Eversource Energy (NYSE:ES) Rating Increased to Buy at Bank of America

Key Points

• Bank of America upgraded Eversource Energy from a "neutral" to a "buy" rating, setting a target price of $85.00, indicating a potential upside of 16.57% from the current stock price.
• Despite the upgrade, a consensus analysis shows that four analysts rated the stock as a Buy, while five assigned it a Hold rating, reflecting mixed sentiments in the market.
• Eversource Energy's recent earnings report showed a net margin of 6.60% and revenue of $2.84 billion, marking a 12.0% increase compared to the same quarter last year.

Eversource Energy (NYSE:ES - Get Free Report) was upgraded by equities researchers at Bank of America from a "neutral" rating to a "buy" rating in a report released on Tuesday,Finviz reports. The firm currently has a $85.00 target price on the utilities provider's stock. Bank of America's price target would suggest a potential upside of 16.57% from the stock's current price.

A number of other brokerages also recently issued reports on ES. TD Cowen assumed coverage on Eversource Energy in a research report on Thursday, October 16th. They set a "hold" rating and a $76.00 price target for the company. Weiss Ratings reiterated a "hold (c)" rating on shares of Eversource Energy in a research report on Wednesday, October 8th. Mizuho boosted their target price on Eversource Energy from $68.00 to $72.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 25th. Finally, Janney Montgomery Scott restated a "neutral" rating on shares of Eversource Energy in a research report on Monday, October 13th. Four analysts have rated the stock with a Buy rating, five have assigned a Hold rating and three have given a Sell rating to the company's stock. Based on data from MarketBeat, the company currently has an average rating of "Hold" and a consensus price target of $67.67.

Eversource Energy Stock Up 0.5%

Shares of NYSE ES opened at $72.92 on Tuesday. Eversource Energy has a 52 week low of $52.28 and a 52 week high of $74.46. The business has a 50-day simple moving average of $67.42 and a two-hundred day simple moving average of $64.38. The company has a quick ratio of 0.63, a current ratio of 0.71 and a debt-to-equity ratio of 1.67. The company has a market cap of $27.06 billion, a P/E ratio of 31.30, a P/E/G ratio of 2.82 and a beta of 0.67.

Eversource Energy (NYSE:ES - Get Free Report) last issued its earnings results on Thursday, July 31st. The utilities provider reported $0.96 EPS for the quarter, topping the consensus estimate of $0.95 by $0.01. Eversource Energy had a return on equity of 11.00% and a net margin of 6.60%.The business had revenue of $2.84 billion during the quarter, compared to the consensus estimate of $3.01 billion. During the same quarter last year, the company earned $0.95 EPS. The firm's revenue was up 12.0% compared to the same quarter last year. Eversource Energy has set its FY 2025 guidance at 4.670-4.820 EPS. Research analysts anticipate that Eversource Energy will post 4.75 earnings per share for the current fiscal year.

Insider Activity at Eversource Energy

In related news, insider Loretta D. Keane bought 3,780 shares of the business's stock in a transaction dated Friday, August 22nd. The shares were purchased at an average cost of $66.07 per share, with a total value of $249,744.60. Following the completion of the purchase, the insider owned 12,033 shares in the company, valued at approximately $795,020.31. The trade was a 45.80% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Corporate insiders own 0.19% of the company's stock.

Institutional Investors Weigh In On Eversource Energy

A number of institutional investors have recently modified their holdings of ES. PDS Planning Inc lifted its holdings in shares of Eversource Energy by 4.7% during the second quarter. PDS Planning Inc now owns 3,840 shares of the utilities provider's stock valued at $244,000 after purchasing an additional 173 shares in the last quarter. Avidian Wealth Enterprises LLC raised its stake in Eversource Energy by 2.9% during the 2nd quarter. Avidian Wealth Enterprises LLC now owns 6,179 shares of the utilities provider's stock valued at $393,000 after buying an additional 176 shares during the last quarter. Thrive Wealth Management LLC raised its stake in Eversource Energy by 3.6% during the 2nd quarter. Thrive Wealth Management LLC now owns 5,445 shares of the utilities provider's stock valued at $346,000 after buying an additional 189 shares during the last quarter. Penobscot Investment Management Company Inc. raised its stake in Eversource Energy by 1.4% during the 2nd quarter. Penobscot Investment Management Company Inc. now owns 14,418 shares of the utilities provider's stock valued at $917,000 after buying an additional 195 shares during the last quarter. Finally, Hantz Financial Services Inc. lifted its holdings in Eversource Energy by 17.9% in the second quarter. Hantz Financial Services Inc. now owns 1,286 shares of the utilities provider's stock valued at $82,000 after acquiring an additional 195 shares during the period. 79.99% of the stock is owned by hedge funds and other institutional investors.

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.

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