Pitcairn Co. Cuts Stake in Eversource Energy (NYSE:ES)

Pitcairn Co. lessened its holdings in shares of Eversource Energy (NYSE:ES) by 11.4% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 3,481 shares of the utilities provider’s stock after selling 449 shares during the period. Pitcairn Co.’s holdings in Eversource Energy were worth $237,000 at the end of the most recent quarter.

A number of other institutional investors have also recently made changes to their positions in the business. Public Sector Pension Investment Board grew its position in Eversource Energy by 0.6% during the 2nd quarter. Public Sector Pension Investment Board now owns 3,385,281 shares of the utilities provider’s stock worth $191,979,000 after purchasing an additional 20,207 shares during the last quarter. Bank of New York Mellon Corp grew its holdings in shares of Eversource Energy by 12.7% during the second quarter. Bank of New York Mellon Corp now owns 3,135,652 shares of the utilities provider’s stock valued at $177,823,000 after buying an additional 354,429 shares during the last quarter. Hsbc Holdings PLC increased its position in shares of Eversource Energy by 26.9% in the 2nd quarter. Hsbc Holdings PLC now owns 1,765,481 shares of the utilities provider’s stock valued at $100,110,000 after acquiring an additional 374,458 shares during the period. M&G Plc raised its stake in Eversource Energy by 16.8% in the 2nd quarter. M&G Plc now owns 1,626,685 shares of the utilities provider’s stock worth $92,721,000 after acquiring an additional 234,361 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in Eversource Energy by 10.1% during the 2nd quarter. Dimensional Fund Advisors LP now owns 1,323,319 shares of the utilities provider’s stock worth $75,051,000 after acquiring an additional 121,663 shares during the period. Institutional investors and hedge funds own 79.99% of the company’s stock.

Eversource Energy Stock Performance

Shares of ES stock opened at $64.59 on Thursday. The company has a current ratio of 0.86, a quick ratio of 0.76 and a debt-to-equity ratio of 1.73. Eversource Energy has a 12-month low of $52.09 and a 12-month high of $69.01. The business’s 50 day moving average is $64.44 and its two-hundred day moving average is $62.97. The company has a market capitalization of $23.67 billion, a P/E ratio of -41.14, a P/E/G ratio of 2.56 and a beta of 0.61.

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

Eversource Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Monday, September 30th. Investors of record on Monday, September 23rd were paid a $0.715 dividend. This represents a $2.86 dividend on an annualized basis and a yield of 4.43%. The ex-dividend date was Monday, September 23rd. Eversource Energy’s dividend payout ratio is presently -182.17%.

Analyst Ratings Changes

A number of research analysts have recently weighed in on the company. Wells Fargo & Company increased their price objective on Eversource Energy from $72.00 to $79.00 and gave the company an “overweight” rating in a report on Friday, August 2nd. BMO Capital Markets cut their price target on shares of Eversource Energy from $74.00 to $72.00 and set a “market perform” rating on the stock in a report on Tuesday, October 15th. Morgan Stanley lifted their price objective on shares of Eversource Energy from $69.00 to $75.00 and gave the company an “equal weight” rating in a research note on Friday, August 23rd. Mizuho increased their price objective on shares of Eversource Energy from $62.00 to $73.00 and gave the stock an “outperform” rating in a research note on Wednesday, October 2nd. Finally, Scotiabank boosted their target price on shares of Eversource Energy from $57.00 to $66.00 and gave the company a “sector perform” rating in a research report on Tuesday, August 20th. Eight research analysts have rated the stock with a hold rating and six have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Hold” and an average price target of $70.46.

Eversource Energy 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.