Eversource Energy (NYSE:ES) Releases Earnings Results, Hits Expectations

Eversource Energy (NYSE:ES) released its quarterly earnings results on Wednesday. The utilities provider reported $0.95 earnings per share for the quarter, hitting the consensus estimate of $0.95, Briefing.com reports. Eversource Energy had a negative net margin of 0.81% and a positive return on equity of 10.34%. The firm had revenue of $2.53 billion during the quarter, compared to the consensus estimate of $2.90 billion. During the same quarter in the prior year, the firm earned $1.00 EPS. The company’s revenue for the quarter was down 3.7% on a year-over-year basis. Eversource Energy updated its FY24 guidance to $4.50-$4.67 EPS and its FY 2024 guidance to 4.500-4.670 EPS.

Eversource Energy Trading Up 1.6 %

Shares of NYSE ES traded up $1.04 during mid-day trading on Friday, reaching $67.11. 2,955,862 shares of the company’s stock were exchanged, compared to its average volume of 2,226,071. The firm has a market capitalization of $23.64 billion, a price-to-earnings ratio of -56.88, a PEG ratio of 2.53 and a beta of 0.59. Eversource Energy has a 52-week low of $52.03 and a 52-week high of $69.47. The company’s 50-day moving average is $59.57 and its 200-day moving average is $58.71. The company has a debt-to-equity ratio of 1.71, a quick ratio of 0.68 and a current ratio of 0.77.

Insider Buying and Selling at Eversource Energy

In other Eversource Energy news, EVP Penelope M. Conner sold 2,700 shares of Eversource Energy stock in a transaction dated 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 in the company, valued at $603,480. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. In other Eversource Energy news, EVP Penelope M. Conner sold 2,700 shares of the company’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 in the company, valued at $603,480. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, VP Gregory B. Butler sold 10,000 shares of Eversource Energy stock in a transaction 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 sale, the vice president now directly owns 63,808 shares of the company’s stock, valued at $3,586,009.60. The disclosure for this sale can be found here. 0.41% of the stock is currently owned by corporate insiders.

Wall Street Analyst Weigh In

A number of equities analysts have commented on the company. Wells Fargo & Company increased their target price on Eversource Energy from $72.00 to $79.00 and gave the company an “overweight” rating in a report on Friday. Barclays upped their target price on shares of Eversource Energy from $65.00 to $69.00 and gave the stock an “equal weight” rating in a report on Monday, July 22nd. Morgan Stanley decreased their price target on shares of Eversource Energy from $70.00 to $67.00 and set an “equal weight” rating on the stock in a research note on Monday, June 24th. The Goldman Sachs Group began 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 for the company. Finally, Scotiabank cut their price objective on shares of Eversource Energy from $61.00 to $57.00 and set a “sector perform” rating for the company in a report on Monday, April 22nd. One investment analyst has rated the stock with a sell rating, eight have issued a hold rating and six have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus target price of $66.93.

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.