Greenland Capital Management LP Makes New $3.60 Million Investment in Eversource Energy $ES

Greenland Capital Management LP purchased a new position in Eversource Energy (NYSE:ES) during the 2nd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor purchased 56,653 shares of the utilities provider’s stock, valued at approximately $3,604,000.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Trust Co. of Toledo NA OH bought a new stake in shares of Eversource Energy during the 2nd quarter valued at about $28,000. Hilltop National Bank purchased a new position in Eversource Energy in the 2nd quarter worth approximately $32,000. True Wealth Design LLC increased its holdings in shares of Eversource Energy by 540.0% in the 2nd quarter. True Wealth Design LLC now owns 608 shares of the utilities provider’s stock worth $39,000 after buying an additional 513 shares during the last quarter. Zions Bancorporation National Association UT purchased a new stake in shares of Eversource Energy during the 1st quarter valued at $46,000. Finally, Bogart Wealth LLC lifted its holdings in shares of Eversource Energy by 100.9% during the 2nd quarter. Bogart Wealth LLC now owns 928 shares of the utilities provider’s stock worth $59,000 after acquiring an additional 466 shares during the last quarter. 79.99% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of research firms have weighed in on ES. TD Cowen began coverage on Eversource Energy in a research report on Thursday, October 16th. They set a “hold” rating and a $76.00 price target on the stock. Scotiabank increased their price objective on Eversource Energy from $55.00 to $64.00 and gave the company a “sector underperform” rating in a research report on Wednesday, November 5th. Weiss Ratings restated a “hold (c+)” rating on shares of Eversource Energy in a research report on Friday, October 31st. Janney Montgomery Scott reaffirmed a “neutral” rating on shares of Eversource Energy in a research note on Monday, October 13th. Finally, Wells Fargo & Company initiated coverage on shares of Eversource Energy in a research note on Tuesday, October 28th. They set an “overweight” rating and a $79.00 price target on the stock. Four equities research analysts have rated the stock with a Buy rating, six have given a Hold rating and three have given a Sell rating to the company’s stock. According to data from MarketBeat, Eversource Energy presently has a consensus rating of “Hold” and a consensus target price of $72.70.

Insider Activity

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

Eversource Energy Stock Performance

Shares of ES stock opened at $74.56 on Wednesday. The company has a market capitalization of $27.97 billion, a P/E ratio of 20.43, a PEG ratio of 2.66 and a beta of 0.69. Eversource Energy has a fifty-two week low of $52.28 and a fifty-two week 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. The stock has a 50 day moving average price of $71.21 and a two-hundred day moving average price of $66.82.

Eversource Energy (NYSE:ES) last issued its earnings results on Tuesday, November 4th. The utilities provider reported $1.19 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.12 by $0.07. Eversource Energy had a net margin of 10.22% and a return on equity of 11.06%. The firm had revenue of $3.22 billion for the quarter, compared to analysts’ expectations of $3.28 billion. During the same quarter last year, the business earned $1.13 earnings per share. The business’s revenue was up 5.2% on a year-over-year basis. Analysts expect that Eversource Energy will post 4.75 earnings per share for the current year.

Eversource Energy Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Monday, September 22nd were issued a dividend of $0.7525 per share. This represents a $3.01 dividend on an annualized basis and a dividend yield of 4.0%. The ex-dividend date was Monday, September 22nd. Eversource Energy’s dividend payout ratio is currently 82.47%.

Eversource Energy Profile

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.