Contravisory Investment Management Inc. Invests $498,000 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. bought a new position in shares of Eversource Energy (NYSE:ES - Free Report) in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor bought 7,826 shares of the utilities provider's stock, valued at approximately $498,000.

A number of other large investors have also modified their holdings of the business. Thrive Wealth Management LLC grew its holdings in shares of Eversource Energy by 3.6% during the second quarter. Thrive Wealth Management LLC now owns 5,445 shares of the utilities provider's stock worth $346,000 after buying an additional 189 shares in the last quarter. Sterling Investment Counsel LLC grew its holdings in shares of Eversource Energy by 4.9% in the first quarter. Sterling Investment Counsel LLC now owns 4,100 shares of the utilities provider's stock valued at $255,000 after purchasing an additional 190 shares during the period. Plato Investment Management Ltd grew its holdings in shares of Eversource Energy by 0.4% in the first quarter. Plato Investment Management Ltd now owns 55,939 shares of the utilities provider's stock valued at $3,512,000 after purchasing an additional 215 shares during the period. Retirement Planning Co of New England Inc. grew its holdings in shares of Eversource Energy by 5.6% in the first quarter. Retirement Planning Co of New England Inc. now owns 4,190 shares of the utilities provider's stock valued at $260,000 after purchasing an additional 223 shares during the period. Finally, Ascent Group LLC grew its holdings in shares of Eversource Energy by 1.2% in the fourth quarter. Ascent Group LLC now owns 19,663 shares of the utilities provider's stock valued at $1,129,000 after purchasing an additional 230 shares during the period. Hedge funds and other institutional investors own 79.99% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts recently issued reports on the stock. Mizuho upped their price objective on shares of Eversource Energy from $68.00 to $72.00 and gave the company an "outperform" rating in a report on Wednesday, June 25th. Bank of America upped their price objective on shares of Eversource Energy from $62.00 to $67.00 and gave the company a "neutral" rating in a report on Monday, July 21st. Three equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and three have issued a Sell rating to the stock. According to data from MarketBeat, the company currently has a consensus rating of "Hold" and an average target price of $64.38.

Insider Activity

In other Eversource Energy news, insider Loretta D. Keane purchased 3,780 shares of Eversource Energy stock in a transaction dated Friday, August 22nd. The shares were acquired at an average price of $66.07 per share, with a total value of $249,744.60. Following the completion of the transaction, the insider owned 12,033 shares of the company's stock, valued at $795,020.31. This trade represents a 45.80% increase in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.41% of the company's stock.

Eversource Energy Trading Up 4.9%

NYSE ES traded up $3.13 during trading hours on Friday, reaching $67.01. The company had a trading volume of 13,697,735 shares, compared to its average volume of 2,607,151. The stock has a 50-day moving average of $65.10 and a 200 day moving average of $62.81. Eversource Energy has a 1-year low of $52.28 and a 1-year high of $69.47. 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 $24.87 billion, a P/E ratio of 28.76, a price-to-earnings-growth ratio of 2.40 and a beta of 0.64.

Eversource Energy (NYSE:ES - Get Free Report) last posted its 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. Eversource Energy had a net margin of 6.60% and a return on equity of 11.00%. The company had revenue of $2.84 billion for the quarter, compared to analysts' expectations of $3.01 billion. During the same quarter in the prior year, the company posted $0.95 earnings per share. Eversource Energy's revenue for the quarter was up 12.0% compared to the same quarter last year. Eversource Energy has set its FY 2025 guidance at 4.670-4.820 EPS. As a group, research analysts anticipate that Eversource Energy will post 4.75 earnings per share for the current fiscal year.

Eversource Energy Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, September 30th. Stockholders of record on Monday, September 22nd will be given a dividend of $0.7525 per share. This represents a $3.01 annualized dividend and a dividend yield of 4.5%. The ex-dividend date of this dividend is Monday, September 22nd. Eversource Energy's dividend payout ratio is currently 129.18%.

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.