Eversource Energy (NYSE:ES) Price Target Cut to $71.00 by Analysts at JPMorgan Chase & Co.

Eversource Energy (NYSE:ES) had its price objective reduced by JPMorgan Chase & Co. from $72.00 to $71.00 in a research note released on Friday morning,Benzinga reports. They currently have an underweight rating on the utilities provider’s stock.

ES has been the subject of a number of other reports. Wells Fargo & Company downgraded Eversource Energy from an “overweight” rating to an “equal weight” rating and lowered their price target for the company from $79.00 to $63.00 in a report on Wednesday, November 19th. UBS Group lowered shares of Eversource Energy from a “buy” rating to a “neutral” rating and set a $78.00 target price for the company. in a research note on Thursday, November 6th. TD Cowen began coverage on shares of Eversource Energy in a research report on Thursday, October 16th. They issued a “hold” rating and a $76.00 price target on the stock. BMO Capital Markets decreased their price target on shares of Eversource Energy from $79.00 to $77.00 and set a “market perform” rating for the company in a report on Thursday, November 6th. Finally, Jefferies Financial Group reiterated an “underperform” rating on shares of Eversource Energy in a research note on Monday, November 24th. Three equities research analysts have rated the stock with a Buy rating, seven have issued a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, Eversource Energy currently has a consensus rating of “Hold” and an average target price of $71.73.

Eversource Energy Price Performance

Shares of ES stock opened at $68.22 on Friday. The firm has a fifty day moving average of $70.73 and a two-hundred day moving average of $67.24. The firm has a market cap of $25.60 billion, a P/E ratio of 18.69, a P/E/G ratio of 2.40 and a beta of 0.76. Eversource Energy has a 1-year low of $52.28 and a 1-year high of $75.25. The company has a debt-to-equity ratio of 1.68, a current ratio of 0.71 and a quick ratio of 0.64.

Eversource Energy (NYSE:ES) last issued its earnings results on Tuesday, November 4th. The utilities provider reported $1.19 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.12 by $0.07. The business had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.28 billion. Eversource Energy had a net margin of 10.22% and a return on equity of 11.06%. The company’s revenue for the quarter was up 5.2% on a year-over-year basis. During the same quarter in the prior year, the business posted $1.13 EPS. As a group, research analysts anticipate that Eversource Energy will post 4.75 earnings per share for the current fiscal year.

Eversource Energy Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Wednesday, December 31st. Shareholders of record on Wednesday, December 17th will be paid a $0.7525 dividend. The ex-dividend date is Wednesday, December 17th. This represents a $3.01 annualized dividend and a dividend yield of 4.4%. Eversource Energy’s dividend payout ratio (DPR) is presently 82.47%.

Insider Activity

In other news, EVP James W. Hunt III sold 4,129 shares of the business’s stock in a transaction that occurred on Friday, November 7th. The stock was sold at an average price of $72.77, for a total transaction of $300,467.33. Following the completion of the transaction, the executive vice president directly owned 32,415 shares in the company, valued at approximately $2,358,839.55. The trade was a 11.30% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Corporate insiders own 0.41% of the company’s stock.

Institutional Trading of Eversource Energy

Several hedge funds have recently added to or reduced their stakes in the business. Atria Wealth Solutions Inc. bought a new stake in shares of Eversource Energy during the first quarter valued at about $279,000. HighTower Advisors LLC increased its stake in Eversource Energy by 213.3% during the 1st quarter. HighTower Advisors LLC now owns 175,122 shares of the utilities provider’s stock valued at $10,877,000 after buying an additional 119,232 shares during the period. National Pension Service raised its position in shares of Eversource Energy by 9.9% during the 1st quarter. National Pension Service now owns 528,981 shares of the utilities provider’s stock worth $32,855,000 after buying an additional 47,676 shares in the last quarter. Kovitz Investment Group Partners LLC lifted its stake in shares of Eversource Energy by 7.4% in the 1st quarter. Kovitz Investment Group Partners LLC now owns 18,872 shares of the utilities provider’s stock worth $1,172,000 after acquiring an additional 1,295 shares during the period. Finally, Horizon Investments LLC boosted its holdings in shares of Eversource Energy by 7.6% in the first quarter. Horizon Investments LLC now owns 5,262 shares of the utilities provider’s stock valued at $327,000 after acquiring an additional 373 shares in the last quarter. Institutional investors own 79.99% of the company’s stock.

Eversource Energy Company 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.