Eversource Energy (NYSE:ES) Posts Quarterly Earnings Results, Beats Estimates By $0.07 EPS

Eversource Energy (NYSE:ES) issued its quarterly earnings data on Tuesday. The utilities provider reported $1.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.12 by $0.07, Zacks reports. The business had revenue of $3.22 billion during the quarter, compared to the consensus estimate of $3.28 billion. Eversource Energy had a return on equity of 11.00% and a net margin of 6.60%.The business’s revenue was up 5.2% on a year-over-year basis. During the same period in the previous year, the firm posted $1.13 earnings per share.

Eversource Energy Price Performance

Shares of NYSE:ES opened at $73.83 on Wednesday. Eversource Energy has a 12 month low of $52.28 and a 12 month high of $75.25. The stock has a market cap of $27.40 billion, a price-to-earnings ratio of 31.69, a PEG ratio of 2.67 and a beta of 0.69. The stock’s 50 day moving average price is $69.33 and its 200 day moving average price is $65.78. The company has a debt-to-equity ratio of 1.67, a current ratio of 0.71 and a quick ratio of 0.63.

Eversource Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Monday, September 22nd were issued a dividend of $0.7525 per share. The ex-dividend date of this dividend was Monday, September 22nd. This represents a $3.01 annualized dividend and a yield of 4.1%. Eversource Energy’s payout ratio is presently 129.18%.

Analyst Upgrades and Downgrades

ES has been the subject of several analyst reports. Bank of America upgraded Eversource Energy from a “neutral” rating to a “buy” rating and boosted their price objective for the stock from $73.00 to $85.00 in a research report on Tuesday, October 21st. TD Cowen initiated coverage on Eversource Energy in a research report on Thursday, October 16th. They set a “hold” rating and a $76.00 price objective for the company. Wells Fargo & Company initiated coverage on Eversource Energy in a research report on Tuesday, October 28th. They set an “overweight” rating and a $79.00 price objective for the company. Weiss Ratings reiterated a “hold (c+)” rating on shares of Eversource Energy in a research report on Friday, October 31st. Finally, Janney Montgomery Scott reiterated a “neutral” rating on shares of Eversource Energy in a research report on Monday, October 13th. Four investment analysts have rated the stock with a Buy rating, five have assigned a Hold rating and three have given a Sell rating to the stock. According to MarketBeat.com, the company has a consensus rating of “Hold” and an average price target of $70.56.

Insider Buying and Selling

In other news, insider Loretta D. Keane bought 3,780 shares of the company’s stock in a transaction that occurred on Friday, August 22nd. The shares were purchased at an average price of $66.07 per share, with a total value of $249,744.60. Following the completion of the acquisition, the insider directly owned 12,033 shares in the company, valued at approximately $795,020.31. This trade represents a 45.80% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. 0.19% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Eversource Energy

Hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Orion Porfolio Solutions LLC increased its holdings in shares of Eversource Energy by 91.0% in the second quarter. Orion Porfolio Solutions LLC now owns 9,983 shares of the utilities provider’s stock valued at $635,000 after buying an additional 4,755 shares in the last quarter. Advisory Services Network LLC increased its holdings in shares of Eversource Energy by 5.7% in the second quarter. Advisory Services Network LLC now owns 12,444 shares of the utilities provider’s stock valued at $823,000 after buying an additional 675 shares in the last quarter. CANADA LIFE ASSURANCE Co increased its holdings in shares of Eversource Energy by 8.5% in the second quarter. CANADA LIFE ASSURANCE Co now owns 722,886 shares of the utilities provider’s stock valued at $46,063,000 after buying an additional 56,386 shares in the last quarter. MUFG Securities EMEA plc bought a new position in shares of Eversource Energy in the second quarter valued at $69,000. Finally, Captrust Financial Advisors increased its holdings in shares of Eversource Energy by 5.4% in the second quarter. Captrust Financial Advisors now owns 47,249 shares of the utilities provider’s stock valued at $3,006,000 after buying an additional 2,437 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.