Eversource Energy (NYSE:ES) Shares Gap Down Following Analyst Downgrade

Shares of Eversource Energy (NYSE:ES) gapped down before the market opened on Wednesday after Scotiabank lowered their price target on the stock from $64.00 to $63.00. The stock had previously closed at $74.54, but opened at $70.41. Scotiabank currently has a sector underperform rating on the stock. Eversource Energy shares last traded at $67.7420, with a volume of 2,050,863 shares traded.

Other equities analysts have also recently issued reports about the stock. Jefferies Financial Group upped their price objective on shares of Eversource Energy from $54.00 to $60.00 and gave the stock an “underperform” rating in a research report on Wednesday, October 22nd. Bank of America raised shares of Eversource Energy from a “neutral” rating to a “buy” rating and boosted their target price for the stock from $73.00 to $85.00 in a research note on Tuesday, October 21st. Wells Fargo & Company downgraded shares of Eversource Energy from an “overweight” rating to an “equal weight” rating and reduced their price target for the stock from $79.00 to $63.00 in a research report on Wednesday. TD Cowen assumed coverage on shares of Eversource Energy in a research note on Thursday, October 16th. They issued a “hold” rating and a $76.00 price target on the stock. Finally, Janney Montgomery Scott reiterated a “neutral” rating on shares of Eversource Energy in a research note on Monday, October 13th. Two analysts have rated the stock with a Buy rating, eight have assigned a Hold rating and three have assigned a Sell rating to the company’s stock. According to MarketBeat, Eversource Energy presently has a consensus rating of “Reduce” and a consensus target price of $69.70.

Insiders Place Their Bets

In other Eversource Energy news, EVP James W. Hunt III sold 4,129 shares of the firm’s stock in a transaction that occurred on Friday, November 7th. The shares were sold at an average price of $72.77, for a total value of $300,467.33. Following the transaction, the executive vice president directly owned 32,415 shares of the company’s stock, valued at $2,358,839.55. This trade represents a 11.30% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.41% of the stock is owned by company insiders.

Hedge Funds Weigh In On Eversource Energy

A number of institutional investors have recently added to or reduced their stakes in the stock. Neo Ivy Capital Management purchased a new stake in Eversource Energy in the 2nd quarter valued at $26,000. Root Financial Partners LLC acquired a new stake in Eversource Energy during the third quarter worth about $26,000. Harel Insurance Investments & Financial Services Ltd. purchased a new position in Eversource Energy during the third quarter worth about $27,000. Trust Co. of Toledo NA OH acquired a new position in Eversource Energy in 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 valued at about $31,000. Hedge funds and other institutional investors own 79.99% of the company’s stock.

Eversource Energy Stock Performance

The firm’s 50 day moving average price is $71.21 and its two-hundred day moving average price is $66.79. The firm has a market cap of $24.21 billion, a PE ratio of 17.68, a PEG ratio of 2.40 and a beta of 0.69. The company has a debt-to-equity ratio of 1.68, a quick ratio of 0.64 and a current ratio of 0.71.

Eversource Energy (NYSE:ES) last released its quarterly earnings data on Tuesday, November 4th. The utilities provider reported $1.19 EPS for the quarter, beating analysts’ consensus estimates of $1.12 by $0.07. The firm had revenue of $3.22 billion for the quarter, compared to analysts’ expectations of $3.28 billion. Eversource Energy had a return on equity of 11.06% and a net margin of 10.22%.The firm’s quarterly revenue was up 5.2% on a year-over-year basis. During the same period in the prior year, the firm posted $1.13 earnings per share. On average, research analysts forecast that Eversource Energy will post 4.75 earnings per share for the current year.

Eversource Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Monday, September 22nd were issued a dividend of $0.7525 per share. The ex-dividend date was Monday, September 22nd. This represents a $3.01 dividend on an annualized basis and a dividend yield of 4.7%. Eversource Energy’s dividend payout ratio is currently 82.47%.

Eversource Energy Company 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.