Desjardins Global Asset Management Inc. Cuts Holdings in Eversource Energy (NYSE:ES)

Desjardins Global Asset Management Inc. trimmed its holdings in shares of Eversource Energy (NYSE:ES) by 18.1% in the fourth quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 6,030 shares of the utilities provider’s stock after selling 1,336 shares during the period. Desjardins Global Asset Management Inc.’s holdings in Eversource Energy were worth $372,000 at the end of the most recent reporting period.

A number of other large investors have also modified their holdings of the business. Quarry LP increased its stake in Eversource Energy by 275.0% in the 1st quarter. Quarry LP now owns 315 shares of the utilities provider’s stock valued at $25,000 after purchasing an additional 231 shares in the last quarter. Exchange Traded Concepts LLC purchased a new position in Eversource Energy in the 4th quarter valued at approximately $26,000. Resurgent Financial Advisors LLC purchased a new position in Eversource Energy in the 4th quarter valued at approximately $27,000. UMB Bank n.a. increased its position in Eversource Energy by 130.9% during the third quarter. UMB Bank n.a. now owns 642 shares of the utilities provider’s stock worth $37,000 after buying an additional 364 shares in the last quarter. Finally, MV Capital Management Inc. increased its position in Eversource Energy by 40.4% during the third quarter. MV Capital Management Inc. now owns 716 shares of the utilities provider’s stock worth $42,000 after buying an additional 206 shares in the last quarter. 79.99% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several equities analysts have weighed in on ES shares. The Goldman Sachs Group started coverage on Eversource Energy in a research report on Wednesday, April 10th. They set a “buy” rating and a $73.00 price target for the company. Guggenheim raised Eversource Energy from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $60.00 to $72.00 in a research note on Monday, January 22nd. Mizuho raised Eversource Energy from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $54.00 to $62.00 in a research note on Thursday, February 15th. Wells Fargo & Company lifted their price objective on Eversource Energy from $67.00 to $69.00 and gave the company an “overweight” rating in a research note on Tuesday, January 9th. Finally, BMO Capital Markets lifted their price objective on Eversource Energy from $63.00 to $64.00 and gave the company a “market perform” rating in a research note on Thursday, February 15th. One analyst has rated the stock with a sell rating, seven have issued a hold rating and six have issued a buy rating to the company’s stock. According to data from MarketBeat, Eversource Energy currently has a consensus rating of “Hold” and an average price target of $66.08.

Eversource Energy Stock Performance

Eversource Energy stock opened at $58.51 on Thursday. The stock’s 50 day moving average price is $58.40 and its 200 day moving average price is $57.77. The firm has a market capitalization of $20.52 billion, a PE ratio of -46.44, a price-to-earnings-growth ratio of 3.04 and a beta of 0.58. The company has a debt-to-equity ratio of 1.66, a quick ratio of 0.59 and a current ratio of 0.67. Eversource Energy has a one year low of $52.03 and a one year high of $79.92.

Eversource Energy (NYSE:ES) last announced its earnings results on Tuesday, February 13th. The utilities provider reported $0.95 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.02). Eversource Energy had a negative net margin of 3.71% and a positive return on equity of 9.92%. The business had revenue of $2.69 billion during the quarter, compared to analyst estimates of $3 billion. During the same period in the previous year, the company earned $0.92 earnings per share. The business’s revenue for the quarter was down 11.1% on a year-over-year basis. As a group, sell-side analysts expect that Eversource Energy will post 4.52 EPS for the current fiscal year.

Eversource Energy Increases Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, March 29th. Stockholders of record on Tuesday, March 5th were issued a $0.715 dividend. This represents a $2.86 dividend on an annualized basis and a dividend yield of 4.89%. This is an increase from Eversource Energy’s previous quarterly dividend of $0.68. The ex-dividend date of this dividend was Monday, March 4th. Eversource Energy’s payout ratio is -226.98%.

Insider Activity

In other news, insider Frederica M. Williams sold 2,714 shares of the business’s stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $57.60, for a total value of $156,326.40. Following the completion of the sale, the insider now directly owns 21,621 shares in the company, valued at approximately $1,245,369.60. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Linda Dorcena Forry sold 822 shares of the company’s stock in a transaction on Friday, March 1st. The stock was sold at an average price of $58.12, for a total transaction of $47,774.64. Following the completion of the transaction, the insider now directly owns 10,485 shares in the company, valued at approximately $609,388.20. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, insider Frederica M. Williams sold 2,714 shares of the company’s stock in a transaction on Monday, February 26th. The stock was sold at an average price of $57.60, for a total value of $156,326.40. Following the transaction, the insider now owns 21,621 shares of the company’s stock, valued at $1,245,369.60. The disclosure for this sale can be found here. Company insiders own 0.41% of the company’s stock.

Eversource Energy 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.