Tocqueville Asset Management L.P. Trims Stock Position in Eversource Energy (NYSE:ES)

Tocqueville Asset Management L.P. lessened its holdings in Eversource Energy (NYSE:ES) by 3.2% during the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 19,785 shares of the utilities provider’s stock after selling 650 shares during the period. Tocqueville Asset Management L.P.’s holdings in Eversource Energy were worth $1,183,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently modified their holdings of the business. Charles Schwab Investment Management Inc. lifted its holdings in shares of Eversource Energy by 4.8% in the fourth quarter. Charles Schwab Investment Management Inc. now owns 7,650,143 shares of the utilities provider’s stock valued at $448,567,000 after purchasing an additional 353,171 shares in the last quarter. Magellan Asset Management Ltd lifted its holdings in shares of Eversource Energy by 5.4% in the fourth quarter. Magellan Asset Management Ltd now owns 3,067,091 shares of the utilities provider’s stock valued at $189,301,000 after purchasing an additional 156,534 shares in the last quarter. Norges Bank purchased a new stake in shares of Eversource Energy in the fourth quarter valued at about $149,906,000. Hsbc Holdings PLC lifted its holdings in shares of Eversource Energy by 25.1% in the fourth quarter. Hsbc Holdings PLC now owns 1,608,603 shares of the utilities provider’s stock valued at $99,129,000 after purchasing an additional 322,470 shares in the last quarter. Finally, M&G Investment Management Ltd. lifted its holdings in shares of Eversource Energy by 20.7% in the fourth quarter. M&G Investment Management Ltd. now owns 1,429,837 shares of the utilities provider’s stock valued at $88,650,000 after purchasing an additional 244,731 shares in the last quarter. Hedge funds and other institutional investors own 79.99% of the company’s stock.

Analysts Set New Price Targets

Several analysts have issued reports on the stock. Scotiabank reduced their price target on shares of Eversource Energy from $61.00 to $57.00 and set a “sector perform” rating on the stock in a report on Monday, April 22nd. Argus reduced their price objective on shares of Eversource Energy from $85.00 to $68.00 and set a “buy” rating on the stock in a research note on Monday, March 25th. Wells Fargo & Company upped their price objective on shares of Eversource Energy from $69.00 to $72.00 and gave the company an “overweight” rating in a research note on Friday, May 3rd. The Goldman Sachs Group initiated coverage on shares of Eversource Energy in a research note on Wednesday, April 10th. They set a “buy” rating and a $73.00 price objective on the stock. Finally, Bank of America raised shares of Eversource Energy from an “underperform” rating to a “neutral” rating and set a $61.00 price objective on the stock in a research note on Tuesday, June 25th. Nine investment analysts have rated the stock with a hold rating and six have given a buy rating to the company’s stock. According to data from MarketBeat, the stock presently has an average rating of “Hold” and a consensus target price of $65.86.

Eversource Energy Trading Down 0.5 %

Shares of Eversource Energy stock traded down $0.29 during trading hours on Friday, hitting $61.10. The company’s stock had a trading volume of 1,696,087 shares, compared to its average volume of 1,880,098. Eversource Energy has a 1-year low of $52.03 and a 1-year high of $74.81. The business has a fifty day moving average of $58.76 and a 200 day moving average of $58.40. The company has a market capitalization of $21.52 billion, a PE ratio of -51.78, a P/E/G ratio of 2.35 and a beta of 0.59. The company has a quick ratio of 0.68, a current ratio of 0.77 and a debt-to-equity ratio of 1.71.

Eversource Energy (NYSE:ES) last released its quarterly earnings data on Wednesday, May 1st. The utilities provider reported $1.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.45 by $0.04. Eversource Energy had a negative net margin of 3.60% and a positive return on equity of 10.32%. The company had revenue of $3.33 billion during the quarter, compared to analyst estimates of $3.69 billion. During the same quarter in the prior year, the business earned $1.41 earnings per share. The business’s quarterly revenue was down 12.2% compared to the same quarter last year. As a group, equities analysts forecast that Eversource Energy will post 4.55 EPS for the current year.

Eversource Energy Announces Dividend

The company also recently declared a quarterly dividend, which was paid on Friday, June 28th. Investors of record on Thursday, May 16th were issued a dividend of $0.715 per share. This represents a $2.86 dividend on an annualized basis and a yield of 4.68%. The ex-dividend date of this dividend was Wednesday, May 15th. Eversource Energy’s payout ratio is -242.37%.

Insider Activity at Eversource Energy

In related news, EVP Penelope M. Conner sold 2,700 shares of the firm’s stock in a transaction on Friday, May 31st. The shares were sold at an average price of $58.75, for a total transaction of $158,625.00. Following the completion of the sale, the executive vice president now directly owns 10,272 shares of the company’s stock, valued at approximately $603,480. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In related news, VP Gregory B. Butler sold 10,000 shares of the firm’s stock in a transaction on Wednesday, May 29th. The shares were sold at an average price of $56.20, for a total transaction of $562,000.00. Following the completion of the sale, the vice president now directly owns 63,808 shares of the company’s stock, valued at approximately $3,586,009.60. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Penelope M. Conner sold 2,700 shares of the firm’s stock in a transaction on Friday, May 31st. The stock was sold at an average price of $58.75, for a total transaction of $158,625.00. Following the transaction, the executive vice president now directly owns 10,272 shares of the company’s stock, valued at $603,480. The disclosure for this sale can be found here. Company insiders own 0.41% of the company’s stock.

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.