Eversource Energy (NYSE:ES) Reaches New 52-Week High After Analyst Upgrade

Key Points

• Eversource Energy stock reached a new 52-week high of $74.50 after an upgrade from Jefferies Financial Group, which raised its price target from $54.00 to $60.00 despite maintaining an underperform rating.
• Recent ratings from various analysts include upgrades from Bank of America (to buy with a target price of $85.00) and Mizuho (to outperform with a target of $72.00), while the consensus rating remains at hold.
• The company recently declared a quarterly dividend of $0.7525, equating to an annualized figure of $3.01, which reflects a dividend yield of 4.1% and a payout ratio of 129.18%.

Eversource Energy (NYSE:ES - Get Free Report) hit a new 52-week high on Thursday after Jefferies Financial Group raised their price target on the stock from $54.00 to $60.00. Jefferies Financial Group currently has an underperform rating on the stock. Eversource Energy traded as high as $74.50 and last traded at $73.71, with a volume of 208 shares changing hands. The stock had previously closed at $73.12.

A number of other research analysts also recently issued reports on the company. Mizuho lifted their price target on Eversource Energy from $68.00 to $72.00 and gave the company an "outperform" rating in a report on Wednesday, June 25th. TD Cowen initiated coverage on Eversource Energy in a research note on Thursday, October 16th. They set a "hold" rating and a $76.00 target price on the stock. Bank of America upgraded Eversource Energy from a "neutral" rating to a "buy" rating and boosted their target price for the stock from $73.00 to $85.00 in a research note on Tuesday. Janney Montgomery Scott restated a "neutral" rating on shares of Eversource Energy in a research note on Monday, October 13th. Finally, Weiss Ratings restated a "hold (c)" rating on shares of Eversource Energy in a research note on Wednesday, October 8th. Four investment 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. According to data from MarketBeat, the stock presently has a consensus rating of "Hold" and a consensus target price of $69.11.

Insider Buying and Selling

In related news, insider Loretta D. Keane purchased 3,780 shares of the company's stock in a transaction dated Friday, August 22nd. The stock was acquired at an average cost of $66.07 per share, for a total transaction of $249,744.60. Following the completion of the transaction, the insider directly owned 12,033 shares of the company's stock, valued at approximately $795,020.31. This trade represents a 45.80% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. Company insiders own 0.41% of the company's stock.

Institutional Inflows and Outflows

Several hedge funds have recently added to or reduced their stakes in the business. Nuveen LLC acquired a new stake in shares of Eversource Energy in the first quarter valued at $286,130,000. Norges Bank acquired a new stake in Eversource Energy in the second quarter valued at $274,744,000. Lazard Asset Management LLC raised its stake in Eversource Energy by 43,905.7% in the second quarter. Lazard Asset Management LLC now owns 2,692,707 shares of the utilities provider's stock valued at $171,309,000 after buying an additional 2,686,588 shares in the last quarter. Covalis Capital LLP acquired a new stake in Eversource Energy in the second quarter valued at $71,377,000. Finally, Panagora Asset Management Inc. raised its stake in Eversource Energy by 310.1% in the second quarter. Panagora Asset Management Inc. now owns 1,110,122 shares of the utilities provider's stock valued at $70,626,000 after buying an additional 839,459 shares in the last quarter. 79.99% of the stock is currently owned by hedge funds and other institutional investors.

Eversource Energy Stock Performance

The company has a debt-to-equity ratio of 1.67, a current ratio of 0.71 and a quick ratio of 0.63. The company has a market capitalization of $27.21 billion, a price-to-earnings ratio of 31.47, a PEG ratio of 2.85 and a beta of 0.67. The stock has a 50 day simple moving average of $67.70 and a two-hundred day simple moving average of $64.50.

Eversource Energy (NYSE:ES - Get Free Report) last posted its earnings results on Thursday, July 31st. The utilities provider reported $0.96 EPS for the quarter, topping analysts' consensus estimates 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 for the quarter, compared to analysts' expectations of $3.01 billion. During the same quarter in the previous year, the firm earned $0.95 earnings per share. The business'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. As a group, analysts anticipate that Eversource Energy will post 4.75 earnings per share for the current year.

Eversource Energy Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Investors of record on Monday, September 22nd were issued a dividend of $0.7525 per share. The ex-dividend date of this dividend was Monday, September 22nd. This represents a $3.01 dividend on an annualized basis and a dividend yield of 4.1%. Eversource Energy's dividend payout ratio (DPR) is currently 129.18%.

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.

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