Eversource Energy (ES) Downgraded by Zacks Investment Research to “Hold”

Zacks Investment Research downgraded shares of Eversource Energy (NYSE:ES) from a buy rating to a hold rating in a research report sent to investors on Wednesday.

According to Zacks, “In the last 12  months, Eversource Energy’s shares have gained against a decline of its industry. The company’s third-quarter earnings and total revenues surpassed the Zacks Consensus Estimate due to strong operational performance. Eversource’s investments in renewable energy generation, expansion of transmission and distribution systems will help it to provide reliable services to its customers. Start of the new water segment will diversify the source of its revenues. Its regulated investment plans will help it to boost earnings per share by 5-7% over the 2018–2021-time frame from the 2017 level. However, delay in the approval of Northern Pass project, its dependence on third party, stringent regulation, and underperformance of its transmission and distribution system due to breakdown are concerns. Refusal by Connecticut Water will hurt its plans to expand water business through acquisition.”

Other analysts also recently issued research reports about the stock. ValuEngine raised shares of Eversource Energy from a hold rating to a buy rating in a research report on Wednesday, October 24th. Morgan Stanley lifted their price objective on shares of Eversource Energy from $63.00 to $67.00 and gave the company a hold rating in a research note on Tuesday, September 11th. Barclays started coverage on shares of Eversource Energy in a research note on Monday, October 22nd. They set a hold rating and a $64.00 price objective for the company. Citigroup lifted their price objective on shares of Eversource Energy from $59.00 to $63.00 and gave the company a hold rating in a research note on Tuesday, September 25th. Finally, Bank of America upgraded shares of Eversource Energy from an underperform rating to a neutral rating and set a $59.00 price objective for the company in a research note on Friday, August 3rd. Seven analysts have rated the stock with a hold rating and eight have assigned a buy rating to the company’s stock. The company currently has a consensus rating of Buy and a consensus price target of $63.82.

NYSE:ES opened at $66.82 on Wednesday. The company has a market cap of $21.05 billion, a price-to-earnings ratio of 21.49, a P/E/G ratio of 3.43 and a beta of 0.16. Eversource Energy has a twelve month low of $52.76 and a twelve month high of $68.31. The company has a current ratio of 0.59, a quick ratio of 0.54 and a debt-to-equity ratio of 1.07.

Eversource Energy (NYSE:ES) last released its earnings results on Thursday, November 1st. The utilities provider reported $0.93 earnings per share for the quarter, topping the consensus estimate of $0.90 by $0.03. The company had revenue of $2.27 billion for the quarter, compared to the consensus estimate of $2.06 billion. Eversource Energy had a net margin of 12.51% and a return on equity of 9.32%. Eversource Energy’s revenue was up 14.2% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.82 EPS. On average, equities research analysts expect that Eversource Energy will post 3.26 earnings per share for the current year.

In other Eversource Energy news, EVP Leon J. Olivier sold 50,000 shares of Eversource Energy stock in a transaction that occurred on Wednesday, August 29th. The shares were sold at an average price of $62.03, for a total transaction of $3,101,500.00. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.53% of the company’s stock.

Several institutional investors and hedge funds have recently bought and sold shares of the stock. Vanguard Group Inc. lifted its stake in shares of Eversource Energy by 1.3% in the 3rd quarter. Vanguard Group Inc. now owns 34,614,034 shares of the utilities provider’s stock valued at $2,126,686,000 after purchasing an additional 436,242 shares during the period. BlackRock Inc. lifted its stake in shares of Eversource Energy by 2.1% in the 3rd quarter. BlackRock Inc. now owns 27,468,588 shares of the utilities provider’s stock valued at $1,687,670,000 after purchasing an additional 562,968 shares during the period. Bank of New York Mellon Corp lifted its stake in shares of Eversource Energy by 100,075.7% in the 3rd quarter. Bank of New York Mellon Corp now owns 15,640,429 shares of the utilities provider’s stock valued at $960,950,000 after purchasing an additional 15,624,816 shares during the period. Charles Schwab Investment Advisory Inc. acquired a new position in shares of Eversource Energy in the 2nd quarter valued at $268,926,000. Finally, Renaissance Technologies LLC lifted its stake in shares of Eversource Energy by 15.2% in the 3rd quarter. Renaissance Technologies LLC now owns 3,750,080 shares of the utilities provider’s stock valued at $230,405,000 after purchasing an additional 494,200 shares during the period. Hedge funds and other institutional investors own 74.74% of the company’s stock.

Eversource Energy Company Profile

Eversource Energy, a public utility holding company, engages in the energy delivery business. The company operates in three segments: Electric Distribution, Electric Transmission, and Natural Gas Distribution. It is involved in the transmission and distribution of electricity; and distribution of natural gas.

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