Oppenheimer & Co. Inc. has taken a new stake in Eversource Energy (NYSE: ES), acquiring 7,296 shares valued at approximately $519,000. This investment was disclosed in the firm’s latest 13F filing with the Securities and Exchange Commission (SEC) for the third quarter of 2023. The move highlights growing interest from institutional investors in the utilities sector, as several hedge funds have also adjusted their positions in Eversource Energy.
In addition to Oppenheimer, Root Financial Partners LLC entered the market with a new position valued at around $26,000. Other notable acquisitions include Harel Insurance Investments & Financial Services Ltd., which obtained shares worth approximately $27,000, and Neo Ivy Capital Management, which invested $26,000 in the second quarter. Elevation Point Wealth Partners LLC and Migdal Insurance & Financial Holdings Ltd. also acquired stakes in Eversource Energy, with investments of $31,000 and $36,000, respectively. Overall, institutional and hedge fund investors now hold 79.99% of the company’s stock.
Analysts Adjust Price Targets
Equity analysts have been actively reviewing Eversource Energy’s stock, with many adjusting their price targets. Mizuho raised its price objective from $69.00 to $75.00 while assigning a “neutral” rating. Similarly, BMO Capital Markets increased its target from $75.00 to $79.00, maintaining a “market perform” rating.
On the other hand, UBS Group lowered its price target from $78.00 to $73.00, also noting a “neutral” rating. Wells Fargo & Company upgraded its stance from “equal weight” to “overweight,” increasing the target price from $71.00 to $78.00. Meanwhile, JPMorgan Chase & Co. reduced its target from $72.00 to $71.00, rating the stock as “underweight.”
Currently, three investment analysts recommend a Buy rating, five suggest Hold, and three advise Sell, leading to a consensus rating of “Hold” with an average price target of $73.90 according to MarketBeat.com.
Eversource Energy’s Financial Performance
As of the latest trading session, Eversource Energy shares opened at $73.00, reflecting a slight decline of 0.5%. The company maintains a current ratio of 0.71, a quick ratio of 0.64, and a debt-to-equity ratio of 1.68. Its 50-day and 200-day moving averages stand at $68.68 and $68.58, respectively. Over the past twelve months, the stock has fluctuated between a low of $52.28 and a high of $75.25. Eversource Energy currently boasts a market capitalization of $27.39 billion, a P/E ratio of 15.97, a PEG ratio of 3.16, and a beta of 0.77.
The company recently released its quarterly earnings report, revealing earnings per share (EPS) of $1.12, exceeding analysts’ expectations of $1.10. Eversource reported revenues of $3.37 billion for the quarter, substantially higher than the consensus estimate of $2.94 billion. This represents a year-over-year revenue increase of 13.4%, with a net margin of 12.49% and return on equity of 11.27%. For the full fiscal year 2026, Eversource has set its EPS guidance between $4.800 and $4.950.
In a positive development for shareholders, Eversource Energy announced an increase in its quarterly dividend, which is set to be paid on March 31, 2024. Shareholders of record as of March 5, 2024, will receive a dividend of $0.7875 per share, up from the previous $0.75. This adjustment translates to an annualized dividend of $3.15 and a yield of 4.3%, with a dividend payout ratio currently at 65.86%.
About Eversource Energy
Eversource Energy, headquartered in Hartford, Connecticut, is a publicly traded, regulated energy company. Its primary operations focus on the delivery and transmission of electricity and natural gas to residential, commercial, and industrial customers throughout parts of New England. The company manages extensive transmission and distribution networks, oversees electrical infrastructure, addresses outages, and operates natural gas pipelines in the regions it serves, primarily Connecticut, Massachusetts, and New Hampshire.
For those interested in the latest trends regarding Eversource Energy, additional information can be found through various financial news platforms and market analysis tools.
