Allianz Asset Management GmbH Purchases 265,290 Shares of Eversource Energy $ES

Key Points

• Allianz Asset Management GmbH significantly increased its stake in Eversource Energy by 244.5%, acquiring 265,290 additional shares, bringing its total ownership to 373,788 shares worth approximately $23.78 million.
• Eversource Energy recently reported quarterly earnings with an EPS of $0.96, surpassing analysts' expectations and showing a 12% revenue growth year-over-year, despite revenues of $2.84 billion falling short of the $3.01 billion forecast.
• The company declared a quarterly dividend of $0.7525 per share, representing an annual yield of 4.2%, although it has a high payout ratio of 129.18%.

Allianz Asset Management GmbH grew its position in Eversource Energy (NYSE:ES - Free Report) by 244.5% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 373,788 shares of the utilities provider's stock after purchasing an additional 265,290 shares during the quarter. Allianz Asset Management GmbH owned approximately 0.10% of Eversource Energy worth $23,780,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also bought and sold shares of ES. GAMMA Investing LLC increased its position in Eversource Energy by 24.2% during the first quarter. GAMMA Investing LLC now owns 6,831 shares of the utilities provider's stock worth $424,000 after acquiring an additional 1,333 shares during the period. QRG Capital Management Inc. increased its position in Eversource Energy by 10.6% during the first quarter. QRG Capital Management Inc. now owns 10,843 shares of the utilities provider's stock worth $673,000 after acquiring an additional 1,035 shares during the period. State of Alaska Department of Revenue increased its position in Eversource Energy by 2.8% during the first quarter. State of Alaska Department of Revenue now owns 42,969 shares of the utilities provider's stock worth $2,668,000 after acquiring an additional 1,185 shares during the period. ORG Partners LLC acquired a new stake in Eversource Energy during the first quarter worth $81,000. Finally, PFG Investments LLC boosted its stake in Eversource Energy by 3.5% during the first quarter. PFG Investments LLC now owns 18,570 shares of the utilities provider's stock worth $1,153,000 after buying an additional 622 shares in the last quarter. Institutional investors own 79.99% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on ES. Mizuho lifted their price target on shares of Eversource Energy from $68.00 to $72.00 and gave the stock an "outperform" rating in a research note on Wednesday, June 25th. Janney Montgomery Scott restated a "neutral" rating on shares of Eversource Energy in a research note on Monday, October 13th. TD Cowen began coverage on shares of Eversource Energy in a research note on Thursday. They issued a "hold" rating and a $76.00 target price on the stock. Bank of America boosted their target price on shares of Eversource Energy from $62.00 to $67.00 and gave the company a "neutral" rating in a research note on Monday, July 21st. Finally, Weiss Ratings reiterated a "hold (c)" rating on shares of Eversource Energy in a research report on Wednesday, October 8th. Three investment analysts have rated the stock with a Buy rating, six have given a Hold rating and three have given a Sell rating to the stock. According to data from MarketBeat.com, Eversource Energy currently has an average rating of "Hold" and a consensus target price of $65.67.

Eversource Energy Stock Performance

Shares of NYSE:ES opened at $72.52 on Monday. The company has a current ratio of 0.71, a quick ratio of 0.63 and a debt-to-equity ratio of 1.67. The stock has a market capitalization of $26.91 billion, a P/E ratio of 31.12, a P/E/G ratio of 2.82 and a beta of 0.67. The business has a 50-day moving average price of $67.27 and a two-hundred day moving average price of $64.27. Eversource Energy has a 1-year low of $52.28 and a 1-year high of $74.46.

Eversource Energy (NYSE:ES - Get Free Report) last announced its quarterly earnings results on Thursday, July 31st. The utilities provider reported $0.96 EPS for the quarter, beating analysts' consensus estimates of $0.95 by $0.01. The company had revenue of $2.84 billion during 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%.Eversource Energy's revenue was up 12.0% on a year-over-year basis. During the same period in the prior year, the business posted $0.95 EPS. Eversource Energy has set its FY 2025 guidance at 4.670-4.820 EPS. Equities analysts predict that Eversource Energy will post 4.75 earnings per share for the current year.

Eversource Energy Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Tuesday, September 30th. Stockholders of record on Monday, September 22nd were paid a $0.7525 dividend. 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 4.2%. Eversource Energy's dividend payout ratio is 129.18%.

Insider Activity at Eversource Energy

In related news, insider Loretta D. Keane purchased 3,780 shares of the stock in a transaction dated Friday, August 22nd. The stock was bought at an average cost of $66.07 per share, with a total value of $249,744.60. Following the purchase, the insider directly owned 12,033 shares in the company, valued at $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 is available at this link. 0.19% of the stock is currently owned by company insiders.

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.

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