Miracle Mile Advisors LLC Acquires New Position in Eversource Energy (NYSE:ES)

Miracle Mile Advisors LLC bought a new position in shares of Eversource Energy (NYSE:ES) during the first quarter, HoldingsChannel.com reports. The firm bought 3,352 shares of the utilities provider’s stock, valued at approximately $208,000.

A number of other hedge funds also recently added to or reduced their stakes in the business. Mizuho Bank Ltd. acquired a new position in shares of Eversource Energy in the fourth quarter worth $26,000. Kestra Investment Management LLC purchased a new position in Eversource Energy in the fourth quarter valued at $29,000. Assetmark Inc. grew its stake in Eversource Energy by 99.2% during the 4th quarter. Assetmark Inc. now owns 510 shares of the utilities provider’s stock worth $29,000 after purchasing an additional 254 shares in the last quarter. Pinney & Scofield Inc. acquired a new position in Eversource Energy during the 4th quarter worth $33,000. Finally, Venturi Wealth Management LLC increased its holdings in Eversource Energy by 104.5% during the 4th quarter. Venturi Wealth Management LLC now owns 589 shares of the utilities provider’s stock worth $34,000 after purchasing an additional 301 shares during the period. 79.99% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on ES. Scotiabank decreased their price objective on Eversource Energy from $56.00 to $55.00 and set a “sector underperform” rating for the company in a research note on Thursday, February 13th. BMO Capital Markets lifted their price target on shares of Eversource Energy from $71.00 to $72.00 and gave the stock a “market perform” rating in a research note on Monday, April 28th. Wall Street Zen upgraded shares of Eversource Energy from a “sell” rating to a “hold” rating in a report on Friday, May 16th. Wells Fargo & Company reduced their price objective on shares of Eversource Energy from $79.00 to $75.00 and set an “overweight” rating on the stock in a report on Thursday, February 13th. Finally, JPMorgan Chase & Co. reaffirmed an “underweight” rating and set a $58.00 price objective (down from $69.00) on shares of Eversource Energy in a research report on Thursday, April 10th. Three research analysts have rated the stock with a sell rating, five have given a hold rating and three have given a buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $65.78.

Insiders Place Their Bets

In other news, EVP Penelope M. Conner sold 2,600 shares of the business’s stock in a transaction dated Tuesday, May 20th. The stock was sold at an average price of $64.00, for a total value of $166,400.00. Following the completion of the sale, the executive vice president now directly owns 10,988 shares of the company’s stock, valued at approximately $703,232. The trade was a 19.13% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Corporate insiders own 0.41% of the company’s stock.

Eversource Energy Stock Performance

Shares of Eversource Energy stock opened at $65.52 on Thursday. The company has a quick ratio of 0.76, a current ratio of 0.76 and a debt-to-equity ratio of 1.71. Eversource Energy has a 52 week low of $52.28 and a 52 week high of $69.01. The firm’s 50 day moving average is $60.89 and its two-hundred day moving average is $60.14. The firm has a market capitalization of $24.07 billion, a P/E ratio of 28.36, a P/E/G ratio of 2.35 and a beta of 0.63.

Eversource Energy (NYSE:ES) last issued its earnings results on Thursday, May 1st. The utilities provider reported $1.50 earnings per share (EPS) for the quarter, meeting the consensus estimate of $1.50. Eversource Energy had a net margin of 6.82% and a return on equity of 10.99%. The business had revenue of $4.12 billion during the quarter, compared to analysts’ expectations of $3.65 billion. During the same quarter in the prior year, the business posted $1.49 EPS. The company’s revenue for the quarter was up 23.6% on a year-over-year basis. Research analysts forecast that Eversource Energy will post 4.75 EPS for the current fiscal year.

Eversource Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Monday, June 30th. Shareholders of record on Thursday, May 15th will be paid a $0.7525 dividend. The ex-dividend date is Thursday, May 15th. This represents a $3.01 annualized dividend and a yield of 4.59%. Eversource Energy’s dividend payout ratio is presently 129.74%.

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.