Bank of Nova Scotia Reduces Stock Position in Eversource Energy (NYSE:ES)

Key Points

• Bank of Nova Scotia decreased its holdings in Eversource Energy by 19.1%, owning 44,407 shares after selling 10,490 shares in Q1, with their stake valued at approximately $2.76 million.
• In the most recent earnings report, Eversource Energy posted $0.96 EPS, slightly exceeding the estimated $0.95 EPS, while revenues were 12% higher than last year at $2.84 billion.
• Institutional investors own 79.99% of Eversource Energy’s stock, highlighting significant institutional interest in the company.

Bank of Nova Scotia trimmed its stake in shares of Eversource Energy (NYSE:ES - Free Report) by 19.1% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 44,407 shares of the utilities provider's stock after selling 10,490 shares during the period. Bank of Nova Scotia's holdings in Eversource Energy were worth $2,758,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the stock. Pinney & Scofield Inc. bought a new position in shares of Eversource Energy in the 4th quarter worth approximately $33,000. Rossby Financial LCC purchased a new stake in Eversource Energy during the first quarter valued at approximately $34,000. CoreCap Advisors LLC raised its position in Eversource Energy by 168.7% in the fourth quarter. CoreCap Advisors LLC now owns 610 shares of the utilities provider's stock worth $35,000 after acquiring an additional 383 shares during the period. First Financial Corp IN boosted its stake in shares of Eversource Energy by 3,529.4% during the 1st quarter. First Financial Corp IN now owns 617 shares of the utilities provider's stock worth $38,000 after acquiring an additional 600 shares during the last quarter. Finally, Quarry LP boosted its stake in shares of Eversource Energy by 207.4% during the 4th quarter. Quarry LP now owns 833 shares of the utilities provider's stock worth $48,000 after acquiring an additional 562 shares during the last quarter. Institutional investors own 79.99% of the company's stock.

Insider Buying and Selling at Eversource Energy

In related news, EVP Penelope M. Conner sold 2,600 shares of the business's stock in a transaction on Tuesday, May 20th. The shares were sold at an average price of $64.00, for a total value of $166,400.00. Following the sale, the executive vice president owned 10,988 shares in the company, valued at approximately $703,232. The trade was a 19.13% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Company insiders own 0.41% of the company's stock.

Eversource Energy Price Performance

ES stock opened at $65.47 on Thursday. The company has a debt-to-equity ratio of 1.67, a quick ratio of 0.66 and a current ratio of 0.71. The company has a market capitalization of $24.05 billion, a PE ratio of 28.10, a price-to-earnings-growth ratio of 2.46 and a beta of 0.61. The company's fifty day moving average price is $64.91 and its 200-day moving average price is $61.79. Eversource Energy has a one year low of $52.28 and a one year high of $69.01.

Eversource Energy (NYSE:ES - Get Free Report) last issued its earnings results on Thursday, July 31st. The utilities provider reported $0.96 earnings per share (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 firm had revenue of $2.84 billion for the quarter, compared to analysts' expectations of $3.01 billion. During the same period in the previous year, the firm posted $0.95 earnings per share. The business's revenue was up 12.0% compared to the same quarter last year. On average, equities analysts anticipate that Eversource Energy will post 4.75 EPS for the current fiscal year.

Analyst Ratings Changes

Several equities research analysts have recently commented on the company. Bank of America upped their price objective on Eversource Energy from $62.00 to $67.00 and gave the stock a "neutral" rating in a research note on Monday, July 21st. JPMorgan Chase & Co. reaffirmed an "underweight" rating and set a $58.00 price objective (down from $69.00) on shares of Eversource Energy in a research report on Thursday, April 10th. Wall Street Zen upgraded Eversource Energy from a "sell" rating to a "hold" rating in a research note on Friday, May 16th. Mizuho raised their target price 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. Finally, BMO Capital Markets lifted their price target on shares of Eversource Energy from $71.00 to $72.00 and gave the company a "market perform" rating in a report on Monday, April 28th. Three research analysts have rated the stock with a sell rating, five have issued a hold rating and three have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of "Hold" and an average target price of $65.56.

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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