Zacks Investment Research Upgrades Eversource Energy (ES) to Buy
Eversource Energy (NYSE:ES) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued on Tuesday. The brokerage presently has a $69.00 price target on the utilities provider’s stock. Zacks Investment Research‘s target price would suggest a potential upside of 11.92% from the stock’s previous close.
According to Zacks, “Shares of Eversource Energy returned higher than the industry in last 12 months. Eversource Energy‘s systematic investments in renewable energy generation, primarily in transmission and distribution systems will help it to provide reliable services to its customers. Margins of the company will improve if the company continues to reduce operating costs. Moreover, its regulated investment plans will help it to boost earnings per share by 5–7% over the 2017–2020 time frame from the 2016 level of $2.96. However, the company's decision to withdraw its Access Northeast Pipeline plan due to regulatory uncertainty, will have an adverse impact on its growth prospects. Moreover, it faces challenges due to severe weather conditions.”
Other equities analysts also recently issued research reports about the company. Morgan Stanley raised Eversource Energy from an “equal weight” rating to an “overweight” rating and set a $72.00 target price on the stock in a research report on Wednesday, December 13th. Credit Suisse Group boosted their target price on Eversource Energy from $60.00 to $63.00 and gave the company a “neutral” rating in a research report on Monday, October 2nd. Williams Capital boosted their target price on Eversource Energy from $64.00 to $66.00 and gave the company a “buy” rating in a research report on Monday, October 23rd. Finally, Bank of America began coverage on Eversource Energy in a research report on Tuesday, October 24th. They set an “underperform” rating and a $62.00 target price on the stock. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and three have given a buy rating to the company’s stock. The company currently has a consensus rating of “Hold” and an average target price of $64.95.
Eversource Energy (NYSE:ES) last released its quarterly earnings data on Wednesday, November 1st. The utilities provider reported $0.82 earnings per share (EPS) for the quarter, missing the Zacks’ consensus estimate of $0.84 by ($0.02). Eversource Energy had a return on equity of 9.03% and a net margin of 12.84%. The firm had revenue of $1.99 billion during the quarter, compared to the consensus estimate of $2.06 billion. During the same period in the previous year, the firm earned $0.83 EPS. The business’s revenue was down 2.5% compared to the same quarter last year. equities research analysts expect that Eversource Energy will post 3.14 EPS for the current fiscal year.
In other Eversource Energy news, COO Werner J. Schweiger sold 10,098 shares of the company’s stock in a transaction on Thursday, November 9th. The stock was sold at an average price of $64.68, for a total value of $653,138.64. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Corporate insiders own 0.53% of the company’s stock.
Hedge funds have recently modified their holdings of the business. Advisory Services Network LLC lifted its holdings in shares of Eversource Energy by 1.7% in the 2nd quarter. Advisory Services Network LLC now owns 1,943 shares of the utilities provider’s stock worth $118,000 after buying an additional 32 shares during the period. Risk Paradigm Group LLC lifted its holdings in shares of Eversource Energy by 111.7% in the 3rd quarter. Risk Paradigm Group LLC now owns 2,117 shares of the utilities provider’s stock worth $128,000 after buying an additional 1,117 shares during the period. Sun Life Financial INC lifted its holdings in shares of Eversource Energy by 23,040.0% in the 2nd quarter. Sun Life Financial INC now owns 2,314 shares of the utilities provider’s stock worth $140,000 after buying an additional 2,304 shares during the period. WFG Advisors LP lifted its holdings in shares of Eversource Energy by 127.8% in the 2nd quarter. WFG Advisors LP now owns 2,460 shares of the utilities provider’s stock worth $149,000 after buying an additional 1,380 shares during the period. Finally, Northwestern Mutual Wealth Management Co. lifted its holdings in shares of Eversource Energy by 63.1% in the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 3,270 shares of the utilities provider’s stock worth $199,000 after buying an additional 1,265 shares during the period. Institutional investors and hedge funds own 72.14% of the company’s stock.
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About Eversource Energy
Eversource Energy 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, Massachusetts, and New Hampshire and the regulated electric generation businesses.
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