Eversource Energy (NYSE:ES) Upgraded to Neutral by Bank of America

Eversource Energy (NYSE:ES) was upgraded by equities researchers at Bank of America from an “underperform” rating to a “neutral” rating in a research note issued on Tuesday, MarketBeat.com reports. The brokerage presently has a $61.00 target price on the utilities provider’s stock. Bank of America‘s price objective would suggest a potential upside of 7.07% from the stock’s current price.

Several other analysts also recently commented on ES. UBS Group raised shares of Eversource Energy from a “neutral” rating to a “buy” rating and lifted their target price for the stock from $62.00 to $67.00 in a report on Thursday, April 4th. Wells Fargo & Company lifted their price target on Eversource Energy from $69.00 to $72.00 and gave the stock an “overweight” rating in a report on Friday, May 3rd. Argus decreased their price objective on Eversource Energy from $85.00 to $68.00 and set a “buy” rating on the stock in a report on Monday, March 25th. StockNews.com raised Eversource Energy to a “sell” rating in a report on Thursday, March 28th. Finally, The Goldman Sachs Group assumed coverage on shares of Eversource Energy in a research report on Wednesday, April 10th. They set a “buy” rating and a $73.00 price target on the stock. One analyst has rated the stock with a sell rating, eight have assigned a hold rating and six have assigned a buy rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Hold” and a consensus price target of $65.86.

Eversource Energy Price Performance

Shares of NYSE ES opened at $56.97 on Tuesday. Eversource Energy has a twelve month low of $52.03 and a twelve month high of $74.81. The company has a market cap of $20.07 billion, a PE ratio of -48.28, a price-to-earnings-growth ratio of 2.33 and a beta of 0.60. The business’s 50 day moving average price is $59.48 and its two-hundred day moving average price is $58.78. The company has a quick ratio of 0.68, a current ratio of 0.77 and a debt-to-equity ratio of 1.71.

Eversource Energy (NYSE:ES) last posted its quarterly earnings results on Wednesday, May 1st. The utilities provider reported $1.49 earnings per share for the quarter, beating analysts’ consensus estimates of $1.45 by $0.04. Eversource Energy had a positive return on equity of 10.32% and a negative net margin of 3.60%. The business had revenue of $3.33 billion for the quarter, compared to analysts’ expectations of $3.69 billion. During the same quarter in the prior year, the business earned $1.41 EPS. The firm’s revenue for the quarter was down 12.2% on a year-over-year basis. On average, analysts predict that Eversource Energy will post 4.53 EPS for the current year.

Insider Activity

In other news, VP Gregory B. Butler sold 10,000 shares of the business’s stock in a transaction dated Wednesday, May 29th. The stock was sold at an average price of $56.20, for a total transaction of $562,000.00. Following the sale, the vice president now directly owns 63,808 shares in the company, valued at $3,586,009.60. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. In related news, VP Gregory B. Butler sold 10,000 shares of the business’s stock in a transaction on Wednesday, May 29th. The shares were sold at an average price of $56.20, for a total value of $562,000.00. Following the sale, the vice president now owns 63,808 shares of the company’s stock, valued at $3,586,009.60. The sale was disclosed in a legal filing with the SEC, which is accessible through the SEC website. Also, EVP Penelope M. Conner sold 2,700 shares of the firm’s stock in a transaction on Friday, May 31st. The stock was sold at an average price of $58.75, for a total value of $158,625.00. Following the transaction, the executive vice president now directly owns 10,272 shares of the company’s stock, valued at $603,480. The disclosure for this sale can be found here. 0.29% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Eversource Energy

Hedge funds and other institutional investors have recently made changes to their positions in the stock. Heritage Wealth Advisors acquired a new stake in Eversource Energy during the fourth quarter worth approximately $25,000. Exchange Traded Concepts LLC acquired a new stake in shares of Eversource Energy during the 4th quarter worth approximately $26,000. Rise Advisors LLC bought a new stake in shares of Eversource Energy in the 1st quarter valued at $27,000. Bfsg LLC acquired a new position in shares of Eversource Energy during the 4th quarter valued at $31,000. Finally, Versant Capital Management Inc boosted its stake in Eversource Energy by 62.6% during the first quarter. Versant Capital Management Inc now owns 522 shares of the utilities provider’s stock worth $31,000 after acquiring an additional 201 shares in the last quarter. 79.99% of the stock is owned by institutional investors and hedge funds.

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.