Adage Capital Partners GP L.L.C. Sells 257,600 Shares of Eversource Energy $ES

Key Points

• Adage Capital Partners GP L.L.C. reduced its stake in Eversource Energy by 43.5% during the first quarter, now holding 334,734 shares worth approximately $20.79 million after selling 257,600 shares.
• Other institutional investors, including Nuveen LLC and Wellington Management Group LLP, made significant adjustments to their positions in Eversource Energy, indicating varied investor sentiment towards the company's stock.
• Eversource Energy reported a quarterly EPS of $0.96, exceeding estimates, but the revenue of $2.84 billion fell short of analyst expectations, signaling potential challenges ahead.

Adage Capital Partners GP L.L.C. lowered its holdings in Eversource Energy (NYSE:ES - Free Report) by 43.5% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 334,734 shares of the utilities provider's stock after selling 257,600 shares during the period. Adage Capital Partners GP L.L.C. owned about 0.09% of Eversource Energy worth $20,790,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of the business. Sterling Investment Counsel LLC boosted its position in Eversource Energy by 4.9% in the first quarter. Sterling Investment Counsel LLC now owns 4,100 shares of the utilities provider's stock worth $255,000 after purchasing an additional 190 shares during the last quarter. Retirement Planning Co of New England Inc. boosted its position in Eversource Energy by 5.6% in the first quarter. Retirement Planning Co of New England Inc. now owns 4,190 shares of the utilities provider's stock worth $260,000 after purchasing an additional 223 shares during the last quarter. Ascent Group LLC boosted its position in Eversource Energy by 1.2% in the fourth quarter. Ascent Group LLC now owns 19,663 shares of the utilities provider's stock worth $1,129,000 after purchasing an additional 230 shares during the last quarter. Advisor OS LLC boosted its position in Eversource Energy by 4.2% in the first quarter. Advisor OS LLC now owns 5,694 shares of the utilities provider's stock worth $354,000 after purchasing an additional 232 shares during the last quarter. Finally, First Manhattan CO. LLC. boosted its position in Eversource Energy by 2.7% in the first quarter. First Manhattan CO. LLC. now owns 9,382 shares of the utilities provider's stock worth $583,000 after purchasing an additional 251 shares during the last quarter. Hedge funds and other institutional investors own 79.99% of the company's stock.

Wall Street Analyst Weigh In

A number of brokerages have recently commented on ES. Mizuho upped their price target on Eversource Energy from $68.00 to $72.00 and gave the company an "outperform" rating in a research report on Wednesday, June 25th. Bank of America upped their price target on Eversource Energy from $62.00 to $67.00 and gave the company a "neutral" rating in a research report on Monday, July 21st. Finally, Wall Street Zen raised Eversource Energy from a "sell" rating to a "hold" rating in a research report on Friday, May 16th. Three equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and three have assigned a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Hold" and an average price target of $64.38.

Eversource Energy Price Performance

ES traded up $0.07 during trading on Friday, reaching $63.49. 1,653,333 shares of the company were exchanged, compared to its average volume of 2,160,644. The company's 50-day moving average is $65.15 and its two-hundred day moving average is $62.69. The company has a market cap of $23.56 billion, a price-to-earnings ratio of 27.25, a P/E/G ratio of 2.39 and a beta of 0.64. The company has a quick ratio of 0.63, a current ratio of 0.71 and a debt-to-equity ratio of 1.67. Eversource Energy has a 12-month low of $52.28 and a 12-month high of $68.73.

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

Insider Transactions at Eversource Energy

In related news, insider Loretta D. Keane acquired 3,780 shares of the company's stock in a transaction that occurred on Friday, August 22nd. The shares were acquired at an average price of $66.07 per share, with a total value of $249,744.60. Following the acquisition, the insider owned 12,033 shares of the company's stock, valued at approximately $795,020.31. This trade represents a 45.80% increase in their position. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. Company insiders own 0.19% of the company's stock.

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.