Eversource Energy (NYSE:ES) Upgraded at Bank of America

Bank of America upgraded shares of Eversource Energy (NYSE:ES) from an underperform rating to a neutral rating in a research note released on Tuesday morning, Marketbeat.com reports. They currently have $61.00 price target on the utilities provider’s stock.

ES has been the subject of several other research reports. StockNews.com raised Eversource Energy to a sell rating in a research report on Thursday, March 28th. The Goldman Sachs Group started coverage on Eversource Energy in a research report on Wednesday, April 10th. They set a buy rating and a $73.00 price objective for the company. Wells Fargo & Company boosted their price objective on Eversource Energy from $69.00 to $72.00 and gave the stock an overweight rating in a research report on Friday, May 3rd. Argus cut their price objective on Eversource Energy from $85.00 to $68.00 and set a buy rating for the company in a research report on Monday, March 25th. Finally, Morgan Stanley cut their price objective on Eversource Energy from $70.00 to $67.00 and set an equal weight rating for the company in a research report on Monday. One analyst has rated the stock with a sell rating, eight have given a hold rating and six have given a buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of Hold and a consensus target price of $65.86.

Eversource Energy Price Performance

Shares of NYSE:ES opened at $57.19 on Tuesday. Eversource Energy has a fifty-two week low of $52.03 and a fifty-two week high of $74.81. The business has a 50-day moving average of $59.45 and a two-hundred day moving average of $58.77. The stock has a market capitalization of $20.15 billion, a P/E ratio of -48.47, a P/E/G ratio of 2.33 and a beta of 0.60. 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 (NYSE:ES) last announced its quarterly earnings results on Wednesday, May 1st. The utilities provider reported $1.49 earnings per share for the quarter, topping 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 company had revenue of $3.33 billion during the quarter, compared to analysts’ expectations of $3.69 billion. During the same quarter in the previous year, the firm earned $1.41 earnings per share. The business’s quarterly revenue was down 12.2% compared to the same quarter last year. On average, equities research analysts predict that Eversource Energy will post 4.53 EPS for the current fiscal year.

Eversource Energy Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Stockholders of record on Thursday, May 16th will be paid a $0.715 dividend. The ex-dividend date is Wednesday, May 15th. This represents a $2.86 annualized dividend and a dividend yield of 5.00%. Eversource Energy’s dividend payout ratio is currently -242.37%.

Insider Activity

In related news, VP Gregory B. Butler sold 10,000 shares of the stock in a transaction that occurred 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 sale, the vice president now directly owns 63,808 shares in the company, valued at approximately $3,586,009.60. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. In related news, EVP Penelope M. Conner sold 2,700 shares of the stock in a transaction that occurred 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 sale, the executive vice president now directly owns 10,272 shares in the company, valued at approximately $603,480. The transaction was disclosed in a filing with the SEC, which can be accessed through this hyperlink. Also, VP Gregory B. Butler sold 10,000 shares of the 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 sale, the vice president now owns 63,808 shares in the company, valued at $3,586,009.60. The disclosure for this sale can be found here. Corporate insiders own 0.41% of the company’s stock.

Institutional Inflows and Outflows

Large investors have recently bought and sold shares of the company. Czech National Bank raised its position in shares of Eversource Energy by 0.3% in the fourth quarter. Czech National Bank now owns 61,182 shares of the utilities provider’s stock valued at $3,776,000 after buying an additional 168 shares in the last quarter. Salem Investment Counselors Inc. raised its position in shares of Eversource Energy by 49.7% in the first quarter. Salem Investment Counselors Inc. now owns 545 shares of the utilities provider’s stock valued at $33,000 after buying an additional 181 shares in the last quarter. Avantax Advisory Services Inc. raised its position in shares of Eversource Energy by 2.5% in the first 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 raised its position in shares of Eversource Energy by 1.5% in the fourth quarter. Presima Securities ULC now owns 13,730 shares of the utilities provider’s stock valued at $847,000 after buying an additional 200 shares in the last quarter. Finally, Versant Capital Management Inc raised its position in shares of Eversource Energy by 62.6% in the first quarter. Versant Capital Management Inc now owns 522 shares of the utilities provider’s stock valued at $31,000 after buying an additional 201 shares in the last quarter. Institutional investors and hedge funds own 79.99% of the company’s stock.

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.