Eversource Energy (ES) Upgraded by Zacks Investment Research to Buy

Eversource Energy (NYSE:ES) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research note issued to investors on Monday. The firm currently has a $69.00 price target on the utilities provider’s stock. Zacks Investment Research‘s price target would suggest a potential upside of 11.69% from the stock’s current price.

According to Zacks, “Shares of Eversource Energy returned higher than the industry in last 12 months. Eversource Energy‘s systematic investments in renewable energy generation, primarily in transmission and distribution systems will help it to provide reliable services to its customers.  Margins of the company will improve if the company continues to reduce operating costs. Moreover, its regulated investment plans will help it to boost earnings per share by 5–7% over the 2017–2020 time frame from the 2016 level of $2.96. However, the company's decision to withdraw its Access Northeast Pipeline plan due to regulatory uncertainty, will have an adverse impact on its growth prospects.  Moreover, it faces challenges due to severe weather conditions.”

A number of other equities analysts also recently commented on ES. Bank of America began coverage on Eversource Energy in a research report on Tuesday, October 24th. They set an “underperform” rating and a $62.00 price objective on the stock. Williams Capital lifted their price objective on Eversource Energy from $64.00 to $66.00 and gave the stock a “buy” rating in a research report on Monday, October 23rd. Credit Suisse Group lifted their price objective on Eversource Energy from $60.00 to $63.00 and gave the stock a “neutral” rating in a research report on Monday, October 2nd. Finally, Morgan Stanley lifted their price objective on Eversource Energy from $64.00 to $68.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 24th. One research analyst has rated the stock with a sell rating, seven have issued a hold rating and three have assigned a buy rating to the company’s stock. Eversource Energy presently has a consensus rating of “Hold” and a consensus price target of $64.95.

Eversource Energy (NYSE ES) traded down $0.47 during midday trading on Monday, hitting $61.78. The stock had a trading volume of 2,255,300 shares, compared to its average volume of 2,530,150. The stock has a market capitalization of $19,580.00, a P/E ratio of 20.06, a PEG ratio of 3.14 and a beta of 0.31. Eversource Energy has a 1-year low of $54.08 and a 1-year high of $66.15. The company has a debt-to-equity ratio of 0.95, a quick ratio of 0.80 and a current ratio of 0.92.

Eversource Energy (NYSE:ES) last released its earnings results on Wednesday, November 1st. The utilities provider reported $0.82 earnings per share for the quarter, missing the consensus estimate of $0.84 by ($0.02). Eversource Energy had a net margin of 12.84% and a return on equity of 9.03%. The firm had revenue of $1.99 billion during the quarter, compared to analysts’ expectations of $2.06 billion. During the same quarter last year, the business earned $0.83 EPS. The business’s revenue was down 2.5% compared to the same quarter last year. research analysts forecast that Eversource Energy will post 3.14 EPS for the current fiscal year.

In other Eversource Energy news, COO Werner J. Schweiger sold 10,098 shares of the firm’s stock in a transaction on Thursday, November 9th. The stock was sold at an average price of $64.68, for a total transaction of $653,138.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.53% of the stock is owned by company insiders.

Hedge funds and other institutional investors have recently modified their holdings of the company. Advisory Services Network LLC grew its stake in shares of Eversource Energy by 1.7% in the second quarter. Advisory Services Network LLC now owns 1,943 shares of the utilities provider’s stock valued at $118,000 after buying an additional 32 shares in the last quarter. Risk Paradigm Group LLC grew its stake in Eversource Energy by 111.7% during the 3rd quarter. Risk Paradigm Group LLC now owns 2,117 shares of the utilities provider’s stock worth $128,000 after purchasing an additional 1,117 shares in the last quarter. Sun Life Financial INC grew its stake in Eversource Energy by 23,040.0% during the 2nd quarter. Sun Life Financial INC now owns 2,314 shares of the utilities provider’s stock worth $140,000 after purchasing an additional 2,304 shares in the last quarter. WFG Advisors LP grew its stake in Eversource Energy by 127.8% during the 2nd quarter. WFG Advisors LP now owns 2,460 shares of the utilities provider’s stock worth $149,000 after purchasing an additional 1,380 shares in the last quarter. Finally, Northwestern Mutual Wealth Management Co. grew its stake in Eversource Energy by 63.1% during the 2nd quarter. Northwestern Mutual Wealth Management Co. now owns 3,270 shares of the utilities provider’s stock worth $199,000 after purchasing an additional 1,265 shares in the last quarter. 72.14% of the stock is owned by institutional investors and hedge funds.

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About Eversource Energy

Eversource Energy is a utility holding company engaged in the energy delivery business. The Company operates through three segments: electric distribution, electric transmission and natural gas distribution. The Company’s electric distribution segment consists of the distribution businesses, which are engaged in the distribution of electricity to retail customers in Connecticut, Massachusetts, and New Hampshire and the regulated electric generation businesses.

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