Bank of America Upgrades Eversource Energy (NYSE:ES) to “Buy”

Eversource Energy (NYSE:ES) was upgraded by stock analysts at Bank of America from a “neutral” rating to a “buy” rating in a research note issued to investors on Tuesday, Marketbeat reports. The firm presently has a $85.00 price objective on the utilities provider’s stock, up from their prior price objective of $73.00. Bank of America‘s price objective suggests a potential upside of 16.32% from the stock’s previous close.

A number of other research analysts also recently commented on ES. Mizuho increased their target price on Eversource Energy from $68.00 to $72.00 and gave the stock an “outperform” rating in a report on Wednesday, June 25th. Janney Montgomery Scott restated a “neutral” rating on shares of Eversource Energy in a research note on Monday, October 13th. TD Cowen began coverage on shares of Eversource Energy in a report on Thursday, October 16th. They issued a “hold” rating and a $76.00 price objective for the company. Finally, Weiss Ratings reissued a “hold (c)” rating on shares of Eversource Energy in a report on Wednesday, October 8th. Four research analysts have rated the stock with a Buy rating, five have assigned a Hold rating and three have given a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Hold” and a consensus target price of $69.11.

Eversource Energy Trading Down 0.2%

ES opened at $73.08 on Tuesday. The stock has a market capitalization of $27.12 billion, a PE ratio of 31.36, a P/E/G ratio of 2.85 and a beta of 0.67. The company has a debt-to-equity ratio of 1.67, a current ratio of 0.71 and a quick ratio of 0.63. Eversource Energy has a 12-month low of $52.28 and a 12-month high of $74.46. The firm’s fifty day moving average price is $67.70 and its 200 day moving average price is $64.50.

Eversource Energy (NYSE:ES) last released its earnings results on Thursday, July 31st. The utilities provider reported $0.96 earnings per share for the quarter, topping the consensus estimate of $0.95 by $0.01. Eversource Energy had a net margin of 6.60% and a return on equity of 11.00%. The company had revenue of $2.84 billion during the quarter, compared to the consensus estimate of $3.01 billion. During the same quarter in the previous year, the firm earned $0.95 EPS. The company’s revenue was up 12.0% on a year-over-year basis. Eversource Energy has set its FY 2025 guidance at 4.670-4.820 EPS. As a group, research analysts expect that Eversource Energy will post 4.75 EPS for the current fiscal year.

Insider Transactions at Eversource Energy

In other news, insider Loretta D. Keane bought 3,780 shares of the firm’s stock in a transaction on Friday, August 22nd. The stock was purchased at an average price of $66.07 per share, for a total transaction of $249,744.60. Following the transaction, 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 purchase was disclosed in a filing with the SEC, which is accessible through this link. 0.41% of the stock is owned by insiders.

Hedge Funds Weigh In On Eversource Energy

Several hedge funds and other institutional investors have recently made changes to their positions in the business. Neo Ivy Capital Management acquired a new stake in Eversource Energy in the 2nd quarter valued at approximately $26,000. Trust Co. of Toledo NA OH bought a new position in shares of Eversource Energy in the second quarter worth $28,000. Elevation Point Wealth Partners LLC acquired a new position in shares of Eversource Energy during the second quarter valued at $31,000. Hilltop National Bank bought a new stake in shares of Eversource Energy during the second quarter valued at about $32,000. Finally, Rossby Financial LCC bought a new stake in shares of Eversource Energy during the first quarter valued at about $34,000. 79.99% of the stock is currently owned by institutional investors and hedge funds.

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.