Charles Schwab Investment Management Inc. Lowers Holdings in Eversource Energy (NYSE:ES)

Key Points

• Charles Schwab Investment Management Inc. reduced its stake in Eversource Energy by 40.7%, selling over 4 million shares during the first quarter, leaving them with approximately 5.89 million shares valued at $365.6 million.
• A variety of institutional investors have also increased or initiated positions in Eversource Energy, indicating substantial interest in the utilities provider, with 79.99% of the stock now owned by institutions.
• Analysts have raised their price targets for Eversource Energy, with Bank of America increasing its target from $62 to $67, while the stock currently holds an average rating of "Hold" with a target price of $65.56.

Charles Schwab Investment Management Inc. decreased its position in Eversource Energy (NYSE:ES - Free Report) by 40.7% during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 5,886,886 shares of the utilities provider's stock after selling 4,046,952 shares during the period. Charles Schwab Investment Management Inc. owned about 1.60% of Eversource Energy worth $365,634,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Pinney & Scofield Inc. purchased a new stake in shares of Eversource Energy during the fourth quarter worth $33,000. Rossby Financial LCC purchased a new stake in shares of Eversource Energy during the first quarter worth $34,000. CoreCap Advisors LLC lifted its position in shares of Eversource Energy by 168.7% during 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 in the last quarter. First Financial Corp IN lifted its position in shares of Eversource Energy by 3,529.4% during the first quarter. First Financial Corp IN now owns 617 shares of the utilities provider's stock worth $38,000 after acquiring an additional 600 shares in the last quarter. Finally, Golden State Wealth Management LLC lifted its position in shares of Eversource Energy by 233.9% during the first quarter. Golden State Wealth Management LLC now owns 828 shares of the utilities provider's stock worth $52,000 after acquiring an additional 580 shares in the last quarter. Hedge funds and other institutional investors own 79.99% of the company's stock.

Eversource Energy Trading Up 0.4%

Shares of NYSE:ES traded up $0.23 on Wednesday, reaching $66.05. 526,048 shares of the company traded hands, compared to its average volume of 2,696,485. The business's 50-day simple moving average is $64.97 and its 200 day simple moving average is $62.06. Eversource Energy has a 52 week low of $52.28 and a 52 week high of $69.01. The stock has a market capitalization of $24.51 billion, a P/E ratio of 28.37, a price-to-earnings-growth ratio of 2.47 and a beta of 0.61. The company has a current ratio of 0.71, a quick ratio of 0.63 and a debt-to-equity ratio of 1.67.

Eversource Energy (NYSE:ES - Get Free Report) last announced its quarterly earnings data on Thursday, July 31st. The utilities provider reported $0.96 earnings per share (EPS) for the quarter, beating 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 firm had revenue of $2.84 billion for the quarter, compared to analysts' expectations of $3.01 billion. During the same period last year, the firm earned $0.95 earnings per share. The company's revenue for the quarter was up 12.0% compared to the same quarter last year. As a group, equities analysts anticipate that Eversource Energy will post 4.75 EPS for the current fiscal year.

Insider Activity at Eversource Energy

In related news, EVP Penelope M. Conner sold 2,600 shares of Eversource Energy stock in a transaction that occurred on Tuesday, May 20th. The stock was sold at an average price of $64.00, for a total transaction of $166,400.00. Following the sale, the executive vice president directly owned 10,988 shares in the company, valued at $703,232. The trade was a 19.13% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. 0.19% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several equities research analysts have issued reports on the company. Mizuho increased their target price on Eversource Energy from $68.00 to $72.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 25th. Bank of America increased their price objective on Eversource Energy from $62.00 to $67.00 and gave the stock a "neutral" rating in a research report on Monday, July 21st. Wall Street Zen upgraded Eversource Energy from a "sell" rating to a "hold" rating in a research report on Friday, May 16th. Finally, BMO Capital Markets increased their price objective on Eversource Energy from $71.00 to $72.00 and gave the stock a "market perform" rating in a research 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 issued a buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of "Hold" and an average price target of $65.56.

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.