Eversource Energy (NYSE:ES) Sees Significant Decline in Short Interest

Eversource Energy (NYSE:ES) was the recipient of a large drop in short interest in July. As of July 15th, there was short interest totalling 4,550,000 shares, a drop of 7.5% from the June 30th total of 4,920,000 shares. Based on an average trading volume of 1,970,000 shares, the days-to-cover ratio is presently 2.3 days.

Analyst Ratings Changes

A number of analysts recently commented on ES shares. StockNews.com cut shares of Eversource Energy from a “hold” rating to a “sell” rating in a research report on Saturday, July 27th. Wells Fargo & Company raised their price target on Eversource Energy from $69.00 to $72.00 and gave the stock an “overweight” rating in a research report on Friday, May 3rd. BMO Capital Markets increased their target price on Eversource Energy from $65.00 to $66.00 and gave the stock a “market perform” rating in a research note on Friday, May 3rd. Scotiabank cut 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 research note on Monday, April 22nd. Finally, Morgan Stanley lowered their price objective on shares of Eversource Energy from $70.00 to $67.00 and set an “equal weight” rating for the company in a research report on Monday, June 24th. One analyst has rated the stock with a sell rating, eight have given a hold rating and six have assigned a buy rating to the company. Based on data from MarketBeat, the company presently has an average rating of “Hold” and a consensus price target of $66.43.

Insider Buying and Selling at Eversource Energy

In related news, VP Gregory B. Butler sold 10,000 shares of the business’s stock in a transaction that occurred on Wednesday, May 29th. The shares were sold at an average price of $56.20, for a total value of $562,000.00. Following the completion of the transaction, the vice president now owns 63,808 shares in the company, valued at approximately $3,586,009.60. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. In related news, EVP Penelope M. Conner sold 2,700 shares of the business’s stock in a transaction that occurred 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 $603,480. The transaction was disclosed in a legal filing with the SEC, which is available at this link. Also, VP Gregory B. Butler sold 10,000 shares of the stock in a transaction that occurred 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 transaction, the vice president now owns 63,808 shares in the company, valued at $3,586,009.60. The disclosure for this sale can be found here. Corporate insiders own 0.41% of the company’s stock.

Institutional Trading of Eversource Energy

Large investors have recently made changes to their positions in the company. ClearBridge Investments Ltd acquired a new position in Eversource Energy during the first quarter worth about $156,093,000. Norges Bank bought a new position in Eversource Energy in the 4th quarter valued at approximately $149,906,000. Zimmer Partners LP boosted its position in Eversource Energy by 730.4% in the first quarter. Zimmer Partners LP now owns 2,537,095 shares of the utilities provider’s stock valued at $151,642,000 after buying an additional 2,231,585 shares in the last quarter. Mitsubishi UFJ Trust & Banking Corp grew its stake in shares of Eversource Energy by 65.0% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 3,868,360 shares of the utilities provider’s stock worth $227,929,000 after buying an additional 1,524,341 shares during the last quarter. Finally, M&G Plc acquired a new position in shares of Eversource Energy during the first quarter worth $83,539,000. Institutional investors and hedge funds own 79.99% of the company’s stock.

Eversource Energy Stock Performance

Shares of ES traded up $1.13 during midday trading on Thursday, reaching $66.04. 2,578,130 shares of the stock were exchanged, compared to its average volume of 2,540,126. The stock’s 50 day simple moving average is $59.21 and its 200 day simple moving average is $58.58. The company has a market cap of $23.26 billion, a P/E ratio of -55.66, a PEG ratio of 2.53 and a beta of 0.59. Eversource Energy has a twelve month low of $52.03 and a twelve month high of $70.49. 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 results on Wednesday, July 31st. The utilities provider reported $0.95 earnings per share for the quarter, meeting analysts’ consensus estimates of $0.95. The company had revenue of $2.53 billion during the quarter, compared to the consensus estimate of $2.90 billion. Eversource Energy had a negative net margin of 3.60% and a positive return on equity of 10.32%. The firm’s quarterly revenue was down 3.7% on a year-over-year basis. During the same period in the previous year, the business earned $1.00 earnings per share. On average, sell-side analysts expect that Eversource Energy will post 4.56 earnings per share for the current year.

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.