Magellan Asset Management Ltd Makes New $248.40 Million Investment in Eversource Energy $ES

Magellan Asset Management Ltd purchased a new position in shares of Eversource Energy (NYSE:ES) during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 3,437,065 shares of the utilities provider’s stock, valued at approximately $248,397,000. Eversource Energy comprises 5.6% of Magellan Asset Management Ltd’s investment portfolio, making the stock its biggest position.

Other hedge funds and other institutional investors have also modified their holdings of the company. Elevation Wealth Partners LLC boosted its stake in shares of Eversource Energy by 220.2% during the 2nd quarter. Elevation Wealth Partners LLC now owns 349 shares of the utilities provider’s stock worth $25,000 after acquiring an additional 240 shares in the last quarter. Edmond DE Rothschild Holding S.A. bought a new position in shares of Eversource Energy in the 2nd quarter valued at approximately $26,000. Activest Wealth Management lifted its holdings in Eversource Energy by 2,337.5% in the 4th quarter. Activest Wealth Management now owns 390 shares of the utilities provider’s stock worth $26,000 after purchasing an additional 374 shares during the last quarter. Garton & Associates Financial Advisors LLC acquired a new stake in Eversource Energy in the 4th quarter worth approximately $28,000. Finally, Godfrey Financial Associates Inc. acquired a new stake in Eversource Energy in the 4th quarter worth approximately $29,000. Institutional investors own 79.99% of the company’s stock.

Analysts Set New Price Targets

A number of research firms have recently commented on ES. BMO Capital Markets dropped their price target on shares of Eversource Energy from $73.00 to $72.00 and set a “market perform” rating on the stock in a research report on Wednesday, July 22nd. Argus downgraded Eversource Energy from a “buy” rating to a “hold” rating in a research note on Friday, June 12th. Citigroup reaffirmed a “hold” rating and set a $81.00 price objective on shares of Eversource Energy in a research report on Monday, July 27th. Wells Fargo & Company increased their target price on shares of Eversource Energy from $75.00 to $76.00 and gave the company an “overweight” rating in a research note on Thursday, July 2nd. Finally, Capital One Financial set a $73.00 target price on Eversource Energy in a research report on Wednesday, July 1st. Four equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, Eversource Energy has an average rating of “Hold” and a consensus target price of $72.92.

Insider Activity at Eversource Energy

In related news, VP Gregory B. Butler sold 7,000 shares of the firm’s stock in a transaction that occurred on Thursday, June 4th. The stock was sold at an average price of $69.88, for a total transaction of $489,160.00. Following the completion of the transaction, the vice president owned 56,179 shares in the company, valued at $3,925,788.52. This trade represents a 11.08% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. 0.18% of the stock is owned by company insiders.

Eversource Energy Stock Performance

NYSE ES opened at $70.25 on Monday. The stock has a market cap of $26.46 billion, a P/E ratio of 18.20, a PEG ratio of 5.18 and a beta of 0.70. The company’s 50-day simple moving average is $72.71 and its 200 day simple moving average is $71.00. Eversource Energy has a twelve month low of $61.53 and a twelve month high of $76.57. The company has a quick ratio of 0.74, a current ratio of 0.80 and a debt-to-equity ratio of 1.63.

Eversource Energy (NYSE:ES) last announced its quarterly earnings results on Thursday, July 30th. The utilities provider reported $0.87 EPS for the quarter, hitting analysts’ consensus estimates of $0.87. The firm had revenue of $2.90 billion during the quarter, compared to analysts’ expectations of $2.99 billion. Eversource Energy had a net margin of 10.35% and a return on equity of 11.33%. The company’s revenue for the quarter was up 2.3% compared to the same quarter last year. During the same quarter last year, the company earned $0.96 earnings per share. Eversource Energy has set its FY 2026 guidance at 4.570-4.720 EPS. As a group, research analysts forecast that Eversource Energy will post 4.64 earnings per share for the current fiscal year.

About Eversource Energy

Eversource Energy (NYSE: ES) is a publicly traded, regulated energy company headquartered in Hartford, Connecticut. The company’s core business is the delivery and transmission of electricity and natural gas to residential, commercial and industrial customers across parts of New England. Eversource operates transmission and distribution networks, maintains electrical infrastructure, responds to outages and storms, and manages natural gas pipeline and distribution systems in the regions it serves.

Eversource serves customers primarily in Connecticut, Massachusetts and New Hampshire, operating through locally regulated utility subsidiaries that administer customer service, billing, meter reading and localized operations.