Contravisory Investment Management Inc. Purchases New Holdings in Eversource Energy $ES

Key Points

• Contravisory Investment Management Inc. has acquired 7,826 shares of Eversource Energy, worth approximately $498,000, indicating growing institutional interest in the company.
• Eversource Energy recently announced a quarterly dividend of $0.7525 per share, representing a 4.8% annual dividend yield, with a total annual payout projected at $3.01.
• Several analysts have recently revised their price targets for Eversource Energy, with Bank of America raising its target from $62.00 to $67.00 and Mizuho increasing it to $72.00, reflecting positive sentiment towards the stock.

Contravisory Investment Management Inc. acquired a new position in Eversource Energy (NYSE:ES - Free Report) during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The fund acquired 7,826 shares of the utilities provider's stock, valued at approximately $498,000.

Other hedge funds have also made changes to their positions in the company. Pinney & Scofield Inc. acquired a new stake in shares of Eversource Energy in the fourth quarter worth approximately $33,000. Rossby Financial LCC purchased a new position in Eversource Energy in the 1st quarter valued at $34,000. First Financial Corp IN boosted its stake in 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 purchasing an additional 600 shares during the last quarter. Zions Bancorporation National Association UT acquired a new stake in Eversource Energy during the 1st quarter worth $46,000. Finally, Cromwell Holdings LLC grew its holdings in shares of Eversource Energy by 44.2% during the first quarter. Cromwell Holdings LLC now owns 829 shares of the utilities provider's stock worth $51,000 after buying an additional 254 shares in the last quarter. Institutional investors and hedge funds own 79.99% of the company's stock.

Insider Transactions at Eversource Energy

In related news, insider Loretta D. Keane acquired 3,780 shares of Eversource Energy stock in a transaction that occurred on Friday, August 22nd. The shares were purchased at an average cost of $66.07 per share, for a total transaction of $249,744.60. Following the acquisition, the insider owned 12,033 shares in the company, valued at approximately $795,020.31. This represents a 45.80% increase in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. Company insiders own 0.41% of the company's stock.

Eversource Energy Stock Down 0.2%

Shares of NYSE ES opened at $63.28 on Thursday. The company has a 50 day simple moving average of $65.12 and a 200-day simple moving average of $62.75. The company has a market capitalization of $23.48 billion, a P/E ratio of 27.16, a P/E/G ratio of 2.38 and a beta of 0.64. The company has a debt-to-equity ratio of 1.67, a current ratio of 0.71 and a quick ratio of 0.63. Eversource Energy has a 1 year low of $52.28 and a 1 year high of $68.17.

Eversource Energy (NYSE:ES - Get Free Report) last released its quarterly earnings data 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 firm 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 period in the prior year, the firm posted $0.95 earnings per share. Eversource Energy has set its FY 2025 guidance at 4.670-4.820 EPS. On average, equities research analysts predict that Eversource Energy will post 4.75 earnings per share for the current year.

Eversource Energy Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Tuesday, September 30th. Investors of record on Monday, September 22nd will be given a dividend of $0.7525 per share. This represents a $3.01 dividend on an annualized basis and a dividend yield of 4.8%. The ex-dividend date of this dividend is Monday, September 22nd. Eversource Energy's dividend payout ratio (DPR) is presently 129.18%.

Analysts Set New Price Targets

Several research firms have recently weighed in on ES. Bank of America raised their price target on shares of Eversource Energy from $62.00 to $67.00 and gave the stock a "neutral" rating in a research note on Monday, July 21st. 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. Three 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's stock. According to MarketBeat, the company presently has an average rating of "Hold" and a consensus price target of $64.38.

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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