Eversource Energy (NYSE:ES) Share Price Crosses Above 200 Day Moving Average – What’s Next?

Eversource Energy (NYSE:ES)’s share price crossed above its 200-day moving average during trading on Wednesday. The stock has a 200-day moving average of $70.02 and traded as high as $71.54. Eversource Energy shares last traded at $70.2650, with a volume of 4,553,473 shares.

Eversource Energy News Summary

Here are the key news stories impacting Eversource Energy this week:

• Positive Sentiment: Adjusted earnings were $0.92 per share, above the $0.90 FactSet estimate cited in one report. That modest beat may have supported the stock. Earnings estimate report
• Negative Sentiment: Revenue was $2.98 billion, below the $3.20 billion FactSet estimate and down 7.5% from a year earlier. Revenue estimate report
• Negative Sentiment: The $0.92 per-share result also missed Zacks’ $0.97 consensus and was below the $1.19 in recurring earnings reported a year ago. Eversource reported $346 million in GAAP earnings, compared with $367.5 million a year earlier. Zacks earnings report

Wall Street Analysts Forecast Growth

Several brokerages have issued reports on ES. JPMorgan Chase & Co. dropped their target price on Eversource Energy from $73.00 to $68.00 and set an “underweight” rating for the company in a report on Monday, October 19th. HSBC initiated coverage on shares of Eversource Energy in a report on Thursday, October 22nd. They set a “hold” rating and a $70.00 price target for the company. BMO Capital Markets cut their target price on Eversource Energy from $73.00 to $72.00 and set a “market perform” rating for the company in a research note on Wednesday, July 22nd. Citigroup initiated coverage on Eversource Energy in a report on Monday, July 27th. They set a “hold” rating and a $81.00 price target for the company. Finally, Weiss Ratings raised shares of Eversource Energy from a “buy (b-)” rating to a “buy (b)” rating in a research note on Monday, August 31st. Four research analysts have rated the stock with a Buy rating, six have given a Hold rating and three have issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and an average target price of $72.91.

Eversource Energy Stock Performance

The stock has a 50-day moving average price of $67.37 and a 200 day moving average price of $70.02. The company has a quick ratio of 0.74, a current ratio of 0.80 and a debt-to-equity ratio of 1.63. The firm has a market capitalization of $26.47 billion, a price-to-earnings ratio of 18.20, a P/E/G ratio of 3.01 and a beta of 0.66.

Eversource Energy (NYSE:ES) last announced its quarterly earnings data on Wednesday, November 4th. The utilities provider reported $0.92 EPS for the quarter, beating analysts’ consensus estimates of $0.90 by $0.02. Eversource Energy had a net margin of 10.35% and a return on equity of 11.33%. The company had revenue of $2.98 billion for the quarter, compared to the consensus estimate of $3.20 billion. During the same period in the prior year, the firm posted $1.19 EPS. The company’s quarterly revenue was down 7.5% compared to the same quarter last year. On average, analysts forecast that Eversource Energy will post 4.63 EPS for the current year.

Eversource Energy Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Wednesday, September 30th. Investors of record on Monday, September 21st were given a $0.7875 dividend. This represents a $3.15 dividend on an annualized basis and a dividend yield of 4.5%. The ex-dividend date of this dividend was Monday, September 21st. Eversource Energy’s dividend payout ratio (DPR) is 81.61%.

Hedge Funds Weigh In On Eversource Energy

Several large investors have recently bought and sold shares of the stock. Lido Advisors LLC boosted its position in shares of Eversource Energy by 0.7% in the 3rd quarter. Lido Advisors LLC now owns 28,243 shares of the utilities provider’s stock valued at $1,812,000 after purchasing an additional 208 shares during the period. Keybank National Association OH increased its holdings in shares of Eversource Energy by 7.6% in the 3rd quarter. Keybank National Association OH now owns 16,000 shares of the utilities provider’s stock valued at $1,027,000 after acquiring an additional 1,128 shares during the period. New York Life Investment Management LLC increased its holdings in shares of Eversource Energy by 0.3% in the 3rd quarter. New York Life Investment Management LLC now owns 56,331 shares of the utilities provider’s stock valued at $3,614,000 after acquiring an additional 173 shares during the period. M&G PLC grew its position in Eversource Energy by 3.7% during the 3rd quarter. M&G PLC now owns 898,389 shares of the utilities provider’s stock worth $57,497,000 after purchasing an additional 32,447 shares during the last quarter. Finally, AlphaCore Capital LLC grew its position in Eversource Energy by 14.5% during the 3rd quarter. AlphaCore Capital LLC now owns 33,511 shares of the utilities provider’s stock worth $2,150,000 after purchasing an additional 4,237 shares during the last quarter. Institutional investors and hedge funds own 79.99% of the company’s stock.

Eversource Energy Company Profile

Eversource Energy (NYSE: ES) is a New England-based energy delivery company that provides electric and natural gas utility services. Through its regulated operating companies, it delivers electricity to residential, commercial and industrial customers and distributes natural gas to homes and businesses.

The company owns and operates electric transmission and distribution infrastructure, natural gas distribution systems and related utility facilities. Its electric operations include Connecticut Light and Power, NSTAR Electric and Public Service Company of New Hampshire, while its natural gas operations include several utilities serving customers in Connecticut and Massachusetts.