Berkshire Bank Cuts Position in Eversource Energy (NYSE:ES)

Berkshire Bank lowered its stake in shares of Eversource Energy (NYSE:ES) by 9.8% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,610 shares of the utilities provider’s stock after selling 390 shares during the quarter. Berkshire Bank’s holdings in Eversource Energy were worth $224,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of ES. LSV Asset Management acquired a new position in shares of Eversource Energy during the fourth quarter worth $2,223,000. JPMorgan Chase & Co. boosted its stake in Eversource Energy by 10.7% in the fourth quarter. JPMorgan Chase & Co. now owns 1,569,671 shares of the utilities provider’s stock valued at $90,146,000 after acquiring an additional 151,562 shares in the last quarter. Truist Financial Corp raised its holdings in shares of Eversource Energy by 5.6% in the fourth quarter. Truist Financial Corp now owns 21,385 shares of the utilities provider’s stock valued at $1,228,000 after buying an additional 1,138 shares during the last quarter. Mitsubishi UFJ Asset Management Co. Ltd. raised its holdings in shares of Eversource Energy by 9.4% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 548,858 shares of the utilities provider’s stock valued at $31,455,000 after buying an additional 47,189 shares during the last quarter. Finally, Raymond James Financial Inc. purchased a new stake in shares of Eversource Energy in the fourth quarter valued at about $19,716,000. Hedge funds and other institutional investors own 79.99% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on ES. Wall Street Zen raised shares of Eversource Energy from a “sell” rating to a “hold” rating in a report on Friday, May 16th. BMO Capital Markets increased their price target on shares of Eversource Energy from $71.00 to $72.00 and gave the stock a “market perform” rating in a report on Monday, April 28th. Finally, JPMorgan Chase & Co. reissued an “underweight” rating and set a $58.00 price target (down from $69.00) on shares of Eversource Energy in a 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 assigned a buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has an average rating of “Hold” and an average price target of $65.78.

Insider Buying and Selling

In related news, EVP Penelope M. Conner sold 2,600 shares of Eversource Energy stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $64.00, for a total transaction of $166,400.00. Following the sale, the executive vice president now owns 10,988 shares of the company’s stock, valued at $703,232. The trade was a 19.13% decrease in their position. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. 0.41% of the stock is currently owned by insiders.

Eversource Energy Stock Down 1.3%

ES stock opened at $64.34 on Tuesday. Eversource Energy has a 12 month low of $52.28 and a 12 month high of $69.01. The company’s 50 day simple moving average is $61.51 and its 200-day simple moving average is $60.10. The firm has a market capitalization of $23.64 billion, a PE ratio of 27.85, a P/E/G ratio of 2.35 and a beta of 0.63. The company has a debt-to-equity ratio of 1.71, a current ratio of 0.76 and a quick ratio of 0.76.

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

Eversource Energy Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Monday, June 30th. Investors of record on Thursday, May 15th will be paid a dividend of $0.7525 per share. This represents a $3.01 annualized dividend and a yield of 4.68%. The ex-dividend date is Thursday, May 15th. Eversource Energy’s dividend payout ratio (DPR) is 129.74%.

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.