Eversource Energy (NYSE:ES) Posts Earnings Results, Beats Expectations By $0.05 EPS

Eversource Energy (NYSE:ES) released its earnings results on Monday. The utilities provider reported $1.13 earnings per share for the quarter, beating the consensus estimate of $1.08 by $0.05, Briefing.com reports. Eversource Energy had a negative net margin of 0.81% and a positive return on equity of 10.34%. The business had revenue of $3.06 billion during the quarter, compared to analysts’ expectations of $3.06 billion. During the same period last year, the business earned $0.97 earnings per share. The firm’s revenue was up 9.7% on a year-over-year basis. Eversource Energy updated its FY24 guidance to $4.52-$4.60 EPS and its FY 2024 guidance to 4.520-4.600 EPS.

Eversource Energy Trading Down 3.5 %

Eversource Energy stock traded down $2.22 during trading hours on Tuesday, reaching $61.18. 2,234,205 shares of the company’s stock were exchanged, compared to its average volume of 2,391,016. The firm has a market capitalization of $21.87 billion, a PE ratio of -234.81, a PEG ratio of 2.48 and a beta of 0.61. The company has a quick ratio of 0.66, a current ratio of 0.75 and a debt-to-equity ratio of 1.74. The firm’s 50 day simple moving average is $66.35 and its 200 day simple moving average is $62.82. Eversource Energy has a twelve month low of $52.09 and a twelve month high of $69.01.

Eversource Energy Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 23rd were given a dividend of $0.715 per share. The ex-dividend date of this dividend was Monday, September 23rd. This represents a $2.86 dividend on an annualized basis and a yield of 4.67%. Eversource Energy’s dividend payout ratio (DPR) is currently -1,059.26%.

Wall Street Analysts Forecast Growth

ES has been the topic of several recent analyst reports. Scotiabank boosted their price objective on shares of Eversource Energy from $57.00 to $66.00 and gave the stock a “sector perform” rating in a research note on Tuesday, August 20th. BMO Capital Markets decreased their price objective on Eversource Energy from $74.00 to $72.00 and set a “market perform” rating on the stock in a report on Tuesday, October 15th. Wells Fargo & Company upped their target price on Eversource Energy from $72.00 to $79.00 and gave the stock an “overweight” rating in a research note on Friday, August 2nd. Mizuho increased their target price on shares of Eversource Energy from $62.00 to $73.00 and gave the stock an “outperform” rating in a report on Wednesday, October 2nd. Finally, Morgan Stanley upped their price objective on shares of Eversource Energy from $69.00 to $75.00 and gave the stock an “equal weight” rating in a research report on Friday, August 23rd. Nine analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. Based on data from MarketBeat, Eversource Energy currently has an average rating of “Hold” and an average target price of $70.07.

Insider Activity at Eversource Energy

In other Eversource Energy news, EVP Penelope M. Conner sold 500 shares of the business’s stock in a transaction that occurred on Friday, August 9th. The stock was sold at an average price of $64.94, for a total value of $32,470.00. Following the transaction, the executive vice president now directly owns 9,847 shares of the company’s stock, valued at approximately $639,464.18. The trade was a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, EVP Penelope M. Conner sold 815 shares of the business’s stock in a transaction dated Tuesday, August 13th. The stock was sold at an average price of $65.50, for a total value of $53,382.50. Following the sale, the executive vice president now directly owns 9,032 shares in the company, valued at approximately $591,596. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Penelope M. Conner sold 500 shares of the business’s stock in a transaction on Friday, August 9th. The shares were sold at an average price of $64.94, for a total transaction of $32,470.00. Following the sale, the executive vice president now directly owns 9,847 shares in the company, valued at $639,464.18. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. 0.29% of the stock is owned by corporate insiders.

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.