RWC Asset Management LLP Reduces Stock Position in Eversource Energy (NYSE:ES)

RWC Asset Management LLP reduced its holdings in shares of Eversource Energy (NYSE:ES) by 5.4% during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 355,364 shares of the utilities provider’s stock after selling 20,466 shares during the quarter. Eversource Energy comprises 1.3% of RWC Asset Management LLP’s investment portfolio, making the stock its 26th biggest position. RWC Asset Management LLP owned about 0.10% of Eversource Energy worth $21,933,000 as of its most recent SEC filing.

Other institutional investors also recently modified their holdings of the company. Victory Capital Management Inc. lifted its stake in Eversource Energy by 10.8% in the 3rd quarter. Victory Capital Management Inc. now owns 450,007 shares of the utilities provider’s stock worth $26,168,000 after purchasing an additional 43,720 shares in the last quarter. OLD Republic International Corp purchased a new stake in Eversource Energy in the 3rd quarter worth approximately $27,283,000. Cerity Partners LLC lifted its stake in Eversource Energy by 536.0% in the 4th quarter. Cerity Partners LLC now owns 118,243 shares of the utilities provider’s stock worth $7,298,000 after purchasing an additional 99,652 shares in the last quarter. abrdn plc lifted its stake in Eversource Energy by 21.3% in the 4th quarter. abrdn plc now owns 488,683 shares of the utilities provider’s stock worth $30,162,000 after purchasing an additional 85,756 shares in the last quarter. Finally, Zurcher Kantonalbank Zurich Cantonalbank lifted its stake in Eversource Energy by 3.0% in the 4th quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 443,444 shares of the utilities provider’s stock worth $27,369,000 after purchasing an additional 12,951 shares in the last quarter. 79.99% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling at Eversource Energy

In other Eversource Energy news, insider Linda Dorcena Forry sold 822 shares of the business’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $58.12, for a total value of $47,774.64. Following the transaction, the insider now owns 10,485 shares in the company, valued at $609,388.20. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, insider Frederica M. Williams sold 2,714 shares of the business’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $57.60, for a total transaction of $156,326.40. Following the transaction, the insider now owns 21,621 shares in the company, valued at $1,245,369.60. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, insider Linda Dorcena Forry sold 822 shares of the business’s stock in a transaction dated Friday, March 1st. The shares were sold at an average price of $58.12, for a total transaction of $47,774.64. Following the transaction, the insider now owns 10,485 shares in the company, valued at approximately $609,388.20. The disclosure for this sale can be found here. Corporate insiders own 0.41% of the company’s stock.

Eversource Energy Trading Down 1.8 %

NYSE:ES traded down $1.06 during trading hours on Friday, reaching $59.46. The company’s stock had a trading volume of 1,590,695 shares, compared to its average volume of 1,747,319. The firm has a market capitalization of $20.85 billion, a price-to-earnings ratio of -47.17, a PEG ratio of 3.22 and a beta of 0.58. The firm has a 50-day simple moving average of $58.94 and a 200-day simple moving average of $57.95. Eversource Energy has a 1 year low of $52.03 and a 1 year high of $78.64. The company has a debt-to-equity ratio of 1.66, a quick ratio of 0.59 and a current ratio of 0.67.

Eversource Energy (NYSE:ES) last issued its earnings results on Tuesday, February 13th. The utilities provider reported $0.95 EPS for the quarter, missing analysts’ consensus estimates of $0.97 by ($0.02). Eversource Energy had a positive return on equity of 9.92% and a negative net margin of 3.71%. The business had revenue of $2.69 billion during the quarter, compared to analysts’ expectations of $3 billion. During the same quarter in the previous year, the business earned $0.92 EPS. Eversource Energy’s revenue for the quarter was down 11.1% compared to the same quarter last year. Research analysts expect that Eversource Energy will post 4.51 EPS for the current fiscal year.

Eversource Energy Increases Dividend

The company also recently disclosed a quarterly dividend, which was paid on Friday, March 29th. Shareholders of record on Tuesday, March 5th were given a $0.715 dividend. This is a boost from Eversource Energy’s previous quarterly dividend of $0.68. The ex-dividend date was Monday, March 4th. This represents a $2.86 dividend on an annualized basis and a dividend yield of 4.81%. Eversource Energy’s payout ratio is presently -226.98%.

Wall Street Analyst Weigh In

Several research firms have issued reports on ES. Wells Fargo & Company increased their target price on shares of Eversource Energy from $67.00 to $69.00 and gave the stock an “overweight” rating in a research note on Tuesday, January 9th. Barclays lowered their price objective on shares of Eversource Energy from $66.00 to $61.00 and set an “equal weight” rating on the stock in a research report on Monday, January 22nd. Citigroup raised their price objective on shares of Eversource Energy from $58.00 to $62.00 and gave the company a “neutral” rating in a research report on Thursday, February 15th. StockNews.com upgraded shares of Eversource Energy to a “sell” rating in a research report on Thursday, March 28th. Finally, Guggenheim upgraded shares of Eversource Energy from a “neutral” rating to a “buy” rating and raised their price objective for the company from $60.00 to $72.00 in a research report on Monday, January 22nd. One analyst has rated the stock with a sell rating, seven have given a hold rating and six have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Hold” and a consensus target price of $65.85.

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.