AlphaStar Capital Management LLC Invests $417,000 in Eversource Energy $ES

AlphaStar Capital Management LLC acquired a new position in shares of Eversource Energy (NYSE:ES) in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 6,560 shares of the utilities provider’s stock, valued at approximately $417,000.

Other institutional investors and hedge funds also recently modified their holdings of the company. Ballentine Partners LLC boosted its position in shares of Eversource Energy by 4.9% during the first quarter. Ballentine Partners LLC now owns 5,934 shares of the utilities provider’s stock worth $369,000 after buying an additional 277 shares during the period. Hilltop National Bank bought a new stake in Eversource Energy during the second quarter worth about $32,000. Truist Financial Corp raised its holdings in Eversource Energy by 60.7% during the second quarter. Truist Financial Corp now owns 34,696 shares of the utilities provider’s stock worth $2,207,000 after acquiring an additional 13,112 shares in the last quarter. Public Employees Retirement System of Ohio raised its holdings in Eversource Energy by 1.0% during the second quarter. Public Employees Retirement System of Ohio now owns 114,068 shares of the utilities provider’s stock worth $7,257,000 after acquiring an additional 1,077 shares in the last quarter. Finally, Arvest Investments Inc. raised its holdings in Eversource Energy by 67.0% during the second quarter. Arvest Investments Inc. now owns 25,114 shares of the utilities provider’s stock worth $1,598,000 after acquiring an additional 10,079 shares in the last quarter. 79.99% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the company. Bank of America upgraded Eversource Energy from a “neutral” rating to a “buy” rating and upped their target price for the stock from $73.00 to $85.00 in a report on Tuesday, October 21st. Weiss Ratings reiterated a “hold (c+)” rating on shares of Eversource Energy in a report on Friday. TD Cowen assumed coverage on Eversource Energy in a report on Thursday, October 16th. They set a “hold” rating and a $76.00 target price on the stock. Jefferies Financial Group upped their target price on Eversource Energy from $54.00 to $60.00 and gave the stock an “underperform” rating in a report on Wednesday, October 22nd. Finally, Wells Fargo & Company assumed coverage on Eversource Energy in a report on Tuesday, October 28th. They set an “overweight” rating and a $79.00 target price on the stock. Four research analysts have rated the stock with a Buy rating, five have given a Hold rating and three have assigned a Sell rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus target price of $70.56.

Eversource Energy Price Performance

NYSE:ES opened at $73.89 on Friday. The company has a quick ratio of 0.63, a current ratio of 0.71 and a debt-to-equity ratio of 1.67. The stock’s 50 day moving average price is $68.92 and its two-hundred day moving average price is $65.50. The firm has a market capitalization of $27.42 billion, a price-to-earnings ratio of 31.71, a P/E/G ratio of 2.65 and a beta of 0.67. Eversource Energy has a 12-month low of $52.28 and a 12-month high of $75.25.

Eversource Energy (NYSE:ES) last released its quarterly earnings data on Thursday, July 31st. The utilities provider reported $0.96 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.95 by $0.01. The firm had revenue of $2.84 billion for the quarter, compared to analyst estimates of $3.01 billion. Eversource Energy had a return on equity of 11.00% and a net margin of 6.60%.The business’s revenue for the quarter was up 12.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.95 earnings per share. On average, analysts anticipate that Eversource Energy will post 4.75 earnings per share for the current year.

Eversource Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Monday, September 22nd were paid a $0.7525 dividend. The ex-dividend date was Monday, September 22nd. This represents a $3.01 annualized dividend and a yield of 4.1%. Eversource Energy’s dividend payout ratio is currently 129.18%.

Insider Buying and Selling at Eversource Energy

In other news, insider Loretta D. Keane bought 3,780 shares of the stock in a transaction dated Friday, August 22nd. The shares were bought at an average price of $66.07 per share, for a total transaction of $249,744.60. Following the completion of the purchase, the insider owned 12,033 shares in the company, valued at approximately $795,020.31. This trade represents a 45.80% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.41% of the company’s stock.

Eversource Energy 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.