Gabelli Funds LLC Has $47.62 Million Stock Position in Eversource Energy (NYSE:ES)

Gabelli Funds LLC cut its stake in Eversource Energy (NYSE:ES) by 1.1% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 829,250 shares of the utilities provider’s stock after selling 9,500 shares during the period. Gabelli Funds LLC owned 0.23% of Eversource Energy worth $47,624,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors also recently modified their holdings of ES. Wellington Management Group LLP increased its position in Eversource Energy by 38.6% during the 4th quarter. Wellington Management Group LLP now owns 16,470,356 shares of the utilities provider’s stock worth $945,893,000 after buying an additional 4,585,232 shares during the period. Norges Bank acquired a new position in shares of Eversource Energy during the 4th quarter worth approximately $188,838,000. Amundi increased its holdings in shares of Eversource Energy by 32.2% during the fourth quarter. Amundi now owns 6,482,546 shares of the utilities provider’s stock worth $367,691,000 after purchasing an additional 1,579,818 shares during the period. Vanguard Group Inc. grew its position in Eversource Energy by 3.2% during the fourth quarter. Vanguard Group Inc. now owns 44,609,716 shares of the utilities provider’s stock worth $2,561,936,000 after buying an additional 1,387,072 shares in the last quarter. Finally, Magellan Asset Management Ltd raised its holdings in Eversource Energy by 15.9% in the 4th quarter. Magellan Asset Management Ltd now owns 6,474,477 shares of the utilities provider’s stock valued at $371,829,000 after acquiring an additional 890,514 shares in the last quarter. 79.99% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

Several analysts recently issued reports on the stock. Guggenheim reiterated a “buy” rating on shares of Eversource Energy in a research report on Monday, February 10th. Wells Fargo & Company reduced their price objective on Eversource Energy from $79.00 to $75.00 and set an “overweight” rating on the stock in a research note on Thursday, February 13th. Scotiabank reduced their price target on shares of Eversource Energy from $56.00 to $55.00 and set a “sector underperform” rating on the stock in a research note on Thursday, February 13th. Barclays cut their target price on shares of Eversource Energy from $72.00 to $69.00 and set an “equal weight” rating on the stock in a research report on Wednesday, January 22nd. Finally, JPMorgan Chase & Co. reissued an “underweight” rating and set a $58.00 price objective (down previously from $69.00) on shares of Eversource Energy in a report on Thursday, April 10th. Three equities research analysts have rated the stock with a sell rating, five have issued a hold rating and three have issued a buy rating to the company. According to data from MarketBeat.com, Eversource Energy has a consensus rating of “Hold” and a consensus price target of $65.78.

Eversource Energy Stock Performance

Shares of NYSE ES opened at $58.49 on Tuesday. The company has a current ratio of 0.76, a quick ratio of 0.76 and a debt-to-equity ratio of 1.71. The firm has a market capitalization of $21.47 billion, a price-to-earnings ratio of 25.32, a price-to-earnings-growth ratio of 2.35 and a beta of 0.58. Eversource Energy has a 12-month low of $52.28 and a 12-month high of $69.01. The firm has a 50 day moving average of $60.41 and a 200 day moving average of $60.74.

Eversource Energy (NYSE:ES) last announced its quarterly earnings data on Tuesday, February 11th. The utilities provider reported $1.01 EPS for the quarter, beating the consensus estimate of $1.00 by $0.01. Eversource Energy had a net margin of 6.82% and a return on equity of 10.99%. On average, research analysts anticipate that Eversource Energy will post 4.75 earnings per share for the current year.

Eversource Energy Increases Dividend

The firm also recently disclosed a quarterly dividend, which was paid on Monday, March 31st. Investors of record on Tuesday, March 4th were issued a dividend of $0.7525 per share. The ex-dividend date of this dividend was Tuesday, March 4th. This represents a $3.01 dividend on an annualized basis and a yield of 5.15%. This is a boost from Eversource Energy’s previous quarterly dividend of $0.72. Eversource Energy’s payout ratio is presently 130.30%.

Insiders Place Their Bets

In related news, insider Frederica M. Williams sold 3,092 shares of the business’s stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $62.26, for a total transaction of $192,507.92. Following the completion of the transaction, the insider now owns 22,671 shares in the company, valued at $1,411,496.46. The trade was a 12.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. Also, VP Jay S. Buth sold 980 shares of the business’s stock in a transaction on Friday, February 21st. The stock was sold at an average price of $62.99, for a total value of $61,730.20. Following the transaction, the vice president now owns 24,374 shares in the company, valued at approximately $1,535,318.26. This trade represents a 3.87 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.41% of the company’s stock.

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.