Eversource Energy $ES Stake Trimmed by Magellan Asset Management Ltd

Magellan Asset Management Ltd cut its holdings in shares of Eversource Energy (NYSE:ES) by 11.5% during the first quarter, Holdings Channel.com reports. The institutional investor owned 6,182,582 shares of the utilities provider’s stock after selling 806,833 shares during the period. Eversource Energy accounts for 5.6% of Magellan Asset Management Ltd’s investment portfolio, making the stock its 3rd largest holding. Magellan Asset Management Ltd’s holdings in Eversource Energy were worth $428,329,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Norges Bank purchased a new stake in shares of Eversource Energy during the fourth quarter worth $324,032,000. Northwestern Mutual Wealth Management Co. raised its stake in shares of Eversource Energy by 23,707.0% in the fourth quarter. Northwestern Mutual Wealth Management Co. now owns 4,649,747 shares of the utilities provider’s stock valued at $313,067,000 after acquiring an additional 4,630,216 shares in the last quarter. Victory Capital Management Inc. boosted its holdings in Eversource Energy by 61.8% in the fourth quarter. Victory Capital Management Inc. now owns 9,546,217 shares of the utilities provider’s stock valued at $642,747,000 after purchasing an additional 3,645,555 shares during the period. Deutsche Bank AG boosted its holdings in Eversource Energy by 78.1% in the fourth quarter. Deutsche Bank AG now owns 5,341,986 shares of the utilities provider’s stock valued at $359,676,000 after purchasing an additional 2,341,912 shares during the period. Finally, Cohen & Steers Inc. acquired a new position in Eversource Energy during the 4th quarter worth $104,848,000. Hedge funds and other institutional investors own 79.99% of the company’s stock.

Wall Street Analysts Forecast Growth

Several brokerages have weighed in on ES. Weiss Ratings upgraded Eversource Energy from a “hold (c+)” rating to a “buy (b-)” rating in a report on Friday, July 10th. Scotiabank decreased their price objective on Eversource Energy from $66.00 to $63.00 and set a “sector underperform” rating for the company in a research note on Tuesday, April 21st. Mizuho lowered their price objective on Eversource Energy from $75.00 to $70.00 and set a “neutral” rating for the company in a research report on Thursday, March 26th. Seaport Research Partners lowered shares of Eversource Energy from a “buy” rating to a “neutral” rating in a research note on Monday, April 20th. Finally, UBS Group cut their target price on shares of Eversource Energy from $80.00 to $74.00 and set a “neutral” rating on the stock in a research note on Friday, March 27th. Four equities research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $71.91.

Insider Activity

In other news, VP Gregory B. Butler sold 7,000 shares of the stock in a transaction dated Thursday, June 4th. The stock was sold at an average price of $69.88, for a total value of $489,160.00. Following the transaction, the vice president owned 56,179 shares in the company, valued at approximately $3,925,788.52. This represents a 11.08% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.18% of the company’s stock.

Eversource Energy Price Performance

Eversource Energy stock opened at $72.95 on Wednesday. The stock has a market cap of $27.44 billion, a P/E ratio of 15.59, a price-to-earnings-growth ratio of 4.90 and a beta of 0.70. The company has a fifty day simple moving average of $70.94 and a 200-day simple moving average of $70.39. Eversource Energy has a 12-month low of $61.53 and a 12-month high of $76.41. The company has a current ratio of 0.65, a quick ratio of 0.59 and a debt-to-equity ratio of 1.62.

Eversource Energy (NYSE:ES) last posted its earnings results on Wednesday, May 6th. The utilities provider reported $1.73 EPS for the quarter, beating the consensus estimate of $1.59 by $0.14. The firm had revenue of $4.50 billion for the quarter, compared to analyst estimates of $4.21 billion. Eversource Energy had a return on equity of 11.59% and a net margin of 12.55%.Eversource Energy’s revenue for the quarter was up 9.4% compared to the same quarter last year. During the same quarter in the prior year, the company posted $1.50 earnings per share. Eversource Energy has set its FY 2026 guidance at 4.570-4.720 EPS. Equities analysts expect that Eversource Energy will post 4.65 EPS for the current fiscal year.

Eversource Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, June 30th. Stockholders of record on Monday, May 18th were given a dividend of $0.7875 per share. This represents a $3.15 annualized dividend and a dividend yield of 4.3%. The ex-dividend date of this dividend was Monday, May 18th. Eversource Energy’s dividend payout ratio is currently 67.31%.

Eversource Energy Company Profile

Eversource Energy (NYSE: ES) is a publicly traded, regulated energy company headquartered in Hartford, Connecticut. The company’s core business is the delivery and transmission of electricity and natural gas to residential, commercial and industrial customers across parts of New England. Eversource operates transmission and distribution networks, maintains electrical infrastructure, responds to outages and storms, and manages natural gas pipeline and distribution systems in the regions it serves.

Eversource serves customers primarily in Connecticut, Massachusetts and New Hampshire, operating through locally regulated utility subsidiaries that administer customer service, billing, meter reading and localized operations.