M&G PLC Trims Stake in Eversource Energy $ES

M&G PLC lessened its position in Eversource Energy (NYSE:ES) by 19.8% in the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 1,063,244 shares of the utilities provider’s stock after selling 262,154 shares during the quarter. M&G PLC’s holdings in Eversource Energy were worth $68,048,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Trust Co. of Toledo NA OH purchased a new stake in shares of Eversource Energy in the 2nd quarter worth about $28,000. Hilltop National Bank purchased a new stake in Eversource Energy in the second quarter worth about $32,000. True Wealth Design LLC increased its stake in shares of Eversource Energy by 540.0% during the second quarter. True Wealth Design LLC now owns 608 shares of the utilities provider’s stock valued at $39,000 after purchasing an additional 513 shares in the last quarter. Zions Bancorporation National Association UT purchased a new position in shares of Eversource Energy during the first quarter valued at approximately $46,000. Finally, Bogart Wealth LLC boosted its position in shares of Eversource Energy by 100.9% in the 2nd quarter. Bogart Wealth LLC now owns 928 shares of the utilities provider’s stock worth $59,000 after purchasing an additional 466 shares in the last quarter. 79.99% of the stock is currently owned by institutional investors.

Insider Activity

In related news, insider Loretta D. Keane bought 3,780 shares of the stock in a transaction dated Friday, August 22nd. The shares were purchased at an average price of $66.07 per share, with a total value of $249,744.60. Following the completion of the acquisition, the insider owned 12,033 shares of the company’s stock, valued at $795,020.31. This represents a 45.80% increase in their ownership of the stock. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP James W. Hunt III sold 4,129 shares of the business’s stock in a transaction on Friday, November 7th. The stock was sold at an average price of $72.77, for a total transaction of $300,467.33. Following the completion of the sale, the executive vice president owned 32,415 shares in the company, valued at approximately $2,358,839.55. The trade was a 11.30% decrease in their position. The SEC filing for this sale provides additional information. 0.19% of the stock is owned by insiders.

Eversource Energy Stock Up 1.1%

Eversource Energy stock opened at $73.27 on Wednesday. The stock has a fifty day moving average of $70.17 and a 200 day moving average of $66.31. The stock has a market cap of $27.49 billion, a PE ratio of 20.07, a price-to-earnings-growth ratio of 2.60 and a beta of 0.69. Eversource Energy has a one year low of $52.28 and a one year high of $75.25. The company has a debt-to-equity ratio of 1.68, a quick ratio of 0.64 and a current ratio of 0.71.

Eversource Energy (NYSE:ES) last posted its quarterly earnings data on Tuesday, November 4th. The utilities provider reported $1.19 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.12 by $0.07. The company had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.28 billion. Eversource Energy had a net margin of 10.22% and a return on equity of 11.06%. The firm’s revenue was up 5.2% compared to the same quarter last year. During the same quarter last year, the firm posted $1.13 earnings per share. As a group, sell-side analysts predict that Eversource Energy will post 4.75 EPS for the current year.

Eversource Energy Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Monday, September 22nd were issued a dividend of $0.7525 per share. The ex-dividend date of this dividend was Monday, September 22nd. This represents a $3.01 dividend on an annualized basis and a yield of 4.1%. Eversource Energy’s dividend payout ratio (DPR) is currently 82.47%.

Analyst Upgrades and Downgrades

ES has been the topic of several analyst reports. Weiss Ratings reissued a “hold (c+)” rating on shares of Eversource Energy in a report on Friday, October 31st. Scotiabank lifted their target price on shares of Eversource Energy from $55.00 to $64.00 and gave the stock a “sector underperform” rating in a report on Wednesday, November 5th. TD Cowen started coverage on shares of Eversource Energy in a research note on Thursday, October 16th. They issued a “hold” rating and a $76.00 target price on the stock. Jefferies Financial Group upped their price objective on Eversource Energy from $54.00 to $60.00 and gave the company an “underperform” rating in a research report on Wednesday, October 22nd. Finally, Bank of America upgraded Eversource Energy from a “neutral” rating to a “buy” rating and boosted their price target for the stock from $73.00 to $85.00 in a research note on Tuesday, October 21st. Four equities research analysts have rated the stock with a Buy rating, six have issued a Hold rating and three have issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of “Hold” and an average price target of $72.70.

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.