Eversource Energy (NYSE:ES) Releases Earnings Results

Eversource Energy (NYSE:ES) issued its quarterly earnings results on Wednesday. The utilities provider reported $1.49 earnings per share (EPS) for the quarter, beating the consensus estimate of $1.45 by $0.04, Briefing.com reports. Eversource Energy had a positive return on equity of 10.22% and a negative net margin of 3.60%. The company had revenue of $3.33 billion for the quarter, compared to analyst estimates of $3.69 billion. During the same quarter last year, the company posted $1.41 EPS. The company’s revenue for the quarter was down 12.2% compared to the same quarter last year. Eversource Energy updated its FY 2024 guidance to 4.500-4.670 EPS and its FY24 guidance to $4.50-4.67 EPS.

Eversource Energy Stock Down 1.2 %

Shares of NYSE ES traded down $0.74 during mid-day trading on Friday, reaching $60.01. 3,447,870 shares of the company’s stock traded hands, compared to its average volume of 2,016,408. The company has a debt-to-equity ratio of 1.66, a current ratio of 0.67 and a quick ratio of 0.59. The business has a 50-day simple moving average of $59.15 and a 200 day simple moving average of $58.07. The stock has a market cap of $21.05 billion, a P/E ratio of -50.86, a PEG ratio of 3.25 and a beta of 0.57. Eversource Energy has a 1-year low of $52.03 and a 1-year high of $77.97.

Eversource Energy Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Thursday, May 16th will be issued a dividend of $0.715 per share. The ex-dividend date of this dividend is Wednesday, May 15th. This represents a $2.86 annualized dividend and a yield of 4.77%. Eversource Energy’s payout ratio is -242.37%.

Analyst Upgrades and Downgrades

Several research analysts have recently issued reports on the company. The Goldman Sachs Group started coverage on Eversource Energy in a research note on Wednesday, April 10th. They issued a “buy” rating and a $73.00 price objective for the company. StockNews.com upgraded Eversource Energy to a “sell” rating in a report on Thursday, March 28th. Scotiabank lowered their target price on Eversource Energy from $61.00 to $57.00 and set a “sector perform” rating for the company in a research report on Monday, April 22nd. Argus decreased their price target on Eversource Energy from $85.00 to $68.00 and set a “buy” rating for the company in a research note on Monday, March 25th. Finally, Guggenheim raised Eversource Energy from a “neutral” rating to a “buy” rating and lifted their price objective for the stock from $60.00 to $72.00 in a research note on Monday, January 22nd. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have given a buy rating to the company. Based on data from MarketBeat, Eversource Energy currently has an average rating of “Hold” and an average target price of $66.23.

Insider Buying and Selling

In related news, insider Linda Dorcena Forry sold 822 shares of the stock in a transaction on Friday, March 1st. The stock was sold at an average price of $58.12, for a total value of $47,774.64. Following the completion of the sale, the insider now directly owns 10,485 shares of the company’s stock, valued at approximately $609,388.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link. In other news, insider Frederica M. Williams sold 2,714 shares of Eversource Energy stock in a transaction on Monday, February 26th. The stock was sold at an average price of $57.60, for a total transaction of $156,326.40. Following the sale, the insider now directly owns 21,621 shares in the company, valued at approximately $1,245,369.60. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Linda Dorcena Forry sold 822 shares of the stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $58.12, for a total transaction of $47,774.64. Following the transaction, the insider now owns 10,485 shares of the company’s stock, valued at approximately $609,388.20. The disclosure for this sale can be found here. 0.41% of the stock is currently owned by company insiders.

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.