Vennlight Capital Management LP Acquires New Position in Eversource Energy (NYSE:ES)

Vennlight Capital Management LP bought a new position in shares of Eversource Energy (NYSE:ES) during the 4th quarter, according to its most recent disclosure with the SEC. The institutional investor bought 88,171 shares of the utilities provider’s stock, valued at approximately $5,064,000. Eversource Energy accounts for about 4.8% of Vennlight Capital Management LP’s holdings, making the stock its 10th largest position.

A number of other hedge funds also recently added to or reduced their stakes in ES. Barclays PLC increased its stake in shares of Eversource Energy by 15.9% during the third quarter. Barclays PLC now owns 1,095,966 shares of the utilities provider’s stock worth $74,582,000 after buying an additional 150,535 shares during the period. Avanza Fonder AB purchased a new stake in shares of Eversource Energy in the 4th quarter valued at approximately $2,168,000. Merit Financial Group LLC raised its holdings in shares of Eversource Energy by 35.6% in the 4th quarter. Merit Financial Group LLC now owns 6,131 shares of the utilities provider’s stock valued at $352,000 after purchasing an additional 1,611 shares in the last quarter. Brooklyn Investment Group raised its holdings in shares of Eversource Energy by 60.1% in the 4th quarter. Brooklyn Investment Group now owns 727 shares of the utilities provider’s stock valued at $42,000 after purchasing an additional 273 shares in the last quarter. Finally, Aaron Wealth Advisors LLC grew its stake in shares of Eversource Energy by 7.2% during the fourth quarter. Aaron Wealth Advisors LLC now owns 3,797 shares of the utilities provider’s stock worth $218,000 after purchasing an additional 256 shares in the last quarter. 79.99% of the stock is currently owned by institutional investors and hedge funds.

Eversource Energy Stock Performance

Shares of ES opened at $63.23 on Monday. The company’s 50 day simple moving average is $59.58 and its 200-day simple moving average is $59.77. The firm has a market cap of $23.23 billion, a PE ratio of 27.37, a price-to-earnings-growth ratio of 2.35 and a beta of 0.61. Eversource Energy has a 12-month low of $52.28 and a 12-month high of $69.01. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 1.71.

Eversource Energy (NYSE:ES) last issued its quarterly earnings data on Thursday, May 1st. The utilities provider reported $1.50 earnings per share (EPS) for the quarter, hitting the consensus estimate of $1.50. The company had revenue of $4.12 billion for the quarter, compared to the consensus estimate of $3.65 billion. Eversource Energy had a net margin of 6.82% and a return on equity of 10.99%. Eversource Energy’s revenue for the quarter was up 23.6% on a year-over-year basis. During the same period last year, the firm posted $1.49 EPS. As a group, equities analysts predict that Eversource Energy will post 4.75 EPS for the current year.

Eversource Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Thursday, May 15th will be paid a dividend of $0.7525 per share. This represents a $3.01 annualized dividend and a yield of 4.76%. The ex-dividend date of this dividend is Thursday, May 15th. Eversource Energy’s dividend payout ratio is presently 129.74%.

Insiders Place Their Bets

In other news, insider Frederica M. Williams sold 3,092 shares of the firm’s stock in a transaction on Wednesday, February 19th. The shares were sold at an average price of $62.26, for a total value of $192,507.92. Following the completion of the sale, the insider now owns 22,671 shares in the company, valued at approximately $1,411,496.46. This trade represents a 12.00% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, VP Jay S. Buth sold 980 shares of the business’s stock in a transaction dated Friday, February 21st. The stock was sold at an average price of $62.99, for a total transaction of $61,730.20. Following the transaction, the vice president now owns 24,374 shares in the company, valued at approximately $1,535,318.26. This trade represents a 3.87% decrease in their ownership of the stock. The disclosure for this sale can be found here. 0.41% of the stock is owned by insiders.

Analysts Set New Price Targets

ES has been the topic of a number of analyst reports. Jefferies Financial Group cut their price target on Eversource Energy from $52.00 to $47.00 and set an “underperform” rating on the stock in a research note on Tuesday, January 28th. StockNews.com raised Eversource Energy from a “sell” rating to a “hold” rating in a research report on Friday. Barclays lowered their price target on Eversource Energy from $72.00 to $69.00 and set an “equal weight” rating for the company in a report on Wednesday, January 22nd. Wells Fargo & Company cut their price objective on shares of Eversource Energy from $79.00 to $75.00 and set an “overweight” rating on the stock in a report on Thursday, February 13th. Finally, JPMorgan Chase & Co. restated an “underweight” rating and issued a $58.00 target price (down previously from $69.00) on shares of Eversource Energy in a report on Thursday, April 10th. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Hold” and a consensus price target of $65.78.

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.