SouthState Corp Trims Stock Position in Eversource Energy (NYSE:ES)

SouthState Corp lessened its stake in Eversource Energy (NYSE:ES) by 30.6% in the 3rd quarter, HoldingsChannel.com reports. The fund owned 1,693 shares of the utilities provider’s stock after selling 748 shares during the period. SouthState Corp’s holdings in Eversource Energy were worth $115,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently made changes to their positions in the company. Zimmer Partners LP boosted its position in shares of Eversource Energy by 730.4% in the 1st quarter. Zimmer Partners LP now owns 2,537,095 shares of the utilities provider’s stock valued at $151,642,000 after purchasing an additional 2,231,585 shares during the period. BROOKFIELD Corp ON purchased a new position in shares of Eversource Energy during the first quarter worth approximately $65,389,000. Los Angeles Capital Management LLC grew its position in shares of Eversource Energy by 201.4% during the second quarter. Los Angeles Capital Management LLC now owns 974,665 shares of the utilities provider’s stock worth $55,273,000 after acquiring an additional 651,263 shares during the last quarter. Millennium Management LLC grew its position in shares of Eversource Energy by 75.8% during the second quarter. Millennium Management LLC now owns 1,307,397 shares of the utilities provider’s stock worth $74,142,000 after acquiring an additional 563,756 shares during the last quarter. Finally, Swedbank AB acquired a new position in shares of Eversource Energy in the 1st quarter valued at $31,928,000. Hedge funds and other institutional investors own 79.99% of the company’s stock.

Eversource Energy Stock Performance

Shares of ES stock opened at $61.67 on Wednesday. The stock has a fifty day moving average price of $64.99 and a 200 day moving average price of $62.89. The company has a debt-to-equity ratio of 1.73, a quick ratio of 0.76 and a current ratio of 0.86. The stock has a market cap of $22.60 billion, a PE ratio of -39.28, a P/E/G ratio of 2.47 and a beta of 0.61. Eversource Energy has a 1 year low of $52.09 and a 1 year high of $69.01.

Eversource Energy (NYSE:ES) last announced its quarterly earnings results on Monday, November 4th. The utilities provider reported $1.13 earnings per share for the quarter, beating analysts’ consensus estimates of $1.08 by $0.05. Eversource Energy had a positive return on equity of 10.90% and a negative net margin of 4.73%. The business had revenue of $3.06 billion during the quarter, compared to analysts’ expectations of $3.06 billion. During the same quarter last year, the business posted $0.97 earnings per share. The business’s revenue for the quarter was up 9.7% on a year-over-year basis. Sell-side analysts forecast that Eversource Energy will post 4.56 earnings per share for the current fiscal year.

Eversource Energy Dividend Announcement

The firm also recently declared a quarterly dividend, which was paid on Monday, September 30th. Shareholders of record on Monday, September 23rd were issued a $0.715 dividend. This represents a $2.86 annualized dividend and a dividend yield of 4.64%. The ex-dividend date of this dividend was Monday, September 23rd. Eversource Energy’s dividend payout ratio (DPR) is presently -182.17%.

Analyst Upgrades and Downgrades

Several research analysts have issued reports on the stock. Barclays raised their price objective on shares of Eversource Energy from $69.00 to $72.00 and gave the stock an “equal weight” rating in a research report on Tuesday, October 15th. Mizuho raised their price target on Eversource Energy from $62.00 to $73.00 and gave the stock an “outperform” rating in a report on Wednesday, October 2nd. Bank of America upped their price objective on Eversource Energy from $67.00 to $68.00 and gave the company a “neutral” rating in a research note on Thursday, August 29th. StockNews.com upgraded Eversource Energy from a “sell” rating to a “hold” rating in a research note on Tuesday, November 12th. Finally, BMO Capital Markets cut their price target on Eversource Energy from $74.00 to $72.00 and set a “market perform” rating for the company in a research note on Tuesday, October 15th. Eight research analysts have rated the stock with a hold rating and six have issued a buy rating to the stock. According to data from MarketBeat, Eversource Energy has an average rating of “Hold” and a consensus target price of $70.46.

Eversource Energy Company 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.