California Public Employees Retirement System Cuts Stock Position in Eversource Energy (NYSE:ES)

California Public Employees Retirement System lowered its position in Eversource Energy (NYSE:ES) by 0.7% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 2,148,909 shares of the utilities provider’s stock after selling 14,095 shares during the period. California Public Employees Retirement System’s holdings in Eversource Energy were worth $132,631,000 as of its most recent SEC filing.

Several other large investors also recently bought and sold shares of ES. Victory Capital Management Inc. lifted its stake in shares of Eversource Energy by 10.8% in the 3rd quarter. Victory Capital Management Inc. now owns 450,007 shares of the utilities provider’s stock valued at $26,168,000 after purchasing an additional 43,720 shares during the period. OLD Republic International Corp purchased a new stake in shares of Eversource Energy during the third quarter worth $27,283,000. Cerity Partners LLC grew its holdings in shares of Eversource Energy by 536.0% during the fourth quarter. Cerity Partners LLC now owns 118,243 shares of the utilities provider’s stock worth $7,298,000 after buying an additional 99,652 shares in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Eversource Energy by 3.0% during the fourth quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 443,444 shares of the utilities provider’s stock worth $27,369,000 after buying an additional 12,951 shares in the last quarter. Finally, Louisiana State Employees Retirement System purchased a new stake in shares of Eversource Energy during the fourth quarter worth $1,302,000. Hedge funds and other institutional investors own 79.99% of the company’s stock.

Insiders Place Their Bets

In other news, insider Frederica M. Williams sold 2,714 shares of the firm’s stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $57.60, for a total transaction of $156,326.40. Following the transaction, the insider now directly owns 21,621 shares in the company, valued at $1,245,369.60. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other news, insider Linda Dorcena Forry sold 822 shares of the firm’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $58.12, for a total transaction of $47,774.64. Following the transaction, the insider now directly owns 10,485 shares in the company, valued at $609,388.20. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Frederica M. Williams sold 2,714 shares of the firm’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 transaction of $156,326.40. Following the transaction, the insider now owns 21,621 shares in the company, valued at $1,245,369.60. The disclosure for this sale can be found here. 0.29% of the stock is owned by corporate insiders.

Eversource Energy Stock Performance

Shares of NYSE:ES opened at $60.34 on Wednesday. The firm’s 50 day moving average price is $58.81 and its 200 day moving average price is $57.90. Eversource Energy has a fifty-two week low of $52.03 and a fifty-two week high of $79.92. The company has a quick ratio of 0.59, a current ratio of 0.67 and a debt-to-equity ratio of 1.66.

Eversource Energy (NYSE:ES) last released its quarterly earnings data on Tuesday, February 13th. The utilities provider reported $0.95 earnings per share for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.02). Eversource Energy had a positive return on equity of 9.92% and a negative net margin of 3.71%. The company had revenue of $2.69 billion for the quarter, compared to analyst estimates of $3 billion. During the same period in the previous year, the business posted $0.92 EPS. The firm’s revenue for the quarter was down 11.1% compared to the same quarter last year. Equities research analysts predict that Eversource Energy will post 4.52 EPS for the current fiscal year.

Eversource Energy Increases Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Tuesday, March 5th were issued a dividend of $0.715 per share. The ex-dividend date was Monday, March 4th. This represents a $2.86 dividend on an annualized basis and a yield of 4.74%. This is a boost from Eversource Energy’s previous quarterly dividend of $0.68. Eversource Energy’s dividend payout ratio (DPR) is presently -226.98%.

Wall Street Analyst Weigh In

A number of equities research analysts have recently issued reports on the stock. BMO Capital Markets upped their target price on shares of Eversource Energy from $63.00 to $64.00 and gave the stock a “market perform” rating in a report on Thursday, February 15th. Guggenheim raised shares of Eversource Energy from a “neutral” rating to a “buy” rating and upped their price objective for the company from $60.00 to $72.00 in a report on Monday, January 22nd. Mizuho raised shares of Eversource Energy from a “neutral” rating to a “buy” rating and upped their price objective for the company from $54.00 to $62.00 in a report on Thursday, February 15th. Citigroup upped their price objective on shares of Eversource Energy from $58.00 to $62.00 and gave the company a “neutral” rating in a report on Thursday, February 15th. Finally, Scotiabank dropped their price objective on shares of Eversource Energy from $61.00 to $57.00 and set a “sector perform” rating for the company in a report on Monday. One research analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have issued a buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Hold” and a consensus target price of $65.85.

About Eversource Energy

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.