Traders Buy Eversource Energy (ES) on Weakness
Investors purchased shares of Eversource Energy (NYSE:ES) on weakness during trading on Thursday. $34.68 million flowed into the stock on the tick-up and $13.55 million flowed out of the stock on the tick-down, for a money net flow of $21.13 million into the stock. Of all stocks tracked, Eversource Energy had the 13th highest net in-flow for the day. Eversource Energy traded down ($0.56) for the day and closed at $57.75
Several equities research analysts have recently weighed in on ES shares. Zacks Investment Research raised shares of Eversource Energy from a “sell” rating to a “hold” rating in a research report on Thursday, June 23rd. Deutsche Bank AG reaffirmed a “hold” rating and set a $58.00 price objective (down previously from $59.00) on shares of Eversource Energy in a research report on Monday, June 27th. Barclays PLC boosted their price objective on shares of Eversource Energy from $62.00 to $65.00 and gave the company an “equal weight” rating in a research report on Thursday, July 7th. Janney Montgomery Scott downgraded shares of Eversource Energy from a “buy” rating to a “neutral” rating in a research report on Thursday, March 31st. They noted that the move was a valuation call. Finally, Mizuho boosted their price objective on shares of Eversource Energy from $54.00 to $59.00 and gave the company a “neutral” rating in a research report on Tuesday, May 3rd. One analyst has rated the stock with a sell rating, six have given a hold rating and two have assigned a buy rating to the company’s stock. The stock presently has an average rating of “Hold” and an average price target of $57.87.
The stock’s 50-day moving average price is $57.44 and its 200-day moving average price is $55.74. The stock has a market capitalization of $18.36 billion and a PE ratio of 21.20.
Eversource Energy (NYSE:ES) last posted its quarterly earnings data on Wednesday, May 4th. The company reported $0.77 earnings per share (EPS) for the quarter, missing the Thomson Reuters’ consensus estimate of $0.84 by $0.07. The company had revenue of $2.06 billion for the quarter, compared to analyst estimates of $2.29 billion. The company’s revenue for the quarter was down 18.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.80 earnings per share. On average, equities research analysts predict that Eversource Energy will post $2.98 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which was paid on Thursday, June 30th. Shareholders of record on Tuesday, May 31st were issued a $0.445 dividend. This represents a $1.78 dividend on an annualized basis and a yield of 3.08%. The ex-dividend date of this dividend was Thursday, May 26th.
Other hedge funds recently modified their holdings of the company. Suntrust Banks Inc. increased its stake in shares of Eversource Energy by 80.6% in the fourth quarter. Suntrust Banks Inc. now owns 22,985 shares of the company’s stock worth $1,173,000 after buying an additional 10,258 shares during the period. Cambridge Trust Co. increased its stake in shares of Eversource Energy by 2.2% in the fourth quarter. Cambridge Trust Co. now owns 73,602 shares of the company’s stock worth $3,759,000 after buying an additional 1,592 shares during the period. Advantus Capital Management Inc increased its stake in shares of Eversource Energy by 2.2% in the fourth quarter. Advantus Capital Management Inc now owns 30,283 shares of the company’s stock worth $1,547,000 after buying an additional 651 shares during the period. Palladium Partners LLC increased its stake in shares of Eversource Energy by 2.2% in the fourth quarter. Palladium Partners LLC now owns 135,774 shares of the company’s stock worth $6,934,000 after buying an additional 2,920 shares during the period. Finally, Andra AP fonden increased its stake in shares of Eversource Energy by 79.4% in the fourth quarter. Andra AP fonden now owns 146,400 shares of the company’s stock worth $7,477,000 after buying an additional 64,800 shares during the period.
Eversource Energy, formerly Northeast Utilities, 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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