Korea Investment CORP Acquires 6,526 Shares of Eversource Energy $ES

Korea Investment CORP lifted its holdings in Eversource Energy (NYSE:ES) by 2.5% during the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 270,804 shares of the utilities provider’s stock after buying an additional 6,526 shares during the period. Korea Investment CORP owned about 0.07% of Eversource Energy worth $17,229,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Nuveen LLC purchased a new position in Eversource Energy in the first quarter worth about $286,130,000. Covalis Capital LLP purchased a new position in shares of Eversource Energy in the 2nd quarter worth approximately $71,377,000. Wellington Management Group LLP increased its position in shares of Eversource Energy by 4.5% during the 1st quarter. Wellington Management Group LLP now owns 17,209,804 shares of the utilities provider’s stock valued at $1,068,901,000 after purchasing an additional 739,448 shares during the last quarter. Vanguard Group Inc. raised its holdings in Eversource Energy by 1.5% during the 2nd quarter. Vanguard Group Inc. now owns 45,652,661 shares of the utilities provider’s stock valued at $2,904,422,000 after buying an additional 691,165 shares during the period. Finally, Magellan Asset Management Ltd lifted its position in Eversource Energy by 6.2% in the first quarter. Magellan Asset Management Ltd now owns 6,876,343 shares of the utilities provider’s stock worth $427,090,000 after buying an additional 401,866 shares during the last quarter. 79.99% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Eversource Energy

In other news, EVP James W. Hunt III sold 4,129 shares of the stock in a transaction on Friday, November 7th. The stock was sold at an average price of $72.77, for a total transaction of $300,467.33. Following the transaction, the executive vice president owned 32,415 shares of the company’s stock, valued at approximately $2,358,839.55. This represents a 11.30% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Corporate insiders own 0.41% of the company’s stock.

Analyst Ratings Changes

A number of research analysts have weighed in on ES shares. Scotiabank cut their price objective on shares of Eversource Energy from $64.00 to $63.00 and set a “sector underperform” rating on the stock in a research report on Thursday, November 20th. Mizuho reaffirmed a “neutral” rating and set a $68.00 price target (down from $81.00) on shares of Eversource Energy in a research note on Thursday, November 20th. Jefferies Financial Group reiterated an “underperform” rating on shares of Eversource Energy in a report on Monday, November 24th. Wells Fargo & Company lowered shares of Eversource Energy from an “overweight” rating to an “equal weight” rating and reduced their price objective for the stock from $79.00 to $63.00 in a research report on Wednesday, November 19th. Finally, TD Cowen initiated coverage on Eversource Energy in a research report on Thursday, October 16th. They set a “hold” rating and a $76.00 target price for the company. Three analysts have rated the stock with a Buy rating, seven have issued a Hold rating and three have given a Sell rating to the company. According to MarketBeat, Eversource Energy presently has an average rating of “Hold” and an average target price of $70.55.

Eversource Energy Price Performance

Eversource Energy stock opened at $67.18 on Friday. The company has a debt-to-equity ratio of 1.68, a current ratio of 0.71 and a quick ratio of 0.64. The stock has a market cap of $25.21 billion, a price-to-earnings ratio of 18.41, a price-to-earnings-growth ratio of 2.94 and a beta of 0.69. The firm has a 50-day moving average of $71.36 and a two-hundred day moving average of $67.01. Eversource Energy has a 1 year low of $52.28 and a 1 year high of $75.25.

Eversource Energy (NYSE:ES) last issued its earnings results on Tuesday, November 4th. The utilities provider reported $1.19 EPS for the quarter, topping analysts’ consensus estimates of $1.12 by $0.07. Eversource Energy had a net margin of 10.22% and a return on equity of 11.06%. The business had revenue of $3.22 billion for the quarter, compared to analyst estimates of $3.28 billion. During the same period last year, the company posted $1.13 earnings per share. The company’s quarterly revenue was up 5.2% compared to the same quarter last year. On average, research analysts forecast that Eversource Energy will post 4.75 earnings per share for the current year.

Eversource Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Monday, September 22nd were given a dividend of $0.7525 per share. The ex-dividend date of this dividend was Monday, September 22nd. This represents a $3.01 dividend on an annualized basis and a yield of 4.5%. Eversource Energy’s payout ratio is 82.47%.

Eversource Energy 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.