Gabelli Funds LLC Cuts Stock Holdings in Eversource Energy $ES

Key Points

• Gabelli Funds LLC reduced its stake in Eversource Energy by 2.0%, now owning approximately 812,950 shares, worth around $50.49 million.
• Several analysts have increased their price targets for Eversource Energy, with BMO Capital and Mizuho setting their targets at $72, highlighting positive ratings.
• Eversource Energy reported a net margin of 6.60% and earnings of $0.96 per share for the last quarter, slightly exceeding consensus estimates.

Gabelli Funds LLC reduced its position in Eversource Energy (NYSE:ES - Free Report) by 2.0% in the 1st quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 812,950 shares of the utilities provider's stock after selling 16,300 shares during the quarter. Gabelli Funds LLC owned approximately 0.22% of Eversource Energy worth $50,492,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the business. Sterling Investment Counsel LLC grew its stake in Eversource Energy by 4.9% during the 1st quarter. Sterling Investment Counsel LLC now owns 4,100 shares of the utilities provider's stock worth $255,000 after buying an additional 190 shares during the last quarter. Ascent Group LLC boosted its position in shares of Eversource Energy by 1.2% in the 4th quarter. Ascent Group LLC now owns 19,663 shares of the utilities provider's stock worth $1,129,000 after purchasing an additional 230 shares during the last quarter. Advisor OS LLC increased its position in shares of Eversource Energy by 4.2% in the first quarter. Advisor OS LLC now owns 5,694 shares of the utilities provider's stock valued at $354,000 after acquiring an additional 232 shares during the last quarter. Cromwell Holdings LLC boosted its stake in shares of Eversource Energy by 44.2% in the first quarter. Cromwell Holdings LLC now owns 829 shares of the utilities provider's stock valued at $51,000 after buying an additional 254 shares during the period. Finally, First Manhattan CO. LLC. raised its position in Eversource Energy by 2.9% in the fourth quarter. First Manhattan CO. LLC. now owns 9,131 shares of the utilities provider's stock valued at $524,000 after purchasing an additional 255 shares during the last quarter. 79.99% of the stock is owned by institutional investors and hedge funds.

Insider Activity at Eversource Energy

In other news, insider Loretta D. Keane bought 3,780 shares of the stock in a transaction dated 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 owned 12,033 shares in the company, valued at approximately $795,020.31. This trade represents a 45.80% increase in their ownership of the stock. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. 0.41% of the stock is currently owned by company insiders.

Eversource Energy Stock Down 0.3%

Shares of NYSE ES traded down $0.22 during trading hours on Friday, hitting $64.09. The stock had a trading volume of 1,740,715 shares, compared to its average volume of 2,688,541. The company has a market capitalization of $23.78 billion, a P/E ratio of 27.50, a P/E/G ratio of 2.44 and a beta of 0.61. The firm's 50-day moving average price is $65.09 and its two-hundred day moving average price is $62.60. The company has a debt-to-equity ratio of 1.67, a quick ratio of 0.63 and a current ratio of 0.71. Eversource Energy has a 52 week low of $52.28 and a 52 week high of $69.01.

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

Analysts Set New Price Targets

Several equities analysts recently commented on the company. Bank of America upped their price objective on Eversource Energy from $62.00 to $67.00 and gave the company a "neutral" rating in a research note on Monday, July 21st. Mizuho upped their price target on shares of Eversource Energy from $68.00 to $72.00 and gave the stock an "outperform" rating in a report on Wednesday, June 25th. Finally, Wall Street Zen raised Eversource Energy from a "sell" rating to a "hold" rating in a research report on Friday, May 16th. Three equities research analysts have rated the stock with a Buy rating, three have issued a Hold rating and three have given a Sell rating to the stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Hold" and a consensus target price of $64.38.

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.