Van ECK Associates Corp Raises Stock Holdings in Eversource Energy (NYSE:ES)

Van ECK Associates Corp increased its position in Eversource Energy (NYSE:ES) by 4.7% during the 1st quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 82,752 shares of the utilities provider’s stock after purchasing an additional 3,707 shares during the period. Van ECK Associates Corp’s holdings in Eversource Energy were worth $4,946,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in ES. Heritage Wealth Advisors purchased a new stake in Eversource Energy in the fourth quarter worth $25,000. Exchange Traded Concepts LLC purchased a new stake in Eversource Energy in the fourth quarter worth $26,000. Rise Advisors LLC purchased a new stake in Eversource Energy in the first quarter worth $27,000. Bfsg LLC purchased a new stake in Eversource Energy in the fourth quarter worth $31,000. Finally, Versant Capital Management Inc grew its stake in Eversource Energy by 62.6% in the first quarter. Versant Capital Management Inc now owns 522 shares of the utilities provider’s stock worth $31,000 after purchasing an additional 201 shares during the period. 79.99% of the stock is owned by hedge funds and other institutional investors.

Eversource Energy Stock Performance

Shares of Eversource Energy stock traded down $0.26 during trading hours on Friday, reaching $57.05. 1,027,417 shares of the stock traded hands, compared to its average volume of 2,577,394. The company has a 50 day moving average price of $59.06 and a 200 day moving average price of $58.59. The firm has a market capitalization of $20.10 billion, a price-to-earnings ratio of -48.69, a P/E/G ratio of 2.21 and a beta of 0.59. Eversource Energy has a one year low of $52.03 and a one year high of $74.81. The company has a quick ratio of 0.68, a current ratio of 0.77 and a debt-to-equity ratio of 1.71.

Eversource Energy (NYSE:ES) last released its quarterly earnings results on Wednesday, May 1st. The utilities provider reported $1.49 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.45 by $0.04. Eversource Energy had a positive return on equity of 10.32% and a negative net margin of 3.60%. The business had revenue of $3.33 billion during the quarter, compared to the consensus estimate of $3.69 billion. During the same period in the previous year, the company posted $1.41 EPS. The business’s quarterly revenue was down 12.2% compared to the same quarter last year. On average, equities research analysts expect that Eversource Energy will post 4.53 earnings per share for the current fiscal year.

Eversource Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Thursday, May 16th were given a dividend of $0.715 per share. The ex-dividend date of this dividend was Wednesday, May 15th. This represents a $2.86 dividend on an annualized basis and a dividend yield of 5.01%. Eversource Energy’s payout ratio is currently -242.37%.

Insider Activity

In related news, VP Gregory B. Butler sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 29th. The stock was sold at an average price of $56.20, for a total value of $562,000.00. Following the transaction, the vice president now directly owns 63,808 shares of the company’s stock, valued at approximately $3,586,009.60. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, EVP Penelope M. Conner sold 2,700 shares of the business’s stock in a transaction that occurred on Friday, May 31st. The stock was sold at an average price of $58.75, for a total value of $158,625.00. Following the transaction, the executive vice president now directly owns 10,272 shares of the company’s stock, valued at approximately $603,480. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, VP Gregory B. Butler sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 29th. The stock was sold at an average price of $56.20, for a total value of $562,000.00. Following the completion of the transaction, the vice president now directly owns 63,808 shares in the company, valued at $3,586,009.60. The disclosure for this sale can be found here. Insiders own 0.29% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently commented on the company. Morgan Stanley cut their target price on Eversource Energy from $70.00 to $67.00 and set an “equal weight” rating on the stock in a research note on Monday, June 24th. Wells Fargo & Company increased their price objective on Eversource Energy from $69.00 to $72.00 and gave the company an “overweight” rating in a research report on Friday, May 3rd. Bank of America upgraded Eversource Energy from an “underperform” rating to a “neutral” rating and set a $61.00 price objective for the company in a report on Tuesday, June 25th. Argus reduced their price objective on Eversource Energy from $85.00 to $68.00 and set a “buy” rating for the company in a report on Monday, March 25th. Finally, StockNews.com upgraded Eversource Energy to a “sell” rating in a report on Thursday, March 28th. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, Eversource Energy currently has an average rating of “Hold” and a consensus target price of $65.86.

Eversource Energy 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.