Eversource Energy (NYSE:ES) Shares Gap Down – Time to Sell?

Eversource Energy (NYSE:ES) shares gapped down prior to trading on Wednesday . The stock had previously closed at $74.54, but opened at $70.41. Eversource Energy shares last traded at $67.7420, with a volume of 2,050,863 shares trading hands.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. TD Cowen assumed coverage on Eversource Energy in a report on Thursday, October 16th. They set a “hold” rating and a $76.00 price objective on the stock. Wells Fargo & Company started coverage on shares of Eversource Energy in a research report on Tuesday, October 28th. They set an “overweight” rating and a $79.00 price target for the company. Scotiabank lifted their price target on shares of Eversource Energy from $55.00 to $64.00 and gave the stock a “sector underperform” rating in a research note on Wednesday, November 5th. Jefferies Financial Group upped their price target on shares of Eversource Energy from $54.00 to $60.00 and gave the company an “underperform” rating in a report on Wednesday, October 22nd. Finally, Mizuho raised their price objective on shares of Eversource Energy from $72.00 to $81.00 and gave the stock an “outperform” rating in a report on Monday, October 27th. Four 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 stock. Based on data from MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $72.70.

Eversource Energy Trading Down 9.3%

The company has a debt-to-equity ratio of 1.68, a current ratio of 0.71 and a quick ratio of 0.64. The business’s fifty day simple moving average is $71.21 and its 200 day simple moving average is $66.82. The stock has a market cap of $25.38 billion, a price-to-earnings ratio of 18.47, a P/E/G ratio of 2.66 and a beta of 0.69.

Eversource Energy (NYSE:ES) last posted its quarterly earnings results 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. Eversource Energy had a net margin of 10.22% and a return on equity of 11.06%. The company had revenue of $3.22 billion for the quarter, compared to the consensus estimate of $3.28 billion. During the same period last year, the firm posted $1.13 EPS. The company’s revenue for the quarter was up 5.2% on a year-over-year basis. On average, research analysts predict that Eversource Energy will post 4.75 EPS for the current year.

Eversource Energy Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Monday, September 22nd were issued a $0.7525 dividend. 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 4.5%. Eversource Energy’s dividend payout ratio (DPR) is currently 82.47%.

Insider Buying and Selling

In related news, insider Loretta D. Keane bought 3,780 shares of the stock in a transaction dated Friday, August 22nd. The stock was bought at an average cost 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 trade represents a 45.80% increase in their ownership of the stock. The purchase was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP James W. Hunt III sold 4,129 shares of the stock in a transaction that occurred on Friday, November 7th. The stock was sold at an average price of $72.77, for a total value of $300,467.33. Following the sale, the executive vice president owned 32,415 shares in the company, valued at $2,358,839.55. The trade was a 11.30% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.19% of the company’s stock.

Institutional Investors Weigh In On Eversource Energy

A number of hedge funds have recently added to or reduced their stakes in the stock. Neo Ivy Capital Management bought a new position in shares of Eversource Energy during the second quarter worth about $26,000. Root Financial Partners LLC acquired a new position in Eversource Energy during the 3rd quarter valued at about $26,000. Harel Insurance Investments & Financial Services Ltd. bought a new position in Eversource Energy in the 3rd quarter worth about $27,000. Trust Co. of Toledo NA OH acquired a new stake in shares of Eversource Energy in the second quarter valued at approximately $28,000. Finally, Elevation Point Wealth Partners LLC acquired a new stake in shares of Eversource Energy in the second quarter valued at approximately $31,000. 79.99% of the stock is currently owned by 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.