On August 18, 2023, it was reported that the Kentucky Retirement Systems Insurance Trust Fund has purchased a new stake in Eversource Energy (NYSE: ES). According to their recent Form 13F filing with the Securities and Exchange Commission, the fund acquired 12,394 shares of the utilities provider’s stock valued at approximately $970,000.
Eversource Energy, a public utility holding company, is primarily engaged in the energy delivery business. The company operates through four segments: Electric Distribution, Electric Transmission, Natural Gas Distribution, and Water Distribution. Their operations include transmission and distribution of electricity, ownership of solar power facilities, as well as distribution of natural gas.
In their last quarterly earnings report released on July 31st, Eversource Energy surpassed market expectations. The utilities provider reported an earnings per share (EPS) of $1.00 for the quarter, exceeding the consensus estimate of $0.91 by $0.09. The company generated revenue of $2.63 billion during this period compared to a consensus estimate of $2.94 billion.
Eversource Energy’s return on equity was recorded at 9.78% with a net margin of 9.28%. Furthermore, their quarterly revenue showed a positive growth rate of 2.2% compared to the same quarter in the previous year when they earned an EPS of $0.86.
Equities analysts are optimistic about Eversource Energy’s future performance and anticipate that it will post an EPS of 4.36 for the current year.
The acquisition by Kentucky Retirement Systems Insurance Trust Fund highlights investors’ confidence in Eversource Energy’s potential growth as a leading player in the energy sector. By strategically operating through various segments including electric distribution and transmission as well as natural gas and water distribution, Eversource Energy demonstrates its diversification across multiple areas within the industry.
With its solid financial performance and commitment to delivering energy services, Eversource Energy remains well-positioned to take advantage of future opportunities and provide sustainable solutions to meet the growing demand for reliable power sources.
Updated on: 05/12/2023
Debt to equity ratio: Strong Buy
Price to earnings ratio: Strong Buy
Price to book ratio: Strong Buy
DCF: Strong Buy
12:00 AM (UTC)
Date:04 December, 2023
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Analysis of Institutional Investors and Analyst Ratings on Eversource Energy’s Stock Performance
Eversource Energy, a well-known utilities provider, has recently caught the attention of several institutional investors and hedge funds. Healthcare of Ontario Pension Plan Trust Fund, for instance, purchased a new position in the company during the 1st quarter, with a value of approximately $1,257,000.
Another notable investor is Dimensional Fund Advisors LP, which saw its holdings in Eversource Energy grow by 16.3% during the same period. They now own 1,130,660 shares valued at $99,716,000 after buying an additional 158,844 shares in the last quarter. Vontobel Holding Ltd., on the other hand, boosted its holdings in the company by 8.5% during the 1st quarter. The firm now owns 7,816 shares of Eversource Energy’s stock worth $693,000.
Aside from these investors, Sei Investments Co. also increased its holdings in Eversource Energy by 1.5% during the 1st quarter and currently holds 153,081 shares worth $13,510,000. Finally, Allianz Asset Management GmbH significantly boosted its holdings in the company by a staggering 76.9%, acquiring an additional 57,995 shares to bring their total ownership to 133,385 shares worth $11,763, 000.
These institutional investors collectively own a substantial portion of Eversource Energy’s stock amounting to approximately 83.25% of the company’s overall ownership.
In terms of stock performance on Friday, August 18, 2023, Eversource Energy opened at $64.38. It is important to note that this figure sits within a range between their fifty-two week low and high prices which stand at $64.19 and $94.41 respectively.
The company currently has a debt-to-equity ratio of 1.40, which implies that they rely significantly on borrowed funds to support their operations. However, Eversource Energy also boasts a quick ratio of 0.57 and a current ratio of 0.64, indicating their ability to meet short-term obligations.
Moving averages are often used as indicators of stock performance over time. Eversource Energy’s 50-day simple moving average is $70.35, while the two-hundred day simple moving average is slightly higher at $74.39.
When considering the company’s market capitalization and valuation ratios, it becomes evident that Eversource Energy holds an impressive market cap of $22. 47 billion. Furthermore, the company has a price-to-earnings (P/E) ratio of 19.10, suggesting fair value relative to its earnings. The PEG (price/earnings growth) ratio stands at 2.60, which may indicate that there is potential for future growth in the company.
Various research reports have been published regarding Eversource Energy’s outlook and performance in the market. Citigroup recently decreased their target price on the stock from $86.00 to $80. Meanwhile, StockNews.com began coverage on Eversource Energy and set a “sell” rating for the company.
Morgan Stanley reaffirmed its “equal weight” rating on shares of Eversource Energy and established a target price of $81.00, while UBS Group reduced their price target from $81.00 to $75.
Lastly, Mizuho also reduced its price target from $79 to $73, resulting in mixed opinions from various analysts who monitor the stock’s performance. According to data from Bloomberg, Eversource Energy currently holds a consensus rating of “Hold” and an average price target of $82.73.
The analyses mentioned above provide investors with valuable information about the stock performance and market sentiment regarding Eversource Energy. As such, prospective investors should consider these reports when making decisions about buying, holding, or selling their shares in the company.