Scotiabank Lowers Eversource Energy (NYSE:ES) Price Target to $57.00

Eversource Energy (NYSE:ES) had its price objective reduced by analysts at Scotiabank from $61.00 to $57.00 in a report released on Monday, Benzinga reports. The firm currently has a “sector perform” rating on the utilities provider’s stock. Scotiabank’s target price would indicate a potential downside of 5.54% from the stock’s current price.

Other analysts have also recently issued reports about the company. UBS Group upgraded Eversource Energy from a “neutral” rating to a “buy” rating and increased their price objective for the company from $62.00 to $67.00 in a research note on Thursday, April 4th. Citigroup lifted their price objective on Eversource Energy from $58.00 to $62.00 and gave the company a “neutral” rating in a research note on Thursday, February 15th. Wells Fargo & Company upped their target price on shares of Eversource Energy from $67.00 to $69.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 9th. Mizuho upgraded shares of Eversource Energy from a “neutral” rating to a “buy” rating and lifted their price target for the stock from $54.00 to $62.00 in a research note on Thursday, February 15th. Finally, BMO Capital Markets increased their price objective on shares of Eversource Energy from $63.00 to $64.00 and gave the company a “market perform” rating in a research report on Thursday, February 15th. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and six have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Eversource Energy currently has a consensus rating of “Hold” and an average target price of $65.85.

Eversource Energy Stock Performance

Shares of Eversource Energy stock opened at $60.34 on Monday. The stock has a market capitalization of $21.16 billion, a price-to-earnings ratio of -47.89, a price-to-earnings-growth ratio of 3.17 and a beta of 0.58. 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 moving average of $58.81 and a 200 day moving average of $57.90. Eversource Energy has a 12 month low of $52.03 and a 12 month high of $79.92.

Eversource Energy (NYSE:ES) last posted its quarterly earnings data on Tuesday, February 13th. The utilities provider reported $0.95 EPS for the quarter, missing the consensus estimate of $0.97 by ($0.02). Eversource Energy had a negative net margin of 3.71% and a positive return on equity of 9.92%. The business had revenue of $2.69 billion during the quarter, compared to analysts’ expectations of $3 billion. During the same period in the previous year, the business posted $0.92 EPS. The company’s revenue for the quarter was down 11.1% compared to the same quarter last year. As a group, sell-side analysts forecast that Eversource Energy will post 4.52 earnings per share for the current year.

Insider Activity at Eversource Energy

In other Eversource Energy news, insider Frederica M. Williams sold 2,714 shares of Eversource Energy stock in a transaction that occurred 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 transaction, the insider now owns 21,621 shares of the company’s stock, valued at $1,245,369.60. The transaction was disclosed in a filing with the SEC, which is available at this link. In other Eversource Energy news, insider Frederica M. Williams sold 2,714 shares of Eversource Energy stock in a transaction on Monday, February 26th. The shares were 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 in the company, valued at $1,245,369.60. The transaction was disclosed in a document filed with the SEC, which is available at the SEC website. Also, insider Linda Dorcena Forry sold 822 shares of the company’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 completion of the sale, the insider now directly owns 10,485 shares of the company’s stock, valued at $609,388.20. The disclosure for this sale can be found here. Insiders own 0.29% of the company’s stock.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently modified their holdings of the stock. Czech National Bank increased its stake in shares of Eversource Energy by 0.3% during the fourth quarter. Czech National Bank now owns 61,182 shares of the utilities provider’s stock worth $3,776,000 after acquiring an additional 168 shares during the period. Salem Investment Counselors Inc. increased its position in Eversource Energy by 49.7% during the 1st quarter. Salem Investment Counselors Inc. now owns 545 shares of the utilities provider’s stock worth $33,000 after purchasing an additional 181 shares during the period. Pinion Investment Advisors LLC increased its position in Eversource Energy by 4.1% during the 3rd quarter. Pinion Investment Advisors LLC now owns 4,955 shares of the utilities provider’s stock worth $288,000 after purchasing an additional 197 shares during the period. Presima Securities ULC lifted its holdings in shares of Eversource Energy by 1.5% in the 4th quarter. Presima Securities ULC now owns 13,730 shares of the utilities provider’s stock valued at $847,000 after buying an additional 200 shares during the period. Finally, Versant Capital Management Inc lifted its holdings in shares of Eversource Energy by 62.6% in the 1st quarter. Versant Capital Management Inc now owns 522 shares of the utilities provider’s stock valued at $31,000 after buying an additional 201 shares during the period. 79.99% of the stock is currently owned by hedge funds and other institutional investors.

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.