W.H. Cornerstone Investments Inc. Reduces Holdings in Eversource Energy (NYSE:ES)

W.H. Cornerstone Investments Inc. reduced its stake in Eversource Energy (NYSE:ES) by 26.9% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 10,539 shares of the utilities provider’s stock after selling 3,879 shares during the period. W.H. Cornerstone Investments Inc.’s holdings in Eversource Energy were worth $650,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently bought and sold shares of ES. Connecticut Wealth Management LLC increased its stake in shares of Eversource Energy by 19.5% in the fourth quarter. Connecticut Wealth Management LLC now owns 6,506 shares of the utilities provider’s stock worth $402,000 after buying an additional 1,062 shares during the period. AJOVista LLC bought a new position in shares of Eversource Energy during the fourth quarter valued at about $216,000. Axxcess Wealth Management LLC purchased a new stake in shares of Eversource Energy during the fourth quarter worth about $275,000. Los Angeles Capital Management LLC grew its stake in shares of Eversource Energy by 51.0% in the fourth quarter. Los Angeles Capital Management LLC now owns 182,844 shares of the utilities provider’s stock worth $11,285,000 after purchasing an additional 61,732 shares during the last quarter. Finally, Natixis Advisors L.P. increased its holdings in Eversource Energy by 66.9% during the 4th quarter. Natixis Advisors L.P. now owns 287,058 shares of the utilities provider’s stock valued at $17,717,000 after purchasing an additional 115,041 shares during the period. Institutional investors own 79.99% of the company’s stock.

Eversource Energy Stock Down 1.2 %

Shares of Eversource Energy stock traded down $0.74 during midday trading on Friday, hitting $60.01. The company had a trading volume of 3,447,870 shares, compared to its average volume of 2,016,408. The company has a 50 day moving average of $59.17 and a 200 day moving average of $58.14. The stock has a market capitalization of $21.05 billion, a P/E ratio of -50.86, a P/E/G ratio of 3.21 and a beta of 0.57. Eversource Energy has a 52-week low of $52.03 and a 52-week high of $77.97. The company has a debt-to-equity ratio of 1.66, a quick ratio of 0.59 and a current ratio of 0.67.

Eversource Energy (NYSE:ES) last released its earnings results on Wednesday, May 1st. The utilities provider reported $1.49 EPS for the quarter, topping analysts’ consensus estimates of $1.45 by $0.04. The firm had revenue of $3.33 billion for the quarter, compared to analysts’ expectations of $3.69 billion. Eversource Energy had a positive return on equity of 10.22% and a negative net margin of 3.60%. The company’s quarterly revenue was down 12.2% on a year-over-year basis. During the same period in the prior year, the firm posted $1.41 earnings per share. On average, equities analysts predict that Eversource Energy will post 4.49 earnings per share for the current fiscal year.

Eversource Energy Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Friday, June 28th. Shareholders of record on Thursday, May 16th will be issued a $0.715 dividend. 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 dividend payout ratio (DPR) is presently -242.37%.

Insider Transactions at Eversource Energy

In related news, insider Frederica M. Williams sold 2,714 shares of the company’s stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $57.60, for a total value of $156,326.40. Following the transaction, the insider now directly owns 21,621 shares of the company’s stock, valued at approximately $1,245,369.60. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. In other news, insider Linda Dorcena Forry sold 822 shares of the firm’s 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 sale, the insider now owns 10,485 shares of the company’s stock, valued at approximately $609,388.20. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, insider Frederica M. Williams sold 2,714 shares of the business’s stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $57.60, for a total transaction of $156,326.40. Following the transaction, the insider now directly owns 21,621 shares of the company’s stock, valued at $1,245,369.60. The disclosure for this sale can be found here. Insiders own 0.41% of the company’s stock.

Wall Street Analysts Forecast Growth

ES has been the subject of a number of recent analyst reports. StockNews.com upgraded Eversource Energy to a “sell” rating in a report on Thursday, March 28th. UBS Group raised shares of Eversource Energy from a “neutral” rating to a “buy” rating and raised their target price for the stock from $62.00 to $67.00 in a research report on Thursday, April 4th. Guggenheim upgraded shares of Eversource Energy from a “neutral” rating to a “buy” rating and boosted their price target for the company from $60.00 to $72.00 in a research report on Monday, January 22nd. Wells Fargo & Company raised their price objective on shares of Eversource Energy from $69.00 to $72.00 and gave the stock an “overweight” rating in a report on Friday. Finally, Mizuho raised Eversource Energy from a “neutral” rating to a “buy” rating and lifted their price objective for the company from $54.00 to $62.00 in a research report on Thursday, February 15th. One analyst has rated the stock with a sell rating, seven have assigned a hold rating and six have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Eversource Energy currently has an average rating of “Hold” and an average target price of $66.23.

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.