Eversource Energy $ES Shares Sold by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments Holdings LLC reduced its stake in Eversource Energy by 8.3%, selling 9,590 shares, which leaves them with 105,489 shares valued at approximately $6.81 million.
• Equities analysts have set a range of price targets for Eversource Energy, with Mizuho increasing their target from $68 to $72, while Bank of America raised theirs from $62 to $67.
• Insider activity includes Loretta D. Keane purchasing 3,780 shares at an average price of $66.07, representing a 45.80% increase in her position, showing confidence in the company's prospects.

Allspring Global Investments Holdings LLC cut its position in shares of Eversource Energy (NYSE:ES - Free Report) by 8.3% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The fund owned 105,489 shares of the utilities provider's stock after selling 9,590 shares during the quarter. Allspring Global Investments Holdings LLC's holdings in Eversource Energy were worth $6,809,000 as of its most recent filing with the SEC.

Other hedge funds also recently bought and sold shares of the company. Trust Co. of Toledo NA OH purchased a new position in Eversource Energy during the second quarter worth $28,000. Hilltop National Bank purchased a new position in Eversource Energy during the second quarter worth $32,000. Rossby Financial LCC purchased a new position in Eversource Energy during the first quarter worth $34,000. Zions Bancorporation National Association UT purchased a new position in Eversource Energy during the first quarter worth $46,000. Finally, Cromwell Holdings LLC increased its position in 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. Hedge funds and other institutional investors own 79.99% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have weighed in on ES shares. Weiss Ratings reissued a "hold (c)" rating on shares of Eversource Energy in a research report on Wednesday, October 8th. Mizuho raised their price target on Eversource Energy from $68.00 to $72.00 and gave the stock an "outperform" rating in a research report on Wednesday, June 25th. Janney Montgomery Scott reaffirmed a "neutral" rating on shares of Eversource Energy in a research report on Monday, October 13th. TD Cowen initiated coverage on Eversource Energy in a research report on Thursday. They issued a "hold" rating and a $76.00 price objective for the company. Finally, Bank of America lifted their price objective on Eversource Energy from $62.00 to $67.00 and gave the company a "neutral" rating in a research report on Monday, July 21st. Three research analysts have rated the stock with a Buy rating, six have given a Hold rating and three have issued a Sell rating to the stock. Based on data from MarketBeat.com, the stock has an average rating of "Hold" and an average target price of $65.67.

Insider Activity at Eversource Energy

In related news, insider Loretta D. Keane acquired 3,780 shares of Eversource Energy stock in a transaction on Friday, August 22nd. The shares were bought at an average price of $66.07 per share, for a total transaction of $249,744.60. Following the completion of the purchase, the insider directly owned 12,033 shares in the company, valued at $795,020.31. This trade represents a 45.80% increase in their position. The purchase was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.19% of the stock is currently owned by corporate insiders.

Eversource Energy Price Performance

Shares of Eversource Energy stock opened at $72.52 on Monday. Eversource Energy has a twelve month low of $52.28 and a twelve month high of $74.46. The stock has a market capitalization of $26.91 billion, a P/E ratio of 31.12, a PEG ratio of 2.82 and a beta of 0.67. 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 business's fifty day moving average price is $67.27 and its 200 day moving average price is $64.27.

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 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 revenue for the quarter was up 12.0% compared to the same quarter last year. During the same quarter last year, the firm earned $0.95 earnings per share. 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 year.

Eversource Energy Announces Dividend

The business also recently disclosed a quarterly dividend, which was paid on Tuesday, September 30th. Shareholders of record on Monday, September 22nd were paid a dividend of $0.7525 per share. This represents a $3.01 dividend on an annualized basis and a dividend yield of 4.2%. The ex-dividend date was Monday, September 22nd. Eversource Energy's payout ratio is currently 129.18%.

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.