Bank of Nova Scotia Purchases New Position in Eversource Energy $ES

Bank of Nova Scotia bought a new position in shares of Eversource Energy (NYSE:ES - Free Report) during the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 84,973 shares of the utilities provider's stock, valued at approximately $6,141,000.

Several other institutional investors and hedge funds have also made changes to their positions in ES. Empowered Funds LLC grew its position in shares of Eversource Energy by 8.9% during the first quarter. Empowered Funds LLC now owns 16,149 shares of the utilities provider's stock worth $1,003,000 after acquiring an additional 1,319 shares during the last quarter. Woodline Partners LP grew its position in Eversource Energy by 40.8% during the 1st quarter. Woodline Partners LP now owns 30,988 shares of the utilities provider's stock worth $1,925,000 after purchasing an additional 8,984 shares during the last quarter. Acadian Asset Management LLC grew its position in Eversource Energy by 115.1% during the 1st quarter. Acadian Asset Management LLC now owns 1,497 shares of the utilities provider's stock worth $92,000 after purchasing an additional 801 shares during the last quarter. Schnieders Capital Management LLC. increased its stake in Eversource Energy by 87.9% in the second quarter. Schnieders Capital Management LLC. now owns 58,444 shares of the utilities provider's stock valued at $3,718,000 after purchasing an additional 27,332 shares during the period. Finally, Brown Advisory Inc. increased its stake in Eversource Energy by 4.6% in the second quarter. Brown Advisory Inc. now owns 7,933 shares of the utilities provider's stock valued at $505,000 after purchasing an additional 349 shares during the period. 79.99% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

ES has been the subject of a number of research reports. Weiss Ratings raised shares of Eversource Energy from a "hold (c+)" rating to a "buy (b-)" rating in a report on Friday, July 10th. Mizuho raised their price target on Eversource Energy from $70.00 to $74.00 and gave the stock a "neutral" rating in a report on Monday, August 3rd. Argus cut Eversource Energy from a "buy" rating to a "hold" rating in a research report on Friday, June 12th. Capital One Financial set a $73.00 price objective on Eversource Energy in a research note on Wednesday, July 1st. Finally, Wells Fargo & Company increased their price objective on Eversource Energy from $75.00 to $76.00 and gave the stock an "overweight" rating in a research report on Thursday, July 2nd. Four analysts have rated the stock with a Buy rating, six have assigned a Hold rating and three have given a Sell rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of "Hold" and an average price target of $72.92.

Insider Activity at Eversource Energy

In other Eversource Energy news, VP Gregory B. Butler sold 7,000 shares of the business's stock in a transaction on Thursday, June 4th. The shares were sold at an average price of $69.88, for a total transaction of $489,160.00. Following the sale, the vice president directly owned 56,179 shares in the company, valued at approximately $3,925,788.52. The trade was a 11.08% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.18% of the company's stock.

Eversource Energy Stock Performance

NYSE ES opened at $71.07 on Wednesday. The stock has a market capitalization of $26.77 billion, a price-to-earnings ratio of 18.41, a PEG ratio of 5.25 and a beta of 0.70. The business's 50 day moving average is $72.77 and its two-hundred day moving average is $71.04. Eversource Energy has a 12-month low of $62.45 and a 12-month high of $76.57. The company has a current ratio of 0.80, a quick ratio of 0.74 and a debt-to-equity ratio of 1.63.

Eversource Energy (NYSE:ES - Get Free Report) last posted its quarterly earnings results on Thursday, July 30th. The utilities provider reported $0.87 EPS for the quarter, meeting the consensus estimate of $0.87. The business had revenue of $2.90 billion during the quarter, compared to analysts' expectations of $2.99 billion. Eversource Energy had a return on equity of 11.33% and a net margin of 10.35%.The company's quarterly revenue was up 2.3% compared to the same quarter last year. During the same period last year, the firm earned $0.96 EPS. Eversource Energy has set its FY 2026 guidance at 4.570-4.720 EPS. Research analysts expect that Eversource Energy will post 4.64 EPS for the current year.

Eversource Energy Profile

Eversource Energy NYSE: ES is a publicly traded, regulated energy company headquartered in Hartford, Connecticut. The company's core business is the delivery and transmission of electricity and natural gas to residential, commercial and industrial customers across parts of New England. Eversource operates transmission and distribution networks, maintains electrical infrastructure, responds to outages and storms, and manages natural gas pipeline and distribution systems in the regions it serves.

Eversource serves customers primarily in Connecticut, Massachusetts and New Hampshire, operating through locally regulated utility subsidiaries that administer customer service, billing, meter reading and localized operations.

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