Research Analysts Offer Predictions for Eversource Energy’s Q2 2024 Earnings (NYSE:ES)

Eversource Energy (NYSE:ES) – Equities researchers at KeyCorp issued their Q2 2024 earnings per share (EPS) estimates for shares of Eversource Energy in a research note issued on Sunday, July 21st. KeyCorp analyst S. Karp forecasts that the utilities provider will post earnings per share of $1.00 for the quarter. The consensus estimate for Eversource Energy’s current full-year earnings is $4.57 per share. KeyCorp also issued estimates for Eversource Energy’s Q3 2024 earnings at $1.03 EPS, Q4 2024 earnings at $1.07 EPS and FY2028 earnings at $5.77 EPS.

Eversource Energy (NYSE:ES) last released its quarterly earnings results on Wednesday, May 1st. The utilities provider reported $1.49 earnings per share for the quarter, beating the consensus estimate of $1.45 by $0.04. The business had revenue of $3.33 billion during the quarter, compared to analysts’ expectations of $3.69 billion. Eversource Energy had a positive return on equity of 10.32% and a negative net margin of 3.60%. The firm’s revenue for the quarter was down 12.2% compared to the same quarter last year. During the same quarter last year, the business posted $1.41 EPS.

ES has been the subject of a number of other research reports. Wells Fargo & Company lifted their target price on Eversource Energy from $69.00 to $72.00 and gave the stock an “overweight” rating in a report on Friday, May 3rd. Morgan Stanley reduced their price target on Eversource Energy from $70.00 to $67.00 and set an “equal weight” rating for the company in a research report on Monday, June 24th. Barclays boosted their target price on Eversource Energy from $65.00 to $69.00 and gave the stock an “equal weight” rating in a research note on Monday. BMO Capital Markets increased their price objective on Eversource Energy from $65.00 to $66.00 and gave the company a “market perform” rating in a report on Friday, May 3rd. Finally, UBS Group raised Eversource Energy from a “neutral” rating to a “buy” rating and increased their price objective for the company from $62.00 to $67.00 in a report on Thursday, April 4th. Nine investment analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat.com, Eversource Energy presently has a consensus rating of “Hold” and an average target price of $66.43.

Eversource Energy Stock Performance

NYSE ES opened at $63.60 on Wednesday. The stock has a market capitalization of $22.40 billion, a PE ratio of -53.90, a P/E/G ratio of 2.32 and a beta of 0.59. The business has a 50 day simple moving average of $58.86 and a two-hundred day simple moving average of $58.41. The company has a debt-to-equity ratio of 1.71, a current ratio of 0.77 and a quick ratio of 0.68. Eversource Energy has a 1-year low of $52.03 and a 1-year high of $74.75.

Institutional Trading of Eversource Energy

A number of institutional investors have recently bought and sold shares of ES. Salem Investment Counselors Inc. raised its stake in Eversource Energy by 49.7% during the 1st quarter. Salem Investment Counselors Inc. now owns 545 shares of the utilities provider’s stock valued at $33,000 after acquiring an additional 181 shares during the last quarter. Bar Harbor Wealth Management lifted its stake in Eversource Energy by 4.1% in the 2nd quarter. Bar Harbor Wealth Management now owns 4,780 shares of the utilities provider’s stock valued at $271,000 after buying an additional 190 shares in the last quarter. Avantax Advisory Services Inc. lifted its stake in Eversource Energy by 2.5% in the 1st quarter. Avantax Advisory Services Inc. now owns 7,944 shares of the utilities provider’s stock valued at $475,000 after buying an additional 192 shares in the last quarter. Presima Securities ULC lifted its stake in shares of Eversource Energy by 1.5% during the 4th quarter. Presima Securities ULC now owns 13,730 shares of the utilities provider’s stock worth $847,000 after purchasing an additional 200 shares during the period. Finally, Versant Capital Management Inc lifted its stake in shares of Eversource Energy by 62.6% during the 1st 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.

Insider Buying and Selling

In other Eversource Energy news, EVP Penelope M. Conner sold 2,700 shares of the firm’s stock in a transaction on Friday, May 31st. The stock was sold at an average price of $58.75, for a total transaction of $158,625.00. Following the completion of the sale, the executive vice president now owns 10,272 shares of the company’s stock, valued at $603,480. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, VP Gregory B. Butler sold 10,000 shares of the business’s stock in a transaction on Wednesday, May 29th. The stock was sold at an average price of $56.20, for a total transaction of $562,000.00. Following the completion of 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 Securities & Exchange Commission, which is available at the SEC website. Also, EVP Penelope M. Conner sold 2,700 shares of the business’s stock in a transaction 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 $603,480. The disclosure for this sale can be found here. 0.41% of the stock is currently owned by company insiders.

Eversource Energy Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Friday, June 28th. Stockholders of record on Thursday, May 16th were given a $0.715 dividend. The ex-dividend date was Wednesday, May 15th. This represents a $2.86 annualized dividend and a dividend yield of 4.50%. Eversource Energy’s dividend payout ratio (DPR) is presently -242.37%.

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.