Eversource Energy (NYSE:ES) Announces Quarterly Earnings Results

Eversource Energy (NYSE:ES) issued its quarterly earnings results on Monday. The utilities provider reported $1.13 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.05, Briefing.com reports. The company had revenue of $3.06 billion during the quarter, compared to the consensus estimate of $3.06 billion. Eversource Energy had a positive return on equity of 11.00% and a negative net margin of 4.73%. Eversource Energy’s revenue was up 9.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.97 EPS. Eversource Energy updated its FY24 guidance to $4.52-$4.60 EPS and its FY 2024 guidance to 4.520-4.600 EPS.

Eversource Energy Stock Down 2.2 %

NYSE:ES traded down $1.37 on Wednesday, reaching $60.70. The stock had a trading volume of 4,176,602 shares, compared to its average volume of 2,411,389. The company has a current ratio of 0.75, a quick ratio of 0.66 and a debt-to-equity ratio of 1.74. The company has a 50-day moving average of $66.14 and a 200 day moving average of $62.82. The stock has a market cap of $21.69 billion, a P/E ratio of -38.66, a price-to-earnings-growth ratio of 2.47 and a beta of 0.61. Eversource Energy has a 12-month low of $52.09 and a 12-month high of $69.01.

Eversource Energy Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 23rd were given a $0.715 dividend. The ex-dividend date of this dividend was Monday, September 23rd. This represents a $2.86 dividend on an annualized basis and a yield of 4.71%. Eversource Energy’s payout ratio is currently -182.17%.

Analysts Set New Price Targets

Several brokerages have weighed in on ES. Mizuho boosted their price target on Eversource Energy from $62.00 to $73.00 and gave the company an “outperform” rating in a report on Wednesday, October 2nd. BMO Capital Markets cut their price target on Eversource Energy from $74.00 to $72.00 and set a “market perform” rating for the company in a report on Tuesday, October 15th. StockNews.com upgraded Eversource Energy from a “sell” rating to a “hold” rating in a report on Wednesday, October 30th. Barclays upped their price objective on Eversource Energy from $69.00 to $72.00 and gave the stock an “equal weight” rating in a report on Tuesday, October 15th. Finally, Morgan Stanley upped their price objective on Eversource Energy from $69.00 to $75.00 and gave the stock an “equal weight” rating in a report on Friday, August 23rd. Nine equities research analysts have rated the stock with a hold rating and six have given a buy rating to the stock. According to data from MarketBeat, Eversource Energy has a consensus rating of “Hold” and an average price target of $70.07.

Insider Buying and Selling at Eversource Energy

In other Eversource Energy news, EVP Penelope M. Conner sold 815 shares of the company’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $65.50, for a total value of $53,382.50. Following the completion of the transaction, the executive vice president now directly owns 9,032 shares of the company’s stock, valued at $591,596. This represents a 0.00 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, EVP Penelope M. Conner sold 815 shares of the company’s stock in a transaction dated Tuesday, August 13th. The shares were sold at an average price of $65.50, for a total value of $53,382.50. Following the sale, the executive vice president now owns 9,032 shares in the company, valued at approximately $591,596. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Penelope M. Conner sold 500 shares of the company’s stock in a transaction dated Friday, August 9th. The shares were sold at an average price of $64.94, for a total transaction of $32,470.00. Following the completion of the sale, the executive vice president now owns 9,847 shares in the company, valued at approximately $639,464.18. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.29% of the stock is currently owned by corporate insiders.

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.