Eversource Energy (NYSE:ES) Price Target Cut to $57.00

Eversource Energy (NYSE:ES) had its price objective dropped by analysts at Scotiabank from $61.00 to $57.00 in a report released on Monday, Benzinga reports. The brokerage currently has a “sector perform” rating on the utilities provider’s stock. Scotiabank’s price target would suggest a potential downside of 5.54% from the company’s current price.

Other research analysts also recently issued reports about the company. Barclays reduced their target price on Eversource Energy from $66.00 to $61.00 and set an “equal weight” rating on the stock in a report on Monday, January 22nd. The Goldman Sachs Group started coverage on Eversource Energy in a research note on Wednesday, April 10th. They issued a “buy” rating and a $73.00 target price for the company. UBS Group upgraded shares of Eversource Energy from a “neutral” rating to a “buy” rating and upped their price target for the stock from $62.00 to $67.00 in a research report on Thursday, April 4th. Argus lowered their price objective on shares of Eversource Energy from $85.00 to $68.00 and set a “buy” rating for the company in a research report on Monday, March 25th. Finally, BMO Capital Markets upped their target price on shares of Eversource Energy from $63.00 to $64.00 and gave the stock a “market perform” rating in a research report on Thursday, February 15th. One equities research analyst has rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of “Hold” and an average price target of $65.85.

Eversource Energy Stock Performance

Shares of NYSE:ES opened at $60.34 on Monday. The company has a debt-to-equity ratio of 1.66, a current ratio of 0.67 and a quick ratio of 0.59. The business’s fifty day moving average price is $58.81 and its two-hundred day moving average price is $57.90. Eversource Energy has a fifty-two week low of $52.03 and a fifty-two week high of $79.92. The stock has a market capitalization of $21.16 billion, a price-to-earnings ratio of -47.89, a price-to-earnings-growth ratio of 3.17 and a beta of 0.58.

Eversource Energy (NYSE:ES) last posted its earnings results on Tuesday, February 13th. The utilities provider reported $0.95 earnings per share for the quarter, missing the consensus estimate of $0.97 by ($0.02). Eversource Energy had a positive return on equity of 9.92% and a negative net margin of 3.71%. The firm had revenue of $2.69 billion during the quarter, compared to the consensus estimate of $3 billion. During the same period in the previous year, the company posted $0.92 EPS. The firm’s revenue for the quarter was down 11.1% compared to the same quarter last year. As a group, analysts predict that Eversource Energy will post 4.52 EPS for the current fiscal year.

Insider Transactions at Eversource Energy

In related news, insider Linda Dorcena Forry sold 822 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $58.12, for a total transaction of $47,774.64. Following the completion of the transaction, the insider now owns 10,485 shares in the company, valued at $609,388.20. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In other news, insider Frederica M. Williams sold 2,714 shares of Eversource Energy stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $57.60, for a total transaction of $156,326.40. Following the transaction, the insider now owns 21,621 shares in the company, valued at approximately $1,245,369.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Linda Dorcena Forry sold 822 shares of the business’s stock in a transaction that occurred on Friday, March 1st. The shares were sold at an average price of $58.12, for a total value of $47,774.64. Following the completion of the transaction, the insider now owns 10,485 shares of the company’s stock, valued at $609,388.20. The disclosure for this sale can be found here. Corporate insiders own 0.29% of the company’s stock.

Hedge Funds Weigh In On Eversource Energy

A number of large investors have recently added to or reduced their stakes in the company. Victory Capital Management Inc. increased its holdings in shares of Eversource Energy by 10.8% during the 3rd quarter. Victory Capital Management Inc. now owns 450,007 shares of the utilities provider’s stock worth $26,168,000 after acquiring an additional 43,720 shares during the last quarter. OLD Republic International Corp bought a new position in shares of Eversource Energy in the 3rd quarter valued at $27,283,000. Cerity Partners LLC raised its holdings in Eversource Energy by 536.0% in the 4th quarter. Cerity Partners LLC now owns 118,243 shares of the utilities provider’s stock valued at $7,298,000 after buying an additional 99,652 shares during the last quarter. Zurcher Kantonalbank Zurich Cantonalbank increased its position in Eversource Energy by 3.0% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 443,444 shares of the utilities provider’s stock valued at $27,369,000 after acquiring an additional 12,951 shares during the period. Finally, Louisiana State Employees Retirement System acquired a new stake in shares of Eversource Energy in the fourth quarter valued at about $1,302,000. Institutional investors own 79.99% of the company’s stock.

Eversource Energy Company 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.