Norges Bank Invests $188.84 Million in Eversource Energy (NYSE:ES)

Norges Bank purchased a new position in shares of Eversource Energy (NYSE:ES) in the 4th quarter, HoldingsChannel.com reports. The institutional investor purchased 3,288,144 shares of the utilities provider’s stock, valued at approximately $188,838,000.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. Larson Financial Group LLC grew its holdings in shares of Eversource Energy by 162.0% during the 3rd quarter. Larson Financial Group LLC now owns 566 shares of the utilities provider’s stock valued at $38,000 after acquiring an additional 350 shares in the last quarter. Brooklyn Investment Group purchased a new stake in shares of Eversource Energy during the third quarter worth $31,000. Healthcare of Ontario Pension Plan Trust Fund acquired a new stake in Eversource Energy during the third quarter valued at $368,000. Vinva Investment Management Ltd grew its stake in Eversource Energy by 57.3% in the third quarter. Vinva Investment Management Ltd now owns 6,348 shares of the utilities provider’s stock valued at $429,000 after purchasing an additional 2,313 shares in the last quarter. Finally, Verition Fund Management LLC increased its position in Eversource Energy by 160.3% in the 3rd quarter. Verition Fund Management LLC now owns 144,244 shares of the utilities provider’s stock worth $9,816,000 after purchasing an additional 88,840 shares during the last quarter. 79.99% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ES has been the subject of several recent research reports. StockNews.com raised Eversource Energy from a “sell” rating to a “hold” rating in a research note on Saturday. Wells Fargo & Company dropped their price target on shares of Eversource Energy from $79.00 to $75.00 and set an “overweight” rating on the stock in a research note on Thursday, February 13th. Guggenheim reaffirmed a “buy” rating on shares of Eversource Energy in a research note on Monday, February 10th. Jefferies Financial Group lowered their target price on shares of Eversource Energy from $52.00 to $47.00 and set an “underperform” rating on the stock in a research report on Tuesday, January 28th. Finally, Scotiabank reduced their price target on Eversource Energy from $56.00 to $55.00 and set a “sector underperform” rating for the company in a research report on Thursday, February 13th. Two research analysts have rated the stock with a sell rating, five have assigned a hold rating and five have given a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Hold” and a consensus price target of $67.40.

Insiders Place Their Bets

In other news, VP Jay S. Buth sold 980 shares of Eversource Energy stock in a transaction that occurred on Friday, February 21st. The stock was sold at an average price of $62.99, for a total transaction of $61,730.20. Following the sale, the vice president now owns 24,374 shares of the company’s stock, valued at approximately $1,535,318.26. This trade represents a 3.87 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Frederica M. Williams sold 3,092 shares of the business’s stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $62.26, for a total value of $192,507.92. Following the sale, the insider now owns 22,671 shares in the company, valued at approximately $1,411,496.46. This represents a 12.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Company insiders own 0.41% of the company’s stock.

Eversource Energy Price Performance

NYSE ES opened at $61.13 on Monday. The stock has a 50-day simple moving average of $60.28 and a 200 day simple moving average of $61.53. Eversource Energy has a twelve month low of $54.75 and a twelve month high of $69.01. The stock has a market capitalization of $22.44 billion, a PE ratio of 26.46, a P/E/G ratio of 2.35 and a beta of 0.60. The company has a debt-to-equity ratio of 1.71, a quick ratio of 0.76 and a current ratio of 0.76.

Eversource Energy (NYSE:ES) last issued its quarterly earnings results on Tuesday, February 11th. The utilities provider reported $1.01 EPS for the quarter, topping analysts’ consensus estimates of $1.00 by $0.01. Eversource Energy had a return on equity of 10.99% and a net margin of 6.82%. Research analysts anticipate that Eversource Energy will post 4.75 EPS for the current year.

Eversource Energy Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Monday, March 31st. Shareholders of record on Tuesday, March 4th will be issued a $0.7525 dividend. The ex-dividend date is Tuesday, March 4th. This is an increase from Eversource Energy’s previous quarterly dividend of $0.72. This represents a $3.01 dividend on an annualized basis and a yield of 4.92%. Eversource Energy’s dividend payout ratio is 130.30%.

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.