Optimal Asset Management Inc. lowered its holdings in shares of Eversource Energy (NYSE:ES) by 38.3% in the 1st quarter, according to its most recent disclosure with the SEC. The fund owned 9,010 shares of the utilities provider’s stock after selling 5,600 shares during the period. Optimal Asset Management Inc.’s holdings in Eversource Energy were worth $780,000 as of its most recent SEC filing.
Several other hedge funds have also added to or reduced their stakes in ES. Concord Wealth Partners acquired a new stake in shares of Eversource Energy during the fourth quarter worth $25,000. BDO Wealth Advisors LLC acquired a new stake in shares of Eversource Energy during the first quarter worth $26,000. CSat Investment Advisory L.P. increased its position in shares of Eversource Energy by 53.0% during the first quarter. CSat Investment Advisory L.P. now owns 355 shares of the utilities provider’s stock worth $31,000 after buying an additional 123 shares during the period. Wealthcare Advisory Partners LLC acquired a new stake in Eversource Energy in the first quarter worth $37,000. Finally, Goodwin Investment Advisory acquired a new stake in Eversource Energy in the first quarter worth $38,000. 77.32% of the stock is owned by hedge funds and other institutional investors.
A number of research analysts have recently issued reports on the stock. Morgan Stanley reduced their price objective on shares of Eversource Energy from $82.00 to $81.00 and set an “underweight” rating for the company in a report on Wednesday. Scotiabank upgraded shares of Eversource Energy from a “sector underperform” rating to a “sector perform” rating and set a $87.00 price objective for the company in a report on Friday, April 30th. They noted that the move was a valuation call. Mizuho initiated coverage on shares of Eversource Energy in a report on Wednesday, April 14th. They set a “neutral” rating and a $89.00 price objective for the company. Barclays raised their price target on shares of Eversource Energy from $90.00 to $93.00 and gave the company an “equal weight” rating in a research report on Tuesday, May 25th. Finally, KeyCorp reiterated a “sector weight” rating on shares of Eversource Energy in a research note on Tuesday, April 27th. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and two have issued a buy rating to the stock. Eversource Energy currently has a consensus rating of “Hold” and a consensus target price of $89.00.
Eversource Energy (NYSE:ES) last posted its quarterly earnings results on Monday, May 10th. The utilities provider reported $1.08 EPS for the quarter, missing the Zacks’ consensus estimate of $1.09 by ($0.01). Eversource Energy had a net margin of 13.22% and a return on equity of 9.24%. The firm had revenue of $2.83 billion for the quarter, compared to the consensus estimate of $2.60 billion. During the same quarter in the prior year, the company earned $1.02 earnings per share. The company’s quarterly revenue was up 19.0% compared to the same quarter last year. Equities research analysts forecast that Eversource Energy will post 3.83 EPS for the current year.
The company also recently declared a quarterly dividend, which was paid on Wednesday, June 30th. Investors of record on Thursday, May 20th were issued a dividend of $0.6025 per share. The ex-dividend date was Wednesday, May 19th. This represents a $2.41 dividend on an annualized basis and a yield of 2.88%. Eversource Energy’s dividend payout ratio is currently 66.21%.
In other Eversource Energy news, VP Jay S. Buth sold 3,001 shares of the company’s stock in a transaction on Tuesday, May 18th. The shares were sold at an average price of $84.38, for a total value of $253,224.38. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Faasen William C. Van sold 1,813 shares of the company’s stock in a transaction on Thursday, May 13th. The stock was sold at an average price of $85.15, for a total transaction of $154,376.95. The disclosure for this sale can be found here. Insiders have sold a total of 16,814 shares of company stock valued at $1,393,521 over the last quarter. 0.34% of the stock is currently owned by company 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.
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