Wells Fargo & Company Increases Eversource Energy (NYSE:ES) Price Target to $79.00

Eversource Energy (NYSE:ES) had its price target raised by investment analysts at Wells Fargo & Company from $72.00 to $79.00 in a report released on Friday, Benzinga reports. The brokerage currently has an “overweight” rating on the utilities provider’s stock. Wells Fargo & Company‘s target price indicates a potential upside of 19.14% from the stock’s current price.

Other equities research analysts have also issued research reports about the stock. Scotiabank lowered their target price on shares of Eversource Energy from $61.00 to $57.00 and set a “sector perform” rating for the company in a report on Monday, April 22nd. UBS Group upgraded Eversource Energy from a “neutral” rating to a “buy” rating and boosted their price objective for the company from $62.00 to $67.00 in a report on Thursday, April 4th. The Goldman Sachs Group assumed coverage on Eversource Energy in a research note on Wednesday, April 10th. They issued a “buy” rating and a $73.00 target price on the stock. Bank of America raised shares of Eversource Energy from an “underperform” rating to a “neutral” rating and set a $61.00 target price for the company in a research note on Tuesday, June 25th. Finally, Morgan Stanley reduced their price target on shares of 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. One equities research analyst has rated the stock with a sell rating, eight have given a hold rating and six have assigned a buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of “Hold” and an average target price of $66.93.

Eversource Energy Price Performance

Shares of ES stock traded up $0.24 on Friday, reaching $66.31. The company’s stock had a trading volume of 1,677,764 shares, compared to its average volume of 2,533,612. The stock’s fifty day simple moving average is $59.38 and its 200-day simple moving average is $58.64. Eversource Energy has a 1 year low of $52.03 and a 1 year high of $69.47. The company has a market capitalization of $23.36 billion, a price-to-earnings ratio of -56.07, a price-to-earnings-growth ratio of 2.49 and a beta of 0.59. The company has a current ratio of 0.77, a quick ratio of 0.68 and a debt-to-equity ratio of 1.71.

Eversource Energy (NYSE:ES) last issued its quarterly earnings data on Wednesday, July 31st. The utilities provider reported $0.95 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.95. The business had revenue of $2.53 billion for the quarter, compared to the consensus estimate of $2.90 billion. Eversource Energy had a positive return on equity of 10.34% and a negative net margin of 0.81%. The company’s quarterly revenue was down 3.7% compared to the same quarter last year. During the same period in the prior year, the business posted $1.00 earnings per share. Analysts forecast that Eversource Energy will post 4.56 earnings per share for the current fiscal year.

Insider Transactions at Eversource Energy

In other Eversource Energy news, EVP Penelope M. Conner sold 2,700 shares of the firm’s stock in a transaction that occurred on Friday, May 31st. The shares were sold at an average price of $58.75, for a total value of $158,625.00. Following the completion of the sale, the executive vice president now directly owns 10,272 shares in the company, valued at $603,480. The sale 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 stock in a transaction that occurred on Wednesday, May 29th. The shares were sold at an average price of $56.20, for a total value of $562,000.00. Following the transaction, the vice president now owns 63,808 shares in the company, valued at approximately $3,586,009.60. The sale was disclosed in a filing with the SEC, which is available through this link. Also, EVP Penelope M. Conner sold 2,700 shares of the company’s stock in a transaction on Friday, May 31st. The shares were 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 directly owns 10,272 shares in the company, valued at $603,480. The disclosure for this sale can be found here. Corporate insiders own 0.41% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently added to or reduced their stakes in the business. Heritage Wealth Advisors acquired a new position in shares of Eversource Energy in the 4th quarter valued at about $25,000. Lynx Investment Advisory acquired a new position in shares of Eversource Energy during the 2nd quarter worth approximately $25,000. Rise Advisors LLC purchased a new position in shares of Eversource Energy during the 1st quarter valued at approximately $27,000. Bfsg LLC acquired a new stake in Eversource Energy in the 4th quarter valued at $31,000. Finally, Versant Capital Management Inc increased its holdings in Eversource Energy by 62.6% in the 1st quarter. Versant Capital Management Inc now owns 522 shares of the utilities provider’s stock worth $31,000 after acquiring an additional 201 shares in the last quarter. 79.99% of the stock is currently owned by institutional investors and hedge funds.

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.