Magellan Asset Management Ltd Sells 362,873 Shares of Eversource Energy (NYSE:ES)

Magellan Asset Management Ltd lowered its position in Eversource Energy (NYSE:ES) by 7.0% during the 2nd quarter, Holdings Channel reports. The firm owned 4,809,057 shares of the utilities provider’s stock after selling 362,873 shares during the quarter. Eversource Energy comprises approximately 3.0% of Magellan Asset Management Ltd’s investment portfolio, making the stock its 14th largest holding. Magellan Asset Management Ltd’s holdings in Eversource Energy were worth $341,058,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Quarry LP raised its holdings in shares of Eversource Energy by 275.0% in the 1st quarter. Quarry LP now owns 315 shares of the utilities provider’s stock valued at $25,000 after purchasing an additional 231 shares in the last quarter. Resurgent Financial Advisors LLC bought a new position in Eversource Energy in the fourth quarter worth approximately $27,000. Ameritas Advisory Services LLC purchased a new stake in Eversource Energy during the first quarter worth $29,000. Concord Wealth Partners boosted its position in Eversource Energy by 198.6% during the 2nd quarter. Concord Wealth Partners now owns 442 shares of the utilities provider’s stock valued at $31,000 after acquiring an additional 294 shares in the last quarter. Finally, Barrett & Company Inc. purchased a new position in shares of Eversource Energy in the 2nd quarter valued at $37,000. Institutional investors own 80.83% of the company’s stock.

Eversource Energy Stock Performance

Shares of NYSE:ES traded up $0.55 during midday trading on Tuesday, reaching $58.85. The company’s stock had a trading volume of 539,767 shares, compared to its average volume of 2,144,852. The company has a quick ratio of 0.50, a current ratio of 0.56 and a debt-to-equity ratio of 1.41. The stock has a fifty day moving average of $57.22 and a 200 day moving average of $65.32. Eversource Energy has a twelve month low of $52.03 and a twelve month high of $87.71. The firm has a market capitalization of $20.56 billion, a PE ratio of 17.54, a P/E/G ratio of 2.65 and a beta of 0.54.

Eversource Energy (NYSE:ES) last posted its quarterly earnings results on Monday, November 6th. The utilities provider reported $0.97 EPS for the quarter, missing the consensus estimate of $0.98 by ($0.01). The business had revenue of $2.79 billion during the quarter, compared to analysts’ expectations of $3.12 billion. Eversource Energy had a net margin of 9.52% and a return on equity of 9.64%. Eversource Energy’s revenue for the quarter was down 13.2% compared to the same quarter last year. During the same period in the previous year, the company posted $1.01 earnings per share. On average, equities analysts expect that Eversource Energy will post 4.35 EPS for the current fiscal year.

Eversource Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Friday, September 29th. Stockholders of record on Monday, September 25th were issued a dividend of $0.675 per share. This represents a $2.70 annualized dividend and a dividend yield of 4.59%. The ex-dividend date was Friday, September 22nd. Eversource Energy’s dividend payout ratio (DPR) is 80.84%.

Wall Street Analysts Forecast Growth

A number of equities research analysts recently weighed in on the company. Barclays dropped their price objective on Eversource Energy from $72.00 to $61.00 and set an “equal weight” rating on the stock in a research report on Tuesday, October 24th. Guggenheim downgraded Eversource Energy from a “buy” rating to a “neutral” rating and set a $60.00 price target on the stock. in a research report on Friday, October 13th. BMO Capital Markets lowered their price target on Eversource Energy from $75.00 to $62.00 and set a “market perform” rating for the company in a report on Friday, October 13th. Scotiabank lowered shares of Eversource Energy from a “sector outperform” rating to a “sector perform” rating and set a $60.00 price objective for the company. in a research report on Monday, October 16th. Finally, Morgan Stanley lifted their target price on shares of Eversource Energy from $66.00 to $67.00 and gave the stock an “equal weight” rating in a research note on Tuesday. One investment analyst has rated the stock with a sell rating, ten have given a hold rating and one has issued a buy rating to the stock. Based on data from MarketBeat, Eversource Energy presently has a consensus rating of “Hold” and an average price target of $68.75.

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.