Morgan Stanley cut shares of Eversource Energy (NYSE:ES) from an overweight rating to an equal weight rating in a research note issued to investors on Tuesday, February 13th, MarketBeat.com reports. The brokerage currently has $63.00 price target on the utilities provider’s stock.
ES has been the topic of several other reports. Zacks Investment Research raised Eversource Energy from a hold rating to a buy rating and set a $71.00 price objective on the stock in a research note on Tuesday, January 2nd. Credit Suisse Group lowered Eversource Energy from a neutral rating to an underperform rating and reduced their price objective for the company from $63.00 to $59.00 in a research note on Tuesday, January 23rd. They noted that the move was a valuation call. 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 note on Monday, October 23rd. Citigroup downgraded Eversource Energy from a neutral rating to a sell rating in a research report on Friday, February 2nd. Finally, Bank of America began coverage on Eversource Energy in a research report on Tuesday, October 24th. They issued an underperform rating and a $62.00 target price for the company. Three analysts have rated the stock with a sell rating, eight have issued a hold rating and two have assigned a buy rating to the company. The stock currently has a consensus rating of Hold and an average target price of $63.63.
Eversource Energy (NYSE:ES) traded up $0.45 during trading hours on Tuesday, reaching $57.81. The company had a trading volume of 1,279,544 shares, compared to its average volume of 2,904,727. The firm has a market capitalization of $18,433.25, a price-to-earnings ratio of 18.73, a PEG ratio of 2.92 and a beta of 0.27. The company has a quick ratio of 0.80, a current ratio of 0.92 and a debt-to-equity ratio of 0.95. Eversource Energy has a fifty-two week low of $55.93 and a fifty-two week high of $66.15.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, March 30th. Stockholders of record on Tuesday, March 6th will be given a dividend of $0.505 per share. This represents a $2.02 dividend on an annualized basis and a dividend yield of 3.49%. This is an increase from Eversource Energy’s previous quarterly dividend of $0.48. The ex-dividend date is Monday, March 5th. Eversource Energy’s dividend payout ratio (DPR) is 61.69%.
Several institutional investors and hedge funds have recently modified their holdings of the company. Sumitomo Mitsui Trust Holdings Inc. grew its stake in Eversource Energy by 1.2% during the third quarter. Sumitomo Mitsui Trust Holdings Inc. now owns 911,755 shares of the utilities provider’s stock worth $55,106,000 after purchasing an additional 10,934 shares during the period. Troy Asset Management Ltd grew its stake in Eversource Energy by 14.4% during the third quarter. Troy Asset Management Ltd now owns 55,500 shares of the utilities provider’s stock worth $3,354,000 after purchasing an additional 7,000 shares during the period. Toronto Dominion Bank grew its stake in Eversource Energy by 25.5% during the second quarter. Toronto Dominion Bank now owns 107,349 shares of the utilities provider’s stock worth $6,516,000 after purchasing an additional 21,833 shares during the period. Commerce Bank grew its stake in Eversource Energy by 1.2% during the third quarter. Commerce Bank now owns 346,419 shares of the utilities provider’s stock worth $20,938,000 after purchasing an additional 4,160 shares during the period. Finally, FDO Partners LLC acquired a new stake in Eversource Energy during the third quarter worth approximately $3,767,000. Institutional investors own 70.67% 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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