Scotiabank Cuts Eversource Energy (NYSE:ES) Price Target to $63.00

Eversource Energy (NYSE:ES) had its target price trimmed by Scotiabank from $66.00 to $63.00 in a research report report published on Tuesday morning,Benzinga reports. The brokerage currently has a sector underperform rating on the utilities provider’s stock.

Several other brokerages also recently commented on ES. BMO Capital Markets dropped their target price on shares of Eversource Energy from $79.00 to $75.00 and set a “market perform” rating on the stock in a report on Monday, March 23rd. Bank of America dropped their target price on shares of Eversource Energy from $82.00 to $73.00 and set a “buy” rating on the stock in a report on Friday, March 27th. Wells Fargo & Company dropped their target price on shares of Eversource Energy from $78.00 to $74.00 and set an “overweight” rating on the stock in a report on Wednesday, April 1st. Mizuho dropped their target price on shares of Eversource Energy from $75.00 to $70.00 and set a “neutral” rating on the stock in a report on Thursday, March 26th. Finally, JPMorgan Chase & Co. raised their target price on shares of Eversource Energy from $72.00 to $75.00 and gave the stock an “underweight” rating in a report on Thursday, March 12th. One investment analyst has rated the stock with a Strong Buy rating, three have given a Buy rating, five have assigned a Hold rating and three have issued a Sell rating to the company. According to MarketBeat.com, Eversource Energy currently has an average rating of “Hold” and an average target price of $71.80.

Eversource Energy Stock Performance

Shares of ES stock opened at $68.83 on Tuesday. The company has a debt-to-equity ratio of 1.66, a quick ratio of 0.59 and a current ratio of 0.65. The company has a market capitalization of $25.87 billion, a P/E ratio of 15.06, a price-to-earnings-growth ratio of 3.66 and a beta of 0.76. The company’s 50 day moving average price is $71.19 and its two-hundred day moving average price is $70.19. Eversource Energy has a 52 week low of $57.35 and a 52 week high of $76.41.

Eversource Energy (NYSE:ES) last announced its earnings results on Thursday, February 12th. The utilities provider reported $1.12 EPS for the quarter, topping the consensus estimate of $1.10 by $0.02. The firm had revenue of $3.37 billion for the quarter, compared to the consensus estimate of $2.94 billion. Eversource Energy had a net margin of 12.49% and a return on equity of 11.18%. The business’s quarterly revenue was up 13.4% on a year-over-year basis. During the same period last year, the company posted $1.01 EPS. Eversource Energy has set its FY 2026 guidance at 4.800-4.950 EPS. On average, analysts expect that Eversource Energy will post 4.77 earnings per share for the current fiscal year.

Eversource Energy Increases Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, March 31st. Investors of record on Thursday, March 5th were issued a dividend of $0.7875 per share. The ex-dividend date was Thursday, March 5th. This is a positive change from Eversource Energy’s previous quarterly dividend of $0.75. This represents a $3.15 dividend on an annualized basis and a yield of 4.6%. Eversource Energy’s dividend payout ratio is presently 68.93%.

Insider Buying and Selling

In related news, EVP John M. Moreira sold 7,800 shares of the business’s stock in a transaction on Thursday, February 19th. The shares were sold at an average price of $73.90, for a total transaction of $576,420.00. Following the transaction, the executive vice president directly owned 43,269 shares in the company, valued at approximately $3,197,579.10. The trade was a 15.27% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Cotton M. Cleveland sold 2,581 shares of the company’s stock in a transaction on Tuesday, February 24th. The shares were sold at an average price of $74.87, for a total transaction of $193,239.47. Following the completion of the transaction, the insider owned 79,364 shares in the company, valued at approximately $5,941,982.68. This represents a 3.15% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last three months, insiders have sold 16,381 shares of company stock worth $1,211,079. Insiders own 0.18% of the company’s stock.

Institutional Investors Weigh In On Eversource Energy

A number of institutional investors have recently modified their holdings of the business. United Asset Strategies Inc. boosted its position in shares of Eversource Energy by 1.0% in the third quarter. United Asset Strategies Inc. now owns 13,288 shares of the utilities provider’s stock valued at $945,000 after acquiring an additional 138 shares during the period. Healthcare of Ontario Pension Plan Trust Fund boosted its position in shares of Eversource Energy by 1.0% in the fourth quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 14,831 shares of the utilities provider’s stock valued at $999,000 after acquiring an additional 140 shares during the period. Tokio Marine Asset Management Co. Ltd. boosted its position in shares of Eversource Energy by 1.1% in the fourth quarter. Tokio Marine Asset Management Co. Ltd. now owns 13,287 shares of the utilities provider’s stock valued at $895,000 after acquiring an additional 142 shares during the period. Mystic Asset Management Inc. boosted its position in shares of Eversource Energy by 0.9% in the third quarter. Mystic Asset Management Inc. now owns 16,549 shares of the utilities provider’s stock valued at $1,177,000 after acquiring an additional 150 shares during the period. Finally, Northwestern Mutual Investment Management Company LLC boosted its position in shares of Eversource Energy by 1.4% in the fourth quarter. Northwestern Mutual Investment Management Company LLC now owns 11,988 shares of the utilities provider’s stock valued at $807,000 after acquiring an additional 160 shares during the period. Institutional investors own 79.99% of the company’s stock.

About Eversource Energy

Eversource Energy (NYSE: ES) is a publicly traded, regulated energy company headquartered in Hartford, Connecticut. The company’s core business is the delivery and transmission of electricity and natural gas to residential, commercial and industrial customers across parts of New England. Eversource operates transmission and distribution networks, maintains electrical infrastructure, responds to outages and storms, and manages natural gas pipeline and distribution systems in the regions it serves.

Eversource serves customers primarily in Connecticut, Massachusetts and New Hampshire, operating through locally regulated utility subsidiaries that administer customer service, billing, meter reading and localized operations.