Eversource Energy (ES) Lifted to “Buy” at Zacks Investment Research

Eversource Energy (NYSE:ES) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Tuesday, January 16th. The firm presently has a $69.00 price target on the utilities provider’s stock. Zacks Investment Research‘s price target suggests a potential upside of 13.56% from the company’s previous close.

According to Zacks, “Shares of Eversource Energy returned higher than the industry in last 12 months. Eversource Energy‘s systematic investments in renewable energy generation, primarily in transmission and distribution systems will help it to provide reliable services to its customers.  Margins of the company will improve if the company continues to reduce operating costs. Moreover, its regulated investment plans will help it to boost earnings per share by 5–7% over the 2017–2020 time frame from the 2016 level of $2.96. However, the company's decision to withdraw its Access Northeast Pipeline plan due to regulatory uncertainty, will have an adverse impact on its growth prospects.  Moreover, it faces challenges due to severe weather conditions.”

Several other equities research analysts have also recently issued reports on the company. Morgan Stanley upgraded Eversource Energy from an “equal weight” rating to an “overweight” rating and set a $72.00 price objective on the stock in a report on Wednesday, December 13th. Credit Suisse Group raised their price objective on Eversource Energy from $60.00 to $63.00 and gave the company a “neutral” rating in a research report on Monday, October 2nd. Williams Capital raised their price objective on Eversource Energy from $64.00 to $66.00 and gave the company a “buy” rating in a research report on Monday, October 23rd. Finally, Bank of America assumed coverage on Eversource Energy in a research report on Tuesday, October 24th. They issued an “underperform” rating and a $62.00 price objective on the stock. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and three have assigned a buy rating to the stock. Eversource Energy has an average rating of “Hold” and a consensus target price of $64.55.

Eversource Energy (NYSE:ES) traded down $0.03 on Tuesday, reaching $60.76. The company’s stock had a trading volume of 2,493,400 shares, compared to its average volume of 2,460,093. The stock has a market cap of $19,390.00, a P/E ratio of 19.73, a PEG ratio of 3.05 and a beta of 0.31. Eversource Energy has a 12-month low of $54.10 and a 12-month high of $66.15. The company has a current ratio of 0.92, a quick ratio of 0.80 and a debt-to-equity ratio of 0.95.

Eversource Energy (NYSE:ES) last released its quarterly earnings data on Wednesday, November 1st. The utilities provider reported $0.82 earnings per share for the quarter, missing the consensus estimate of $0.84 by ($0.02). The firm had revenue of $1.99 billion during the quarter, compared to analysts’ expectations of $2.06 billion. Eversource Energy had a net margin of 12.84% and a return on equity of 9.03%. The business’s revenue for the quarter was down 2.5% on a year-over-year basis. During the same period in the previous year, the business earned $0.83 earnings per share. analysts predict that Eversource Energy will post 3.14 earnings per share for the current fiscal year.

In other Eversource Energy news, COO Werner J. Schweiger sold 10,098 shares of Eversource Energy stock in a transaction that occurred on Thursday, November 9th. The stock was sold at an average price of $64.68, for a total value of $653,138.64. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.53% of the company’s stock.

Several hedge funds and other institutional investors have recently modified their holdings of ES. Janus Henderson Group PLC raised its holdings in Eversource Energy by 142.0% during the third quarter. Janus Henderson Group PLC now owns 1,854,043 shares of the utilities provider’s stock worth $112,057,000 after purchasing an additional 1,087,774 shares in the last quarter. APG Asset Management N.V. raised its holdings in Eversource Energy by 72.3% during the third quarter. APG Asset Management N.V. now owns 2,556,503 shares of the utilities provider’s stock worth $154,515,000 after purchasing an additional 1,072,700 shares in the last quarter. Vanguard Group Inc. increased its holdings in shares of Eversource Energy by 2.4% in the second quarter. Vanguard Group Inc. now owns 33,055,292 shares of the utilities provider’s stock valued at $2,006,787,000 after buying an additional 781,327 shares in the last quarter. Bank of New York Mellon Corp increased its holdings in shares of Eversource Energy by 3.4% in the third quarter. Bank of New York Mellon Corp now owns 15,936,793 shares of the utilities provider’s stock valued at $963,220,000 after buying an additional 516,965 shares in the last quarter. Finally, Old Mutual Global Investors UK Ltd. increased its holdings in shares of Eversource Energy by 119.2% in the third quarter. Old Mutual Global Investors UK Ltd. now owns 865,074 shares of the utilities provider’s stock valued at $52,285,000 after buying an additional 470,491 shares in the last quarter. Institutional investors and hedge funds own 72.16% of the company’s stock.

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About Eversource Energy

Eversource Energy is a utility holding company engaged in the energy delivery business. The Company operates through three segments: electric distribution, electric transmission and natural gas distribution. The Company’s electric distribution segment consists of the distribution businesses, which are engaged in the distribution of electricity to retail customers in Connecticut, Massachusetts, and New Hampshire and the regulated electric generation businesses.

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