Eversource Energy (NYSE:ES) Shares Gap Down After Analyst Downgrade

Eversource Energy (NYSE:ES)’s share price gapped down before the market opened on Wednesday after Scotiabank lowered their price target on the stock from $64.00 to $63.00. The stock had previously closed at $74.54, but opened at $70.41. Scotiabank currently has a sector underperform rating on the stock. Eversource Energy shares last traded at $67.7420, with a volume of 2,050,863 shares trading hands.

Other equities analysts also recently issued reports about the stock. Bank of America upgraded shares of Eversource Energy from a “neutral” rating to a “buy” rating and upped their target price for the stock from $73.00 to $85.00 in a research note on Tuesday, October 21st. Wells Fargo & Company cut Eversource Energy from an “overweight” rating to an “equal weight” rating and lowered their target price for the stock from $79.00 to $63.00 in a report on Wednesday. BMO Capital Markets cut their price target on Eversource Energy from $79.00 to $77.00 and set a “market perform” rating on the stock in a research note on Thursday, November 6th. Jefferies Financial Group lifted their price objective on Eversource Energy from $54.00 to $60.00 and gave the company an “underperform” rating in a report on Wednesday, October 22nd. Finally, TD Cowen assumed coverage on shares of Eversource Energy in a research report on Thursday, October 16th. They set a “hold” rating and a $76.00 target price on the stock. Two investment analysts have rated the stock with a Buy rating, eight have issued a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, the company has a consensus rating of “Reduce” and a consensus price target of $69.70.

Insiders Place Their Bets

In other Eversource Energy news, EVP James W. Hunt III sold 4,129 shares of the stock in a transaction dated Friday, November 7th. The stock was sold at an average price of $72.77, for a total value of $300,467.33. Following the completion of the sale, the executive vice president directly owned 32,415 shares in the company, valued at approximately $2,358,839.55. This trade represents a 11.30% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.41% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On Eversource Energy

Several hedge funds have recently modified their holdings of the stock. Neo Ivy Capital Management purchased a new stake in Eversource Energy during the 2nd quarter worth approximately $26,000. Root Financial Partners LLC acquired a new stake in shares of Eversource Energy during the third quarter worth $26,000. Harel Insurance Investments & Financial Services Ltd. purchased a new stake in shares of Eversource Energy during the third quarter valued at $27,000. Trust Co. of Toledo NA OH purchased a new stake in shares of Eversource Energy during the second quarter valued at $28,000. Finally, Elevation Point Wealth Partners LLC acquired a new position in shares of Eversource Energy in the 2nd quarter valued at $31,000. Institutional investors and hedge funds own 79.99% of the company’s stock.

Eversource Energy Price Performance

The stock has a 50 day moving average of $71.21 and a 200-day moving average of $66.79. The company has a debt-to-equity ratio of 1.68, a quick ratio of 0.64 and a current ratio of 0.71. The company has a market cap of $24.21 billion, a PE ratio of 17.68, a price-to-earnings-growth ratio of 2.40 and a beta of 0.69.

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

Eversource Energy Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Monday, September 22nd were given a dividend of $0.7525 per share. The ex-dividend date was Monday, September 22nd. This represents a $3.01 dividend on an annualized basis and a yield of 4.7%. Eversource Energy’s payout ratio is currently 82.47%.

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.