a $63.00 price target on the utilities provider’s stock. Wells Fargo & Company‘s price objective would indicate a potential downside of 5.27% from the stock’s previous close.

Several other research firms have also weighed in on ES. Weiss Ratings reaffirmed a “hold (c+)” rating on shares of Eversource Energy in a report on Friday, October 31st. Jefferies Financial Group upped their target price on shares of Eversource Energy from $54.00 to $60.00 and gave the company an “underperform” rating in a research report on Wednesday, October 22nd. Bank of America raised Eversource Energy from a “neutral” rating to a “buy” rating and raised their price objective for the stock from $73.00 to $85.00 in a research note on Tuesday, October 21st. TD Cowen initiated coverage on Eversource Energy in a report on Thursday, October 16th. They set a “hold” rating and a $76.00 price objective for the company. Finally, Janney Montgomery Scott reissued a “neutral” rating on shares of Eversource Energy in a research report on Monday, October 13th. Three research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and three have issued a Sell rating to the company’s stock. According to MarketBeat.com, the stock has a consensus rating of “Hold” and a consensus price target of $71.10.

Eversource Energy Price Performance

Shares of NYSE:ES traded down $8.03 on Wednesday, reaching $66.51. 6,398,878 shares of the company traded hands, compared to its average volume of 2,754,443. The company’s 50 day moving average is $71.21 and its 200-day moving average is $66.82. The company has a debt-to-equity ratio of 1.68, a current ratio of 0.71 and a quick ratio of 0.64. The stock has a market capitalization of $24.95 billion, a PE ratio of 18.29, a P/E/G ratio of 2.66 and a beta of 0.69. Eversource Energy has a fifty-two week low of $52.28 and a fifty-two week high of $75.25.

Eversource Energy (NYSE:ES) last announced its quarterly earnings results on Tuesday, November 4th. The utilities provider reported $1.19 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.12 by $0.07. The business had revenue of $3.22 billion during the quarter, compared to analyst estimates of $3.28 billion. Eversource Energy had a return on equity of 11.06% and a net margin of 10.22%.The firm’s revenue was up 5.2% on a year-over-year basis. During the same period in the previous year, the company earned $1.13 EPS. As a group, analysts anticipate that Eversource Energy will post 4.75 earnings per share for the current fiscal year.

Insider Buying and Selling at Eversource Energy

In other news, insider Loretta D. Keane bought 3,780 shares of the business’s stock in a transaction dated Friday, August 22nd. The shares were purchased at an average price of $66.07 per share, for a total transaction of $249,744.60. Following the completion of the acquisition, the insider owned 12,033 shares of the company’s stock, valued at approximately $795,020.31. This trade represents a 45.80% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Also, EVP James W. Hunt III sold 4,129 shares of the stock in a transaction on Friday, November 7th. The stock was sold at an average price of $72.77, for a total value of $300,467.33. Following the completion of the transaction, the executive vice president owned 32,415 shares of the company’s stock, valued at approximately $2,358,839.55. This trade represents a 11.30% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 0.19% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds have recently bought and sold shares of the company. Neo Ivy Capital Management bought a new stake in shares of Eversource Energy in the second quarter valued at about $26,000. Root Financial Partners LLC acquired a new stake in Eversource Energy in the third quarter worth about $26,000. Harel Insurance Investments & Financial Services Ltd. purchased a new position in shares of Eversource Energy in the third quarter worth $27,000. Trust Co. of Toledo NA OH purchased a new stake in Eversource Energy during the 2nd quarter valued at about $28,000. Finally, Elevation Point Wealth Partners LLC acquired a new position in Eversource Energy in the 2nd quarter worth approximately $31,000. Institutional investors own 79.99% of the company’s stock.

About Eversource Energy

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.